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Condo
Condominium Insurance

Why do I need Condominium Insurance?

When you buy a condo townhouse in a complex or a condo in a high rise building, you become part owner of the complex or the condo building. As a part owner, you pay a maintenance fee which covers the building insurance as well as things like snow removal, landscaping, security and building maintenance. The condo building insurance covers the building and the common areas like the corridors, elevators, laundry facilities etc. This insurance does not cover your contents or your liability.

What if there is a fire in your condo. Who will replace your contents?

What if you are sued for property damage, injury or death to others? The defense costs alone could run in the thousands. Who will pay for the amount you have to pay others if you are found legally responsible.

In case of fire, your corporation’s insurance policy will only cover the building up to its original condition. If there are a lot of addition and alteration in your unit, you will have to pay for that yourself.

What about your share of the assessment?

For example there are serious injuries to a few people when an elevator malfunctions. The corporation is sued and is found liable to pay $10 million to the affected families.
Let’s say that the corporation policy has a liability limit of $5 million. Now the corporation’s insurance company will pay $5 million (the limit) and the balance of the $5 million is equally divided among the condo owners. You have to pay your share of the loss to the affected families. In the above example, if there were 100 units, your share would be $50,000.

What does condo Insurance cover?

Contents:

This covers your furniture and household stuff. There are special limits for jewelry, furs, cash etc.

Additional Living expense:

This provides coverage for any additional expense like living in a hotel or renting another apartment while your condo is being repaired or rebuilt after a covered loss.

Liability

This coverage protects you if others sue you for damage or losses (property damage, injury, death) they suffer on your property for which you are legally responsible. Your insurance company will pay for your legal defense costs and pay others up to your liability coverage limit if you are found legally responsible. For example, you have a fire and someone in the building gets injured or is killed.
The other person or his/her family could sue you for property damage, injury or death. Also your corporation's insurance company could sue you to recover the damages to the building if you are legally responsible.

Loss Assessment:

Covers your share of the loss assessment when the condo policy limit falls short of the total amount to be paid.

Additions and Alterations:

Many of the condos and condo townhouses have been altered from the original plans. For example the basement is finished, you have replaced the carpet with hardwood, put in new kitchen, granite counters etc. These are called additions and alterations which are not covered by your condo corporation's policy. You can cover these in your condo policy

Tenant Insurance

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