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Things You Should Know About Condominium Insurance In Canada

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Here are some basic things about condo insurance you should know, including what it is and how it works compiled in the blog.

Condominium insurance

Source: Freepik

Condo living can be a popular way of taking advantage of the lifestyle choices that come with being part of an urban community. Most people can afford to live in condos because of the reasonable pricing, and the friendly neighborhood.  

Condo insurance provides owners and co-owners with peace of mind and protects their property. However, it is imperative to get condominium insurance before you move in. It is crucial to know your needs to find out what type of condo insurance covers them. 

Find out things you should know about condominium insurance in Canada through this blog post. Keep digging to know more. 

What is Condo Insurance? 

Condo Insurance protects a condominium in case of any harm, damage, or destruction. It covers the property’s structure both inside and out, as well as the storage locker. Personal responsibility claims are also insured under this insurance.

What does condominium insurance pay for? 

Here are some of the things the condo insurance pays for. 

  • Buildings and structures. 
  • Common property such as rooftops, pools, garage. 
  • Fixtures built or installed, such as wall coverings, plumbing, and electrical fittings. 
  • Assets such as building maintenance equipment. 
  • Damages to the belongings. 
  • Additional coverage if resident is not able to live in the house due to damages.
Buying condo insurance
Source: Freepik

What is the difference between condo insurance and condo building insurance? 

Condo insurance: 

The condo company purchases condo building insurance to cover damage to the building and its common property. 

Condo building insurance: 

Damage or belongings within a condo unit are frequently not covered by the condo building’s insurance. Condo building insurance for condos varies based on the needs of the building. 

Who should pay what? 

While the law requires condo corporations to buy insurance, co-owners are not entitled to purchase condo insurance for their apartment unit. 

So, if as a co-owner you are thinking of buying condo insurance, examine the coverage of your condominium insurance policy and the condominium corporation’s master insurance policy. And then decide on buying the insurance which suits your needs the best.

Why should you get condominium insurance as a co-owner? 

Condominiums offer many benefits to individual homeowners, but they come with responsibilities as well. But buying condo insurance is a good idea. It will protect you against unforeseen circumstances, such as severe weather, fires, flood, and explosion. It will also cover costly repairs to your unit if needed. 

As a co-owner, you need to think about your overall best interest. And insurance can help you stay stress-free as you head to build memories in your house. 

If you are keen to find out relevant information about tenant’s insurance in Canada, do have a look at ‘What Is Tenant’s Insurance and Why Do I Need It?’. 

References: 
http://www.fsco.gov.on.ca/en/insurance/brochures/pages/types-home-insurance.aspx 
https://www.canada.ca/en/financial-consumer-agency/services/insurance/home.html#toc1
http://www.ibc.ca/nb/home/types-of-coverage/condominium-or-strata-coverage 
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