Coverage for your condominium
Whether it’s a unit in a high-rise or townhome in a complex, our condominium insurance policy covers most situations that you could face as a condo owner. Like everyone else, you need coverage for your personal property and liability. You also need special coverages that are unique to condo life. Learn more in Condo Insurance 101. To find out how affordable condominium insurance can be, get a quote online right now.
Types of coverage
With Prestige coverage, you get the most protection we offer for your unit and personal property. Things like paint spilling on the carpet are covered. It's the best way to safeguard your home.
Classic coverage is best if you are looking for slightly lower premiums and coverage for the basics.
Our What's Covered page outlines most of the items that are covered under your policy.
What's covered for condominium owners?
Our condominium insurance packages are designed to cover essentials for condominium owners, such as your responsibility for common area damage, coverage for unit improvements like new carpet, and to help with shortfalls in your condominium corporation's policy.
Our Condominium Protection Coverages provides an all-in-one solution to meet your needs. It is automatically included in your condominium insurance package with limits that range from $250,000 to $2,000,000, depending on the occupancy of your unit. Condominium Protection Coverages include:
Improvements and betterments
Many condominium owners make improvements and minor alterations to their individual units. This may include installing new cupboards, carpet, ceramic tile or bathroom fixtures.
Typically, unit improvements are not covered under the condo corporation’s policy. Your policy covers you for the improvements you make to your unit.
Common property assessments
As a unit owner, you may be required to share the cost of repairing damage to common property areas with other unit owners. If the specific damage is included under your condominium insurance policy with us, you also have coverage to help with the cost of these assessments. Limits can vary based on our situation, talk to us for details.
You can also be assessed amount to cover a shortfall in your condominium corporation's policy. Your policy with us provides coverage for these assessments, subject to certain conditions and limits.
Deductible Protection Coverage
Deductible Protection Coverage is also included in your condominium insurance policy. As a unit owner, you may be required to pay a portion of your condominium corporation’s insurance policy deductible. If the type of loss is covered by your policy, you have up to $25,000 in coverage. We also have additional Increased Deductible Protection Coverage limits available, contact us to discuss. You also have $2,500 in coverage for a deductible related to earthquake damage if you added earthquake protection to your policy.
Additional coverage available
If you own items like watercraft, bicycles or jewellery that are worth more than what is covered under your personal property limits, you can purchase additional insurance to cover those items. Contact your local office for details and see our What's Covered page.