Condo owner? Your building’s insurance doesn’t cover everything.
The condo corporation’s policy covers the building, but not your belongings, the upgrades in your unit or your personal liability. And if damage starts in your unit, you may be charged the corporation’s deductible. Frank checks your coverage before something happens.
No obligation. Nothing changes without your approval.
- Licensed broker (RIBO)
- English or French
- Weekends available
- A real person, by phone
What the building’s policy leaves out
Your belongings and upgrades
The corporation’s insurance doesn’t cover your personal contents or improvements to your unit, such as upgraded floors or a new kitchen.
Your liability
If someone is hurt in your unit, or water from your unit damages a neighbour’s, your own liability coverage matters.
The deductible chargeback
When damage is caused by an owner, tenant or resident, the corporation can charge the owner the repair cost or its insurance deductible, whichever is less. Some by-laws go further.
What a condo unit policy can include
- Your contents, at home and away
- Improvements and upgrades to your unit
- Personal liability
- Coverage for the corporation’s deductible if it’s charged to you
- Loss assessment, for your share of a major loss to common property
- Additional living expenses if you have to move out during repairs
How it works
- Send a short requestPick a time for a call and add documents if you have them. It takes a few minutes.
- Frank reviews and comparesA licensed broker looks at your situation and compares options.
- You decideTalk it through by phone. Nothing changes without your approval.
If a pipe bursts upstairs, who pays?
It depends on where the water came from, your corporation’s by-laws and the policies involved. Ask your property manager for the corporation’s deductible and by-laws, and Frank will check your coverage against them. Condominium Authority of Ontario: chargebacks.
What to have ready
- Your current condo policy
- The corporation’s deductible amount (your property manager can tell you)
- A list of upgrades made to your unit
- Whether you live in the unit or rent it out
Don’t have everything? Send what you have and Frank will ask for the rest.
Common questions
Is condo insurance mandatory?
Not by law, but your corporation’s governing documents may require it, and your mortgage lender likely will.
What is loss assessment coverage?
It pays your share, up to a limit, when the corporation charges owners for a major loss to common property.
How do I find the corporation’s deductible?
Ask your property manager, or check the status certificate or insurance certificate. Water damage deductibles can be large.
I rent out my condo. Is that different?
Yes. A rented-out unit needs a policy made for landlords. See the rental property page.
Check before it happens
Send your condo policy and Frank will check it. No obligation, and nothing changes without your approval.
Prefer email? Write to Frank.tereraho@insureu.ca.
More reasons to review your insurance
Sources: Condominium Authority of Ontario: insurance · Insurance Bureau of Canada: types of home insurance
Frank Tereraho is a licensed insurance broker (RIBO) affiliated with InsureU Brokers Inc., 135 Laurier Ave W, Ottawa, ON. This page is general information, not advice. Savings are not guaranteed. Quotes and coverage depend on each insurer’s underwriting and policy wording.