What a condo unit owner policy covers
- Unit improvements and betterments: upgrades beyond the standard unit, such as flooring, cabinetry and fixtures
- Contents: your belongings
- Personal liability: including damage you accidentally cause to other units
- Loss assessment: your share of a cost the corporation assesses to owners
- Deductible assessment: if a loss starts in your unit, the corporation may charge you its deductible, which can be tens of thousands of dollars
- Additional living expenses if you cannot live in the unit during repairs
Ask your property manager for the corporation’s current insurance certificate and deductibles. Matching your coverage to those numbers is one of the most important steps in buying condo insurance.
Condos you rent out
If you rent your unit to a tenant, you need a policy written for a rented condo, not an owner-occupied one. See landlord insurance.
What to have ready
- Unit address and the corporation’s insurance certificate or deductible amounts
- Upgrades made since the unit was built
- Approximate value of your belongings
- Your current policy and renewal date
Coverage descriptions are general. Your policy wording, limits and exclusions determine what is covered. Availability and premiums vary by insurer and by your circumstances.