Condo Unit Owners Program

Condo insurance generally offers protections for your personal belongings, loss of use, and offers four coverages designed specifically for condominiums. It also provides personal liability coverage for bodily injury or property damage you unintentionally cause to others.

Collectively owned condominium property coverage
When damage occurs to a condo's common elements, you may be obligated to contribute toward the cost of repairs. This coverage reimburses you for your portion of those expenses (up to a specified limit).

The loss must stem from an event that would have been covered had it happened within your own unit.

Condominium unit coverage
This coverage takes effect when your condo corporation's insurance falls short of fully covering a loss affecting your unit.

Condominium unit owner improvements coverage
This coverage ensures that any upgrades you've made to your unit will be paid for should a loss occur.

Example
You replaced the standard carpeted floors with pricier hardwood. Later, a water pipe burst in the building hallway, flooding your unit.

Result
This coverage makes sure your hardwood floors are replaced. Although the corporation's insurance would only cover the cost of the carpet, this coverage ensures the additional costs are paid for.

Condominium deductible coverage
As with all policies, your condo corporation's insurance carries a deductible, in this case, for losses to the condo's common property. This coverage reimburses you when the condo corporation issues a special assessment and their bylaws permit you to be charged a share of the condo's deductible. The coverage applies to your unit and can be extended to common areas.

Keep in mind that not every condo corporation allows the deductible to be assessed against owners. In those situations, the corporation covers the deductible itself. Your condo policy provides a limit of $25,000 for this coverage. Go over your corporation's policy with your condo insurance broker to determine whether this limit suits your needs.