Living in a condominium is a unique experience – your view, your neighbours, and the personal dynamics that come from being a part of a strata.

Insuring your condominium is unique as well – mostly because you own some parts of the property (i.e. your suite) while everyone owns other parts (i.e. exterior walls and common areas). In fact, insuring your condominium goes beyond the typical content coverage.

Did you know that as a shareholder in the strata corporation you can be held personally responsible for paying a portion of the strata deductible? A strata’s deductible can range anywhere from $5000 to over $50,000. No one wants that surprise! That’s where condominium insurance comes in.

What does Condominium Insurance Cover?

Condominium insurance typically includes the following key components:

1. Contents

No surprise here; all-risk contents coverage insures your belongings inside your home for the most common types of losses.

2. Additional Living Expenses

If you are forced to leave your home because of a loss, this coverage pays for your reasonable and necessary expenses to temporarily live away from home. Typically, hotel and food costs are covered under these circumstances, and there is often a limit so you’ll want to be sure you know what that is in the event you need to leave your home.

3. Personal Liability

Liability insurance protects you from having to pay damages if you’ve been found responsible for unintentionally injuring someone or damaging their property. And you may be surprised to know that your actions are covered anywhere in the world – not just on your property. This is the part of the policy you look to for protection if you are sued.

4. Improvements and Betterments

Spending money to improve your residence increases the value of your investment. This coverage compensates you for all the extras you’ve put into your condominium – on top of what the builder originally provided for you, up to the limit of your replacement value.

5. Loss Assessment

An important feature of a condominium insurance policy is loss assessment. This is when you share responsibility with others for common property. The insurer will pay, up to a stipulated limit, your portion of any loss assessment that’s valid under your condominium corporation’s governing rules.

6. Unit Additional Protection

Insurance companies will insure your unit if the Condominium Corporation has no insurance, its insurance is inadequate, or it is not effective.

7. Voluntary Medical Payments

Reasonable medical expenses incurred within one year of the date of the accident may be covered if you unintentionally injure another person or if they are accidentally injured on your premises. This coverage is available even though you are not legally liable. Medical expenses include surgical, dental, hospital, nursing, ambulance service and funeral expenses.

8. Voluntary Payments for Damage to Property

Unintentional direct damage you cause to property even though you are not legally liable may be covered. You may also use this coverage to reimburse others for direct property damage caused intentionally by an insured person 12 years of age or under.


As you can see, Condominium Insurance goes beyond standard contents insurance and is an important consideration to ensure you’re protected from the unexpected. Want to learn more? Get in touch. We can help you determine the coverage that is right for you. We’re here to help.