Condo Insurance

We once had a client who had a washer/dryer malfunction that caused damage to their unit and 14 units below them. Because they did not have insurance and it was an issue in their unit, it was their responsibility to cover the cost of these damages.

Your condominium corporation has insurance, but only for the building’s common elements. Most would strongly suggest insurance for your individual unit.

Most condo insurance policies cover:

  • Your personal liability for property damage or bodily damage you unintentionally cause to others (if a fire or flood starts in your unit).
  • Your personal property (appliances, furniture, clothing, electronics, and items in your locker).
  • Additional living expenses in the event you are relocated during the condo’s restoration.

Additional things to consider:

  • Make sure to mention your storage locker to your insurance company, so its contents are covered.
  • You need to mention any Improvements/Renovations to your unit that may exceed standard condominium corporation insurance limits (think of new flooring, appliances, countertops, plumbing and light fixtures).
  • Consider Loss Assessment Coverage for protection against condo a owner’s nightmare “Special Assessment”. Condo Unit owners are equity owners of the condo so they bear the burden if the condo’s reserve is underfunded by poor management or possibly damage that the condo’s insurance policy didn’t fully cover.
  • Most condo insurance policies cost $25 – $35/ month, and need to be renewed annually. Don’t forget!
  • If you’re a landlord renting out your condo, you need a landlord’s policy. Make sure you collect proof of your tenant’s insurance policy annually.

Remember to confirm all specific insurance details with an insurance broker or your insurance company. For more information about condo insurance, the importance and how to get it, call us at 416.222.1212 or email

Leave a Reply

Your email address will not be published. Required fields are marked *