Condo Insurance

Condominium Insurance can be purchased as a Comprehensive or Broad policy.

Broad Policy

Provides ALL RISK COVERAGE for your condo and only Named Perils coverage for your contents. This means that coverage would not be available for accidental loss or damage caused to your contents.

Comprehensive Policy

Provides ALL RISK COVERAGE on both the condo and your contents. Accidental loss or damage would be covered on your contents under a Comprehensive policy.

These 2 types of policies include:

Contents Coverage

Provides coverage for all your belongings in your condo including any storage unit you may have on the premises.

Additional Living Expenses

Provides coverage for expenses you may have for things such as a hotel if you are unable to stay in your unit after a claim.

Unit Betterment & Improvements

If you have made upgrades to your condo such as flooring, countertops or fixtures this will give you additional coverage to ensure that these items are replaced if you have a claim.

Common Elements Loss Assessment

If your condo corporation is underinsured and there is damage, you may be responsible for a portion of the damage repair costs. This coverage will span these costs for you.

Optional Condominium Insurance Coverages

Sewer Back Up/Sump Pump Failure

Can provide you with coverage in the event water comes into your home through your sewer lines or your sump pump fails.

Scheduled Items

Items such as jewelery, furs, collections, watercraft or bicycles can be subject to a limit in the policy. If you have a higher valued item, scheduling the article on your policy might be in your best interest.

Overland Water

Provides coverage if water enters your home through a window well after a heavy rainfall or if a body of water rises or overflows and causes damage to your home.

  • Your condominium corporation insurance does not cover your personal belongings, upgrades you made to your unit, or your legal liability for injury occurring on your property.
  • If there is a claim made against your condominium corporation or major damage to common areas such as a pool or elevator that exceeds the corporation’s liability coverage limit, you and the other condo owners may be held legally responsible. Talk to us about Loss Assessment Coverage and Liability Loss Assessment Coverage for added protection.

Here are some things you should find out about your condo before purchasing your Condo insurance:

  • What type of condo have you purchased? Is it a standard condo or a bare land condo? The type of condo you have will determine what type of coverage and how much coverage you may need. The condo corporation is the best place to find out this information.
  • What type of heating is in the unit? Do you have a central furnace or baseboard heaters in your unit?
  • When were the shingles on the building last replaced?
  • Know what type of plumbing and electrical is in your unit. This would include the amps of your electrical as well as the wiring type and the type of pipes in the unit.
  • Find out of if the unit has a sump pump and/or a backwater valve. If you are looking to purchase the Sewer Back up Coverage, the amount of coverage available to you can depend on whether or not these are installed in the unit.

Additional Coverages

Improvements and Betterments

This includes improvements to the standard unit and common elements to which you have exclusive use.

Common Elements

This can be anything from a common meeting room, a function room or gym in your condo building.

Corporation Deductibles

Life leaseholders or condominium unit owners may be held responsible for a share of the condo corporation deductible which may be $50,000 or more.


You may be responsible for replacing damaged windows and doors.

Sewer Back-up and Water Escape

Sewer back-up losses can have an effect even on the top floor of a building.

Flood Damage

If you have a storage locker or underground storage this could be affected by a flood.

Condominium Unit Owners Contingent Insurance

This insures your unit, minus any improvements made by you, in the case that the Condominium Corporation insurance is not effective or is inadequate.

Loss Assessment

This covers your share in the instance that the corporation/association policy does not cover the total damage, excludes the loss, or where there are insufficient funds in the case of a lawsuit against the corporation/association.

Owner-occupied or Investment Property

If you rent out your condo or if it is sitting vacant, this can have an effect on your coverage. Let us know and we can help determine the right options for you.