Do I need condo insurance if the building is insured?

The corporation's policy insures the building and common elements, not a unit owner's contents, improvements or liability. A unit owner's policy covers those three, plus the corporation's deductible where a loss began in the unit. Sutherland Insurance places condo insurance across Ontario from Guelph.

Part of the Sutherland Insurance guide to condo insurance in Ontario.

The short answer

Both policies exist because they insure different things. The gap between them is where a unit owner's exposure sits, and it is larger than most owners expect.

What does the corporation's policy leave to the owner?

Contents and personal liability, improvements made to the unit, and loss assessment where the corporation charges its deductible back to an owner whose unit was the source of a loss. Standard unit definitions differ between corporations, which is why the declaration matters.

Improvements are the piece most often missed. Where a previous owner upgraded the kitchen or flooring, the corporation's policy may insure only the original standard unit, leaving the upgrade to the owner's policy.

Corporation deductibles have risen sharply, and a water escape traced to a unit can result in that deductible being charged to the owner.

What does this mean for a condo owner in Ontario?

The corporation's declaration and its insurance certificate set out what its policy covers and what its deductible is. Those two documents decide what an owner's policy needs to carry.

A broker can read the certificate alongside the unit policy and confirm the two line up.

Nothing on this page is a recommendation about a particular limit.

These are the options. The right mix depends on the situation

The coverages above are the options generally available on an Ontario condo insurance policy. Which of them belongs on any particular policy depends on the property, the people insured, the limits selected and the individual insurer's wording. The policy document itself always governs. A licensed Sutherland Insurance broker can walk through the options and build a plan around your circumstances. Call 519-822-0160 or request a quote.

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