Condo Insurance (also called personal condo policy or Condominium Insurance) is property insurance that goes beyond your Condo Corporation’s insurance policy. While Condo Corporation’s insurance covers only the building and common areas such as the swimming pool, lobby, and elevator, a personal condo policy fills in the gaps by including additional coverages such as liability and content coverage.

Whether you are owner-occupied or renting out your unit, ensure you know what coverage your condo association provides so you know the right coverage to add to your Condo Insurance package.

Condo Insurance coverage is essential to protect the condo owner, their personal belongings, and the condo unit. The policy will cover your personal property and other things inside your unit, like your renovated cupboard if you face a substantial loss from water damage and other perils. Having Condo Insurance helps provide an additional layer of protection as contingent insurance when you need it most.

While your condo association may have Condo Corporation’s insurance (also called a master insurance policy), it does not cover your personal belongings and the content inside your condo unit. This includes anything from your artwork to your entertainment systems. It only protects the items and structures that are part of the building itself, like the property’s common areas, including the gym and swimming pool. If you decide that you want to make renovations to your unit, this master policy will not cover the upgrades you make.

Another important reason why you need Condo Insurance is a third-party liability. If someone gets hurt within your premise, you may be personally liable for their lost wages and medical expenses. Condo Insurance takes care of these unique insurance needs so you can have peace of mind.

If you have a mortgage on your condo, your mortgage lender will require you to have Condo Insurance. You will also be pleased to hear that we offer strata deductibles up to $1M with Condo Insurance policy.

The cost of Condo Insurance will depend on variables specific to the property:

• Applicant Details
• Age of Building
• Claims history
• Construction Type
• Contents
• Deductibles
• Location
• Specified Coverage
• and more

It is essential to understand what your Condo Insurance policy covers and excludes. Complete our online application and get your free quote for as low as $33 per month! Apply any time and get the right protection for your condo today!

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Your condo insurance policy may cover your personal belongings if the locker is within the condo unit. However, your standard Condo Insurance policy may have insufficient coverage if the locker is outside your unit or building. Let us know, and we can help you recommend additional coverage to cover your contents and the locker.

Condo Insurance is designed to meet your needs as a Condo owner. A comprehensive Condo Insurance policy covers some of the following or all of the following:

• Loss Assessment Coverage (Strata deductibles): This covers the condo building and the common area.
• Personal Liability: This liability coverage offers worldwide protection against legal expenses resulting from third-party losses and damages on your premises. Get up to $5M as a unit owner.
• Personal Property: Your contents, including clothes, jewelry, and appliances, are included under this coverage.
• Unit Improvements and Betterments: Unit upgrades and renovations made by you or prior unit owners are protected as long as it is on your premise and for your intended use.
• Additional Living Expenses (Owner-Occupied Only): If you have to live elsewhere while your condo is undergoing repair due to an insured peril or if a civil authority prevents you from accessing your unit, your moving cost, storage, and living expenses are covered for a specified time.

If you need more coverage in addition to the ones offered by Condo Insurance, your coverage options may include:

• Earthquake Insurance
• Flood Insurance
• Sewer Backup
• Overland Water
• Short-Term Rental Endorsement

Our robust application process will identify what types of coverage are relevant to your Condo Insurance policy. We understand that condo owners encounter a broad range of risks and will create a protection plan that covers you and your condo exposures.

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There are a few things you can do to help reduce the costs of your condo policy:

• Raise your deductibles: A deductible is the amount of money you must pay out of pocket before your insurance company starts paying for a claim. For example, if you have a $500 deductible and need to file a $1,000 claim, you will pay the first $500 and then your insurer will cover the remaining $500. The more you pay for your deductibles, the more money you save on your premiums. Check out the Condo Insurance deductible options and select the one that is most appropriate for you.
• Location: Before purchasing your condo, you may want to consider where your condo is located. Areas closer to a fire department or a fire hydrant may save you condo insurance costs.

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Yes, most Condo Insurance covers water damage caused to your condo unit if it’s an accident and occurs suddenly. However, there may be some exclusions depend on the origin of the damage. For example, if the water damaged cause was due to a flood and you live in a flood-prone zone, then your policy may not cover this peril. The best solution is to ask your insurance provider is flood and what other types of perils are covered under your policy.

Also, there may be conditions that is attached to water damage coverage. For example, your place must not be vacant more than 48h prior to the incident. For this particular reason, when you go on vacation, you should get someone to check on your condo every day to make sure you do not run into issues like this.

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Properties that are protected under Condo Insurance include:

• Condo or townhouse occupied by the owner
• Shared unit with max 2 long term roomers/boarders
• A unit that operates Airbnb short term rental daily/weekly (max 30 days/year)
• Property bought by either by the owner, their family members, or under company name
• Specific home based business
• Unit with minor renovations

Not sure if you qualify? Get in touch with us to learn more!

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The cost of Rented Condo Insurance will depend on variables specific to the property:

• Applicant Details
• Age of Building
• Claims history
• Construction Type
• Contents
• Deductibles
• Location
• Specified Coverage
• and more

Complete our online application and get your free quote for as low as $21 per month! Apply any time and get coverage for your condo rental today!

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A Rented Condo Insurance policy provides the same coverage as the owner-occupied condo, plus:

• Rental Income (Rented): In the event of covered perils such as fire rendering your property uninhabitable, this coverage extends compensation for lost rental income during the repair phase. This serves as crucial assistance for property owners, aiding in managing financial obligations like mortgages and taxes.

Unsure which coverages you need? Our robust application process will identify what types of coverage are relevant to your Rented Condo insurance policy.

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There are important considerations if you are planning on renting out your condo unit.

1. Rental Income Coverage: You may consider including Additional Living Expenses and Fair Rental Value if you receive a regular rental income.
2. Short-Term Rental Coverage: While your Condo Insurance provides liability coverage, it may not cover third-party property damages by your tenant or occupant. If you plan to rent out your unit on platforms like Airbnb, consider our Short-Term Rental Endorsement. This coverage is ideal for condo owners who want to host their place for up to 6 months per rental party.

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