Condos need coverage too!

Condos offer that great combination of the convenience of apartment living with the advantages of owning your own home.

Since you do own your condo, don't forget that you'll need homeowner's insurance. Your insurance will cover both your belongings and the areas of your condo for which you're legally responsible.

Condo Association Protection

Your condo association only covers you to a certain point. There’s likely a “Master Policy” to cover shared common areas of your building, such as the roof, basement, boiler, walkways.

It is unlikely that your condo association covers your personal possessions, structural improvements made to the inside of your condo, or living expenses that would result from you being the victim of a fire or theft. You will need your own policy to cover these types of losses or expenses. Liability protection is also important to cover accidents that could occur on your property.

Your Responsibility

To adequately insure your condo, it is important to carefully read your association’s bylaws and/or proprietary lease to find out what is covered and what isn’t. For example, some associations insure units as they were originally built, including standard fixtures, while others are responsible for only the bare walls, floor, and ceiling. This would leave you responsible if, for example, problems occurred with the wiring.