Condo Insurance
As a condo owner, your insurance needs are special. There are some areas of your home that are covered by your condo corporation, and others that aren't. Let Johnson find you the right protection.
Comprehensive condo coverages
What makes condo insurance different?
Even though your condo is your home, condo insurance and home insurance are very different. Homeowners are responsible for their living space as well as the structure and the property it’s on. With a condo, you only have to insure the interior of your place—the land, building and common areas are often insured by your condo association. However, your insurance policy needs to work with your condo building’s own policies and rules. So, it’s important to get your condo insurance from a company that understands the ins and outs of condo policies.
Why do I need condo insurance?
Condo corporations usually require each unit owner to have a policy in place to cover their personal contents, liability and any improvements they make to their unit. However, your condo corporation will have a policy in place to cover insured losses to the common areas of the building, property and fixtures, wall and floor coverings that were installed during the original construction of the building.
Boost your plan with optional coverages
We can personalize your policy to suit your specific needs; from home business insurance to enhanced water protection*. Browse our additional coverage options below.
Have questions? We’re here to answer them
There are a lot of things to consider when purchasing your first condo. While there are plenty of variables to consider when you start looking, these tips can help you get started:
Know the Association Fees: Knowing what the condo association fees cost and what they include is a very important factor when buying your first condo. Most include coverage and maintenance for the building and property, but it’s still important to know exactly what they cover and any exclusions that may apply.
Special Assessments: Special assessments are fees that are charged to cover the cost of a significant repairs, like a new roof or window replacement. If a special assessment is part of future plans, it’s possible that association fees can be raised, or a large lump sum can be required, which can cause financial serious strain.
Association Rules: Condo units are built in close proximity to each other, so condo associations often have rules to help govern the communities and keep the peace. It’s important to review these prior to purchase because factors like pet restrictions, quiet hours, and rental restrictions can have a direct impact on your living situation and lifestyle.
Litigation: By nature of the close quarters in which condo units exist, litigation can be fairly common. Owners will sometimes sue other owners, the management company or developer. Make sure there are no past or pending litigations within your condo association as this can be a sign of a poor management.
Your Balcony: Most condos come with balconies, but make sure you look at both the unit deed and master deed very closely. While the balcony may be attached to your unit and form part of the building, it may be your responsibility to repair. So, make sure you find out if it’s your responsibility to maintain the balcony, or the association’s.
Yes, for home and condo owners, but there are limits and exclusions.
You are insured while you rent your dwelling to others, no more than four (4) occurrences per year, up to a maximum of 30 days in total, in one policy term.
For the duration of the rental period, coverage for the following perils on premises are removed:
- Vandalism or malicious acts
- Theft, including loss or damage caused by theft or attempted theft of personal property.
Condominium owners need insurance. Condo insurance is recommended to provide protection for both personal property and liability.
The Condominium Corporation has its own insurance that covers incidents outside of your personal unit that typically covers the building and common areas. Only you can insure your unit improvements, personal property and liability.
Condo insurance includes:
- Loss or damage of your contents and personal property
- Additional living expenses if you have to move out of your unit because of an insured loss
- Personal liability coverage
- Unit Improvements and Betterments
- Loss Assessment (covers your share of any assessment by the condo corporation because of an insured loss or damage to the common areas of the condo building, e.g. the lobby, elevator)
- Unit Additional Protection (covers your unit itself in case the condo corporation does not have adequate insurance that will fully cover a loss to your unit)
Please connect with us to ensure that you have adequate coverage to protect you and your family.
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