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Condo Insurance for Owners >> Condo Insurance for Renters >>
What is Condominium Insurance?
As an apartment-style condominium, condo or townhouse unit owner, you know that living as part of a strata property is not the same as owning a freestanding home. While the lifestyle may be similar, the risks and insurance needs of condominium unit owners are not the same as other homeowners. That’s why there’s a category of insurance designed specifically for strata property owners.
Condo insurance, otherwise known as townhouse insurance or strata insurance, provides property damage coverage as well as liability insurance for owners of condominium units and other properties that are part of joint ownership agreements. While your condominium may have its own corporation insurance, this insurance won’t cover your personal property in cases of damage or theft, nor will it protect you in the event of a personal injury lawsuit.
What Does Condo Insurance Cover?
Condo insurance is usually required in order to obtain a mortgage for a condo or townhouse, and provides important benefits for the insurance holder. With the right insurance coverage, you’ll know that your unit, your possessions, and your investment are all protected, no matter what the future holds. Depending on the policy, condominium insurance can include provisions to protect the property owner against:
- Property damage or destruction
- Loss of personal belongings
- Damage to other units caused by problems originating in your unit
- Damage to common areas
- Personal injury lawsuits
- Loss of investment income based on reasons beyond your control
Tips from First Foundation
When you enter into a joint ownership agreement such as an apartment-style condominium building, you are assuming unique risks and responsibilities beyond what’s normally expected of a homeowner of a single family dwelling. Because your residence is in direct contact with other dwellings, you can be held liable if any problems in your unit lead to damage in other parts of the building.
For this reason, it’s important for condo owners to think about not only protecting their own property, but also protecting themselves in the event that they are held responsible for damage to other units. You can do this by making sure your condo insurance policy includes loss assessment coverage. This endorsement protects the policyholder against financial loss resulting from damage they cause to common areas or other units. This endorsement is not included in most basic condo insurance policies, so make sure to ask your insurance broker about it if you want full coverage.
At First Foundation, we understand the unique insurance needs of condo and townhouse owners. We also work with the top condo insurance providers in Canada. We can help you compare condo insurance rates and find a policy that provides the most protection at the lowest cost. Use the form below to get an insurance quote or give us a call!