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Condo Insurance Canada

Are you spending money to improve your residence which will increase the value of your investment?

The Improvements and Betterments Protection compensates you for all the extras you've put into your condo, on top of what the builder originally provided for you, up to the limit of your replacement value.

Say for example, your unit was originally finished with a $5,000 medium-grade carpet. Now you want to upgrade to a higher quality carpet, valued at $10,000. The Improvements and Betterments Protection will ensure you receive the full value of your new carpet in the event of a loss. So if there is a fire, the builder will only give you $5,000 to cover the value of the original carpet, your insurer would then provide you with the remaining $5,000.

Supplemental Insurance Coverage

Apart from insuring your betterments and improvements, you may also want to insure your condominium unit itself. This will make sure that you’re protected should the corporation’s insurance not fully cover a loss to your unit.

Loss Assessment

One important feature of a condominium insurance policy is the loss assessment. This is when you share responsibility with others for common property. The insurer will pay, up to a stipulated limit, your portion of any special assessment that’s valid under your condominium corporation’s governing rules:

• If it’s due to a direct loss that affects a shared part of the premises and if it has been caused by an insured peril
• If it’s due to legal liability arising out of shared ownership of common areas of the condominium premises (for example - to compensate a visitor for injuries incurred by tripping over a frayed carpet in the corridor)
• Providing that the assessment has not been made necessary because of a deductible in the corporation’s own insurance policy

To find out more about this concern and others on your condo, please call us for more information.