Your condominium building must be insured through a policy in the name of your Strata Corporation but you have the responsibility to insure your personal property and the value of any upgrades or improvements you have made to your unit (e.g. upgraded flooring or cabinetry).
Furthermore, you need to protect yourself for legal liability in the case of bodily injury and/or property damage caused to others through the use and ownership of your unit.
Unit owners also face the risk of assessments by the Strata Corporation for deductibles payable to the Strata for damage caused by them, underinsured losses on the common property and liability claims against the Strata Corporation.
All of our major insurance companies issue Condominium Unit Owner’s package policies. Some of the topics you your broker will review with you are:
- Value of your personal property
- Unit improvements and betterments
- Loss assessment coverage for physical damage to common property
- Assessments made necessary by a deductible in the Strata Corporation’s insurance policy
- Liability loss assessments