Who pays for condominium insurance?

Condo insurance is paid for by a co-owner, as it protects personal belongings in his or her condominium unit. The condo corporation's insurance is paid for by all co-owners through the condo fees, as it protects the building and common areas.

What are the basic coverages in condominium insurance contracts?

Basic coverage in condo insurance contracts includes: personal effects, improvements, theft, civil liability and additional living costs.

Condo insurance: who pays what?

The condo corporation's insurance policy (which covers the building and common areas) is paid for by all co-owners through their condo fees. The condo insurance policy (which covers your unit and personal belongings) is paid for individually by each co-owner.

Vincent Morin

Vincent achieved financial independence and took early retirement (FIRE) at the age of 35. After a career in financial technology with a major American investment bank, he founded Retraite101, a personal finance website that reaches over 350,000 unique visitors annually and has more than 40,000 social media followers. Passionate about finance, reading, cycling, hiking, and travel, he continues to write for several Quebec media outlets to inspire and motivate those who want to take control of their finances.

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