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How Condo Insurance Coverage Works in Canada

Condo insurance is very similar to house insurance but just for a condo-style property. However, there are two differences when it comes to condo insurance, and these are:

  1. The owner of the building commercially insures the property.
  2. Each unit owner purchases personal condo insurance.

Having personal condo insurance is particularly important to ensure all your personal belongings inside the property are covered. You’ll also gain protection for any unexpected events that may occur in your unit, such as someone injuring themselves. To find out more about what condo insurance covers, see below.

What Condo Insurance Covers


Like house insurance, your contents within your condo will be covered with this type of insurance. You’ll be protected from various property damages, including water and fire damage. This can also cover such things as engagement rings, clothing, household items, etc. The value of contents depends on the policy you choose to opt-in for, but they typically start at around $20,000.

Special insurance assessment

You’ll also be protected if the commercial condo owner passes on a special assessment to you. This is simply when there have been damages done to a building, let’s say a fire caused by kitchen equipment, and the condo block owners cannot afford the repair through insurance or their funds. They’ll then pass the assessment onto each unit owner, which can be devasting.


All upgrades you do or previously have done need to be mentioned in your insurance policy, so they’re covered. Upgrades like new flooring, kitchens, etc., all need to be mentioned to gain protection.


Although this is unlikely from a condo as they’re normally pretty well protected, your personal policy will cover you from any theft that may occur in your unit.

Third-party Liability

If you’re at fault in an insurance claim, this covers you for any compensation charges that may be coming your way. A good example of this would be if you set fire to your condo and it damages the neighbour’s wall, instead of paying for the damages, this will protect you (to some degree) depending on your policy amount.

Your locker

You’d think this would be commercially insured, but it isn’t. If you have a locker, you need to make your insurer aware to add additional coverage in case any theft or damages were to occur.

Additional Living Expenses

Suppose your condo becomes uninhabitable due to an event that is covered by your insurance policy. They’ll compensate for any additional living expenses you have to pay to relocate yourself, such as a hotel room, food and other daily expenses. This protection normally starts at around $10,000 but varies from insurer to insurer.

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Jean-Maximilien is an expert in Canada and France about Loyalty programs, Credit cards and Travel. He is the Founding President of Milesopedia.

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