It is an unfortunate fact that many condominium owners do not know they need to insure their individual living units. In media reports we hear of condominium buildings that have been severely damaged by fire or other perils. These reports often include a quote from an owner who has lost everything, “We thought the corporation’s insurance covered us.”
This is an very unnecessary situation. Every condo owner should know that they need their own insurance. To be properly insured, the corporation’s policy should be compared with the owner’s needs. For example, does the corporation’s policy cover upgrades the owner has made? An insurance adviser experienced in condominiums can help condo unit owners get a policy that will suit their needs.
Here is a helpful brochure put out by the Insurance Bureau of Canada to help condo owners and potential condo buyers with simple and helpful tips that may prevent them from a disastrous experience.