Do I need condo insurance?
If you own an apartment unit or a townhouse in a condominium complex then you need condo insurance. The Co-operators’ condominium insurance covers most situations that you may face as a condo owner. Our condo policies offer coverage for both personal property and liability – both of which you’ll need.
Two types of condo insurance coverage.
The Cooperators offer two types of coverage for condominium policies:
With Comprehensive/Prestige coverage, you get the most protection we offer for your home and personal property. It’s the best way to safeguard your home.
Broad/Classic coverage is for those looking for slightly lower premiums and not as much coverage as our Comprehensive plan provides.
To compare the two coverages, visit Our What’s Covered page. This outlines most of the items that are covered under these insurance policies.
What’s covered for condo owners under the condominium policies?
Our condominium insurance packages are designed to cover essentials for condominium owners, such as responsibility for common area damage, coverage for unit improvements like new carpet, and contingent insurance to cover shortfalls in your condominium corporation’s policy.
- Unit improvements
Most condominium corporations allow owners to make improvements and minor alterations to their individual units. This may include installing new cupboards, carpet, ceramic tile or bathroom fixtures.
If a claim occurs involving these improvements and they are not covered under the corporation’s policy, you may have to cover the difference. Our condo insurance package covers that difference for an amount up to 250% of the personal property limit or $50,000, whichever is greater.
- Common area damage
As a unit owner, if the condominium corporation’s policy will not cover damage to a common area, you may be required to share the cost to repair with other unit owners. If the specific damage is included under your condominium insurance policy with us, coverage applies for an amount up to 250% of your personal property limit or $50,000, whichever is greater. This coverage includes up to $25,000 for your portion of the condominium corporation’s master policy deductible that may be assessed to you.
- Contingent insurance to cover extras
Contingent insurance may provide coverage for loss or damage resulting from shortfalls in your condominium corporation’s policy. This can cover glass within your unit, including glass in storm windows and doors, against damage caused by accidental breakage. It may also cover things like damage resulting from a peril not covered by the corporation’s policy, but is covered by ours. Our condominium insurance policy provides contingent coverage for an amount up to 250% of the personal property limit or $50,000, whichever is greater. This coverage includes up to $25,000 for your portion of the condominium corporation’s master policy deductible that may be assessed to you.
- Additional coverage available
If you own items like watercraft, bicycles or jewellery that are worth more than what is covered under your personal property limits, you can purchase additional insurance to cover those items.
Call or email us anytime for a quick and easy condominium insurance quote.