Make sure your condo corporation protects your shared interest and responsibility
To best protect your interests and investment, we encourage you to stay informed about your condo corporation’s coverage. Make sure it maintains an active insurance policy that:
- provides full replacement cost coverage for buildings and shared property
- includes coverage for most common perils – including water and earthquake in at risk areas
- has a reasonable deductible
Purchase a unit owner’s policy with the coverage that is right for your needs
Your personal policy plays an important role in your coverage. It's good to regularly review and update your coverage so that it continues to meet your needs. Consider the following:
- Is your personal property limit enough to replace your contents with new items of like kind and quality?
- Do you have valuables that exceed limits for specific types of property and require special coverage?
- Have you made improvements or upgrades?
- Is your liability limit high enough to meet today’s standards?
*There is no single term (i.e. corporation, strata, syndicate) to identify the legal entity established to represent all unit owners. We’ve used “condo corporation” to represent this legal entity.
Our Know Your Condo - Unit Owner's Checklist (if you live or rent in a condominium building) or Owner's Checklist (if you own only shared property like a club or pool house) can help you review your coverage.