Condo Living and Insurance: What You Should Know
Though its usage is increasing greatly, Condo Insurance is not a new product, especially in fast-growing urban communities like the Greater Toronto Area. Young professionals are choosing condos over houses not only as a lifestyle choice but also due to the current housing market. A recent census reveals that 1.9 million Canadian households live in condos, making up 13.3% of Canadian households. This ratio has increased by 1.2 percentage points compared to the previous census.
First-time condo owners should be aware that condominiums are housing structures where individuals own their units (or strata units in some provinces) while sharing ownership of common areas (such as the lobby, elevators, and parking garage) through a condominium corporation.
Essential Coverage for Condo Owners
Individual unit owners can also purchase their own insurance. The typical condo policy would provide coverage for:
- personal property
- improvement and betterment protection
- loss assessment protection
- unit additional protection
- liability
Protect Your Condo with Loss Assessment Coverage
Modern buildings now feature luxurious common elements like skating rinks, saltwater pools, and children’s parks. Consumers must ensure their policy includes loss assessment coverage, which protects them when condo owners are financially responsible for damage to shared areas or injuries in those areas.
As communal areas become more luxurious, the likelihood of assessments increases. Newer condo communities, especially those with growing families, may also face a higher risk of liability claims.
Consult Your Broker on Condo Insurance
Speak to your Broker for additional advice on proper coverage for your condominium, such as a request for a copy of the condo’s master policy which outlines coverage and may reveal gaps that may appear in that protection. Unica is proud to offer our LIVEasy Condominium product which encompasses loss assessment coverage that can afford you peace of mind.
