If a fire, water damage, or theft occurs in your condo unit, the insurance for the condo corporation will not protect your possessions. As the condo unit owner, you need to purchase your own policy to ensure your personal belongings and any improvements to your unit are covered.

While condo fees go towards providing many convenient communal services, it does not mean you are 100% protected. Condo insurance purchased by your condo corporation may not always be sufficient to cover all damages, leaving you liable for extra assessments. Personal condo insurance can cover you for the cost of these extra assessments.

Condo corporation insurance is purchased through the condo board and paid for from condo fees. It typically covers the main building structure and the common areas, such as lobbies, hallways, walkways, elevators, outdoor spaces, gyms, and pools. In some instances, a condo corporation may include deductible coverage for unit owners, but not all condos do this. It’s important to find out whether you are expected to pay any deductibles for damages to or from your unit. The details of insurance coverage should have been discussed when you purchased your unit, but you can reach out to your condo corporation board for more information in the event that you are unsure or don’t remember.

While condo corporation insurance protects the communal spaces, personal condo insurance protects your financial interest in your individual condo unit, including your personal property. When the cost of repairs and replacements are assigned either to your unit or split between you and several other units, your insurance policy can help mitigate the costs. Our brokers can also assist you in purchasing additional loss assessment coverage to help bridge the gaps or limitations of the condo corporation’s master insurance policy and your policy.

Condo corporation insurance protects the communal spaces. Personal condo insurance protects your financial interest in your individual condo unit, including your personal property and renovations done to your unit.

When the cost of repairs and replacements are assigned either to your unit or split between you and several other units, your insurance policy can help mitigate the costs. Our brokers can also assist you in purchasing additional loss assessment coverage to help bridge the gaps or limitations of the condo corporation’s master insurance policy and your policy.

At Cornerstone Insurance, our experienced brokers are committed to helping you find the best policy options to insure your condo unit. Many of our condo insurance clients take advantage of bundled discounts. We offer multi-policy savings when you purchase auto insurance in addition to personal condo insurance, through our brokers at Cornerstone.  

In addition to multi-policy discounts, our insurance partners offer several other discounts, such as:

• Claims-free discount
• Loyalty discount
• Mature discount
• Mortgage-free discount
• New home discount

Whether you’re shopping for a new policy or want to review your current policy, you can discover what discounts you’re eligible for by getting in touch with our brokers.