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What Insurance Will I Need?

Both the unit owner and the condominium corporation must have condo insurance. Specific insurance requirements vary from province to province.

 The corporation may be responsible for insuring:

• Common areas and units

• The corporation’s property, such as furniture, equipment, vehicles, etc.

• Personal liability—against claims for bodily injury and/or property damage occurring on the condominium property or caused by some act or omission of the condominium corporation

• Boilers and equipment (for example, elevators, HVAC systems, etc.

• Directors and Officers insurance—to respond to claims made personally against a director or officer of the condominium

• All perils as per the condominium governing documents

The unit owner may be responsible for insuring:

• Personal property contents such as appliances, furniture and jewellery, and items stored in lockers

• Improvements and betterments made to the unit (for example, finishing a basement, installing new cabinets). Check your provincial legislation to find out if insurance for improvements is your responsibility

• Personal liability

Can I Rent My Condominium?

Many condominium buyers purchase their units as an investment with the intent of renting the unit out. While most condominium corporations allow owners to rent their units to a third party, you should confirm this through a review of the condominium’s governing documents and your provincial legislation.