Common condo myths - exposed
 

Myth: 
My Condominium Corporation has insurance, so I'm pretty sure I don't need it.

Fact: 
While the roof over your head may be protected, your belongings inside are not. 

Your Condominium Corporation's master insurance policy covers the building and common areas.  But this policy doesn't cover your personal property - such as furniture, clothing, jewellery, and other valuables - nor will it cover damage to any upgrades made to your unit and perhaps not even all of the original unit construction.

In addition, as a unit owner, special assessments may occur for damage to common elements or lawsuits against the corporation.  If you don't have condo insurance you will have to pay these assessments yourself. 

If you live in Ontario, we recommend you find out if there is a "standard unit" definition for your building.  If there is, we suggest you review this definition as it clearly outlines what is considered part of the unit and insured by the corporation master policy.  Anything not shown in the standard unit definition is considered "betterments and improvements" and would not be insured under the master policy but would be covered under MY CONDO.

Regardless of what your Condominium Corporation does or does not cover, you need your own condo insurance to fully protect yourself and your belongings. 

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