A question we get asked a lot is: do I need condo insurance? And the answer is, you’re not required to have condo insurance, but it’s damn sensible to protect your assets.

Why do you need condo insurance?

To protect you and your investment. The main insurance policy put in place by the condo association will cover things such as the floors, walls, roof, elevators, common areas, etc. However, your personal policy should look after you, your belongings, and your condo.

What kind of insurance do I need?

Your insurance should cover any renovations you have made or plan on making. It should definitely include your contents, and you should think about things such as loss assessment coverage, contingency coverage, third party liability insurance, and additional living expenses coverage.

Does condo insurance cover my storage locker?

Most policies will cover the contents left in your storage locker, but make sure to read the fine print because you don’t want to get caught out!

Where should I get my insurance?

The best thing to do is to shop around, there are plenty of comparison websites but don’t forget to ask your friends and family too. Find the policy, price, and company that best suits your needs. It’s not exactly exciting, like it is picking out your furniture, but it’s essential to protect your assets.

How much does condo insurance cost?

The average cost of condo insurance can range from $100 to $400 per year. It all depends on your policy and the value of your personal property.

Who insures the building?

The condominium corporation, by law, is required to maintain an insurance policy that protects the building, common areas, and condo units against destruction or damage. Don’t forget, if it’s a new building, it will also be covered by a warranty policy.