Condo Building Insurance

The peculiar nature of condo insurance can be complex and confusing, but specialty condo insurance can help reach clarity when delegating who is responsible for covering which risk.

The reality of the situation is that it is a simple setup, but all parties need to be engaged and involved to understand how it works.

Providing insurance for most of the building against damages falls to the condominium owner’s association (or COA) with a master insurance policy. You, as an individual, however, still need to invest in your own condo insurance to protect your belongings and the inside of your unit.

The master policy provides for building coverage as well as general liability. These master policies usually fall into two categories: walls-ins or walls-out. Walls-in policies generally cover the building’s interior construction elements such as roofing, floors, walls, elevators, the original appliances, cabinets, carpet, and the original fixtures. Walls-out policies provide coverage for the building’s outer construction elements such as stairs, roofs, floors, and walls.

In short, the COA with their master policy will not cover all losses, assets, personal investment, or personal belongings if something were to happen today. It is your job to make sure your home is covered the way you want it to be and covered how it should be.

Province Insurance can help you achieve the coverage you desire and deserves to have for peace of mind if the worst were to happen. If you live in a condo, it is time to consider specialty condo insurance.

If your curious and want to learn more about specialty condo building insurance, give us a call today.