Condominium Insurance

Condominium Insurance coverage can be a bit confusing.  As a condo unit owner you don’t actually own the building or common areas.  It is the condominium corporation that owns and insures the building and common areas.  The policy owned by the condo corporation is called the Master Condo Insurance Policy.  That said, you still need insurance for your condo!


You are responsible for insuring all of your possessions. The master condominium policy taken out by the condo corporation does not extend coverage to your personal property. It is up to you to determine the amount of coverage required.

Improvements and Betterments 

Any improvement and or betterment that you make to your unit must be insured by your policy. The master condo policy only covers the rebuilding of your unit back to the way it was at time of original construction. Your unit may have improvements such as new cabinets, improved flooring, wallpaper, etc. These would not be covered by the master policy.


This is a very important reason to have a condominium insurance policy. The corporation may have high deductibles per unit. You would be responsible for the deductible. If you have a condo policy it will likely have a clause that says it will pay the difference between your policies deductible and the master policy deductible. Your deductible might be $300 to $1000. The master policy deductible can be as high as $25,000! Without a condo insurance policy you could be responsible for it in the event of a claim.


This is an important component of the condo policy. Or any type of property coverage for that matter! The liability protects you if you are sued for compensatory damages due to unintentional bodily injury or property damage resulting from: your personal actions anywhere in the world; and from lawsuits arising from your ownership, use or occupancy of the premises insured.

Another important part of the liability coverage in condominium policies is the loss assessment extension that will pay your share of any special assessment passed down by the condominium corporation for liability. This is a very important coverage.

Canada Home Insurance

Canada Insurance Source (leave Condominium Insurance and go home)

Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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