# Condo insurance



## yyzvoyageur (Apr 10, 2009)

If one owns a condo unit but has no particularly valuable items within, is it worth getting any form of insurance for that property? Similarly, what if there was a fire in that condo building (starting in an adjacent unit, let's say), is the condo corporation insured for the damage caused to one's unit (aside from contents)?


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## kcowan (Jul 1, 2010)

Usually the condo corp only covers the building. So if you want to cover the fitup within your unit, then contact the carrier for the buiding and ask about a rider. Our covers earthquake damage as well as contents.

As far as fire is concerned, again check the condo policy. Often fire or water damage caused by an adjacent unit is not covered (except by lawsuit).


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## Mall Guy (Sep 14, 2011)

kcowan is bang on, unit to unit water damage could be a big issue if not defined in the Condo Corp's policy. I had water damage in my condo from above, owner above's insured cover the repairs, not the condo corp's. Don't know what would have been the case if that owner didn't have a policy. Under some condo corp's rules, you are required to have certain insurance coverage (in some provinces). Condo's policy will not cover any upgrades you make to the unit.


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## Just a Guy (Mar 27, 2012)

It's a question of liability, if you have a grease fire and there is smoke damage to the building or other units, you are liable.

The condo's policy is usually for disaster level stuff and has a high deductible ($5-10,000 usually). That's why there is owner insurance. If you are renting, you may also have tenant insurance (yes, three policies on a single unit), but the owner's and tenant's policies are cheaper than a resident owner.

90% of the time you'll never need it, but you'll be glad you have it when you do.


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## Berubeland (Sep 6, 2009)

Like Just a guy said it's liability you have to worry about. Water leaks are bad and not even unusual. I had a hot water leak once that destroyed floors 9 units down. The tenant did have insurance and it was covered. The fun starts when the different insurances start suing each other. In any case for a tenant it costs about $20 per month and most condos want to see a copy before they book the elevator. This is one insurance you don't want to be without.


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## Levi123 (May 29, 2012)

I suggest that you still get an insurance for your condo unit. Even if there are no valuable items in it you still need to your condo to be insured. What if untoward incidence happens? You do not have any security and insurances if your condo has been damaged.


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## yyzvoyageur (Apr 10, 2009)

Thanks. You gave me some things to think about. I ended up getting insurance for this unit.


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