OIP News - Condo Insurance vs. Home Insurance

Insurance for condos is different from insuring a traditional home because there are two parties involved – the owner of the unit and the condo corporation. And within the condo scenario, there can be differences from building to building and province to province on what’s covered under the master policy.

Two important considerations when purchasing condo insurance are:

Additions and alterations coverage (wall-paper, fixtures, moldings, tile floors etc.) are usually not included in a condo’s master policy so you need to ensure that your insurance adequately covers these items.
Additional living expenses (costs incurred if you have to leave your home during claims repairs) to cover expenses that might be incurred by owners of high-end condos.

Want to Know More?

Call us toll free 1.888.681.2862 or email ovma@csib.org. The OIP is administered by Pottruff & Smith, operated by Cornerstone Insurance Brokers, Ltd.