When you purchase a condominium, you become the owner of a percentage of a large building. It is your responsibility to obtain your own insurance policy to protect your liability, belongings and any upgrades you make to your unit. However, you should become familiar with the overall condominium corporation insurance policy as it is an important part of your coverage as an owner of this building.

Commonly referred to as Additional Living Expenses, Loss of Use coverage is included in your policy. It pays for the potential increase in your living expenses if you are temporarily unable to live in your condo as a result of an insured event. This coverage will also respond if your condo building is evacuated due to damage to a neighboring premises or a major insured event in your area.

This policy is responsible for coverage on the building, common elements, and liability of the condo corp. The corporation is also responsible for maintaining and communicating the policy coverage to all unit owners. The condo corporation’s insurance will not cover: belongings inside your unit; the value of any upgrades that have been completed in the unit; unit owner liability.