What Insurance Will I need on my Condominium?

Both the unit owner and the condominium

corporation must have insurance. Specific

insurance requirements vary from province

to province.

The corporation may be responsible for insuring:

• Common areas and units;

• The corporation’s property, such as

furniture, equipment, vehicles, etc.;

• Personal liability—against claims for

bodily injury and/or property damage

occurring on the condominium property

or caused by some act or omission of the

condominium corporation;

• Boilers and equipment (for example,

elevators, HVAC systems, etc.);

• Directors and officers insurance—to

respond to claims made personally against

a director or officer of the condominium;

• All perils as per the condominium

governing documents.

The unit owner may be responsible for insuring:

• Personal property contents such as

appliances, furniture and jewelry,

and items stored in lockers.

• Improvements and betterments made

to the unit (for example, finishing

a basement, installing new cabinets).

Check your provincial legislation to find

out if insurance for improvements is your

responsibility.

• Personal liability.

Above material extracted from the Canadian Mortgage and Housing Corporation website. For more information please visit www.cmhc.com