When you own a property in a condominium, whether you live in it or not, you are legally required to carry at least civil liability insurance. But beyond the legal requirement, condo owner’s insurance is essential protection for your unit, your belongings, and your liability.
Who is concerned?
- Homeowner : You live in your unit.
- Landlord: You rent the unit to someone else.
In both cases, liability insurance is mandatory. In practice, it is strongly recommended to choose comprehensive home insurance (or non-occupant owner’s insurance if you rent the unit).
Condo owner’s insurance cover
A good condo owner’s insurance policy protects:
- Your private areas: Floor and wall coverings, interior fixtures (fitted kitchen, bathroom, etc.)
- Your personal property: Furniture, appliances, clothing, personal items, etc.
- Your civil liability : In case of damage caused to a neighbor or third party from your unit (water leak, fire, etc.)
- Additional costs: Temporary relocation in case of a claim (depending on the policy), expert fees, legal protection (optional), etc.
- Shared areas: Hallways, grounds, etc.
What if you don’t have it?
Without proper insurance, you could:
- Have to personally cover major repair costs
- Be held liable for damages caused to others
- End up in a difficult financial situation in case of a problem
Pro tip
Even if you already have insurance, make sure to:
- Review your policy every year
- Check your coverage levels
- Compare offers with your broker
In Conclusion
Condo owner’s insurance is not just a formality — it’s essential protection for your property, your liability, and your finances. Whether you're an owner-occupant or a landlord, make sure your policy is up to date and suited to your property and your needs.
For any questions, do not hesitate to contact our brokers : 1 866 961-3553
