Condo insurance also includes coverage for your contents. The difference between contents coverage with homeowners and contents coverage for condominiums is that you get to choose your amount of coverage. This is where possible pitfalls can arise in the condo insurance world. Many believe that the Condo owner should insure their contents, and the Condominium Corporation will insure the building – this may not be the case.
Depending on the Standard Unit Definition and the Insurance requirements set out in the Condominium Declarations, you may find that the Condominium Corporation is simply insuring a concrete box and you are responsible for all drywall, fixtures and fittings. This is why it is important to have a knowledgeable insurance broker help you with the amount of content coverage on your policy. If you want to read more about insuring condos, please take a look at our blog post.