Condo Insurance: Unit Owner vs Corporation Coverage
Condo insurance is built around two different policies: the condominium or strata corporation's insurance for shared property and a unit owner's policy for personal property, liability and unit-specific exposures.
The condo corporation's policy does not cover everything inside your unit
IBC says a condo or strata corporation policy typically covers the buildings, common property, original fixtures and corporation assets. A unit owner's policy typically covers personal property, additional living expenses, personal liability, unit improvements and certain contingency or loss-assessment exposures.
IBC — Types of home coverage →What can the corporation policy cover?
The corporation's insurance generally addresses the buildings shown on the condominium or strata plan, shared areas such as hallways or garages, original standard fixtures and corporation-owned assets.
The exact standard-unit definition, original-fixture rules and bylaws matter because they help determine which fixtures or improvements belong on the corporation side versus the unit-owner side.
What can a unit owner's policy cover?
IBC lists personal belongings, personal liability, additional living expenses and improvements or upgrades among typical unit-owner protections.
Loss assessment, deductible assessment or contingency coverage can also matter when a common-property loss exceeds or interacts with the corporation's insurance, subject to policy limits and conditions.
Water damage can cross policy boundaries
A leak can damage your own contents, another unit and common property at the same time. The cause of loss and the policies involved determine which coverage responds.
Optional sewer-backup and overland-water coverage can also be relevant depending on the building, location and insurer.
Review insurance when renovating the unit
Custom flooring, counters, built-ins and other upgrades can increase the value of improvements beyond the original standard unit.
Keep invoices and photos and tell the insurer about material upgrades so the unit-owner limit can be reviewed.