If you live in a condo, you may wonder why you need insurance at all given the coverage that your condo corporation carries. But there’s a difference between the policy your corporation holds on the building and its common areas and the coverage required to protect the contents of your unit (your personal home insurance policy).

Condominium corporation insurance (building)

When you buy a condo, you become the exclusive owner of your unit, but share ownership of the building and common areas (entranceway, stairway, elevators, etc.) with the other co-owners. The building is managed by a condo corporation, known in Quebec as a syndicate, whose directors are responsible for building maintenance. As a co-owner, you must participate in managing the building and vote on the corporation’s annual budget, which you contribute to through your monthly condo fees.

Personal condominium insurance for your unit

Personal home insurance from TWIS covers all of your personal property against theft, from your sofa and home cinema to valuables like jewelry and art.

In addition to personal property, this insurance covers your civil liability and your liability for common areas in the event that your condo corporation insurance is insufficient. It also covers upgrades you make to your unit.

This is important because the renovations you do on your unit (floating floor, kitchen cabinets, etc.) are not covered by your condo corporation’s coverage in the event of fire or flood.

And with your civil liability insurance, you’re covered if a guest is injured at your home or if your barbecue catches fire and damages your neighbour’s property.

Talk to your TWIS broker today for full details.

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