Insurance in Condominiums is divided into two parts:
This insurance, paid through your Condominium Fees, covers the building as a whole. This includes all the insurance on the common elements of the condominium, as well as part of the insurance of your unit itself. In particular, the coverage for units includes repair and replacement to the standard level of finishes originally provided by the builder, not including any upgrades that may have been made to your unit.
You must purchase separately insurance to cover any upgrades that have been made to your unit, along with insurance for your furnishings, belongings and other unit contents.
The corporation also has a by-law which allows it to recover the building/condominium’s deductible from an owner should a claim arise which is caused by an owner’s unit. The corporation’s deductible amount is available in the Periodic Information Certificate. As of October 31,2021, it is $5000. It is recommended that owners forward a copy of the by-laws to their insurer to make sure they have proper coverage to cover the corporation’s deductible.