Insurance

I have a new tenant. What are my obligations for insurance?

As the property owner, you are obligated to make sure you have insurance that will cover damages to the building in the event of a flood, fire, or any other catastrophe that can affect the structural integrity of the home. Your tenants are responsible for providing their own insurance to cover their belongings. While it is not an obligation, it is a good business practice to encourage your tenants to seek tenant insurance on their own.

I hear insurance for a condominium is different than insurance for a conventional home. Why?

There are two kinds of insurance you have to consider as a condominium owner – that of the unit owner, and that of the corporation, which has a policy in place to cover anything owned or considered as common property under the Condominium’s Bylaws.

Your Condominium Corporation Insurance will normally cover: the buildings shown in the condominium plan; common property; condominium assets; and the liability of the corporation for claims of property damage and bodily injury suffered by others.

Your Unit Insurance covers your personal contents, additional expenses in the event of injury or loss, and liability for upgrades to your unit (also known as improvements and betterments). We recommend, when identifying which insurance policy is best for you, that you send a copy of your Condominium Corporation’s Bylaws to your insurance provider. The insurance provider will be better able to assist you in selecting the appropriate coverage for your needs.

The insurance company that provides your Condominium’s insurance may provide a discounted rate for any additional insurance you choose to take.