Condo and Townhouse Insurance

Condo and Townhouse insurance (often called HO-6 insurance or Unit Owner insurance) is a personal policy designed for those who own a unit within a shared complex.

In Canada, ownership is split. Your Condo Corporation (or Strata in BC) has a "Master Policy" that covers the building's exterior and common areas. Your personal policy is essential because it covers everything the building's insurance does not—specifically your belongings, interior upgrades, and personal liability.

Even though the building has its own insurance, it does not protect your individual interests. You need a personal policy for four critical reasons:

• Deductible Assessments: If a claim (like a water leak) starts in your unit, the corporation can "assess" their high insurance deductible—often $25,000 to $100,000—back to you. Personal insurance can cover this massive out-of-pocket cost.

• Renovations & Upgrades: Building policies only cover "standard" finishes. If you’ve upgraded to hardwood floors or custom cabinets, only a personal policy will cover the extra value of those improvements.

• Liability Protection: If a guest is injured in your home or you accidentally damage a neighbor’s unit, you are personally responsible for the legal and repair costs.

• Protecting Your Stuff: The building's policy provides zero coverage for your furniture, electronics, and clothing.

A comprehensive Canadian unit owner policy typically includes:

• Personal Property: Protection for your belongings against fire, theft, and water damage.

• Improvements and Betterments: Coverage for upgrades made to your unit that exceed the building's original "standard" finishes.

• Personal Liability: Worldwide protection in case you are held legally responsible for injury to others or damage to their property.

• Loss Assessment: Specialized coverage that pays your share of a major building claim or a high corporate deductible.‍

• Additional Living Expenses: Covers hotel and food costs if a covered loss makes your unit uninhabitable during repairs.

The Condo and Townhouse insurance cost will depend on several factors specific to the building, including:

• Construction Type
• Age of the building
• Contents
• Specified Coverage
• Applicant Details
• Deductibles
• Annual and Projected Income
• Number of Employees
• and more

Complete our online application anytime and get your free custom quote delivered to you.

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