Condominium Insurance

With another devastating fire impacting hundreds of condominium residents in Calgary, insurance is uppermost in the minds of many condominium owners.

Condominium insurance can be confusing, in part because some of the property insured by a condominium corporation is maintained by the individual owners. The corporation insures the common property, but also insures the units, as required by the Condominium Property Act. The corporation's coverage may exclude chattels such as appliances and window coverings, as well as betterments and improvements made by individual owners. Private insurance can be used to supplement the corporation's coverage.

In the case of a catastrophic loss at a condominium, the corporation's policy will fall short of the owners' requirements for additional living expenses. Most corporation policies provide limited coverage for living expenses if owners are displaced by a significant loss. An owner's private insurance can  and should supplement the insurance provided by the corporation. Coverage for additional living expenses is coordinated with content insurance and arranged privately by individual condominium owners.

All condominium owners should carry independent coverage for the contents of the unit, and seek the advice of their insurance broker to ensure that the coverage provided also includes additional living expenses.