Unit Loss Assessment Coverage – Covers the unit owner’s share of the cost in cases when the association insurance policy is not sufficient to cover total damage to the building or a lawsuit against the association.
Condo / Townhouse
If you own a condominium, your Condominium Corporation or Strata Corporation should already carry insurance. However, you still need to have your own coverage. The strata corporation’s policy only covers the building and common areas so you need your own insurance to protect any upgrades you have made inside your unit and your personal property. Most condominium insurance is purchased as a package that provides coverage’s such as:
Unit Loss Assessment Coverage
Valuable Articles Coverage
Valuable Articles Coverage – Provides a limited amount of coverage for your jewellery, furs, silver, etc. With further protection available by adding a rider to your policy.
Liability Coverage – Avoid costly lawsuits due to such occurrences as accidental water damage to a neighbour’s unit or someone slipping and falling in your condo by securing the right amount of liability coverage.
Contingent Loss Assessment
Contingent Loss Assessment – Covers shortfalls in your condominium corporation’s policy.