Condo owner insurance coverage

Liability coverage

Coverages E, F, G and H

These coverages are included in standard insurance policies. They insure you for unintentional bodily injury or property damage that you cause to another person, anywhere in the world. For example:

• your bathtub overflows and causes damage to your downstairs neighbour’s unit
• you leave a candle burning and it starts a fire that spreads to other units
• your cleaner falls and gets hurt while cleaning your windows
• your kid accidentally injures a friend during playtime and you need to pay the ambulance fees
• the home you’re renting in Mexico is damaged by an accidental fire

If someone sues you, your financial situation could be put in jeopardy without this coverage. Most people choose $2 million of liability coverage, but you can increase the amount up to $5 million under certain conditions.

Fire

All-risk insurance covers most types of accidents, like damage caused by fire, smoke and forest fires.

For example, if a fire destroys your furniture and clothes, you would be covered. You would also be covered for your additional living expenses (like hotel expenses) if you have to temporarily relocate.

Theft and vandalism

All-risk insurance covers most types of accidents, like damage caused by theft and vandalism.

For example, if your house is burglarized and vandalized while you’re on vacation, you’d be covered for the cost of replacing or repairing the damage.

Accidental water leak or overflow

All-risk protection for damage caused if the water service pipe leaks or overflows (doesn't include events that happen repeatedly)

All-risk insurance covers most types of accidents, like damage caused when water accidentally leaks or overflows. However, it doesn’t cover damage that’s caused repeatedly by the same problem.

For example, if the hose to your washing machine suddenly breaks and causes damage to your home, you'll be covered.

Repeated water leaks or seepage

Exclusion ─ Damage caused by repeated water seepage or leaks

Your insurance only covers sudden and accidental water damage. In other words, if damage happens because you didn’t address an existing problem, it won’t be covered.

For example, you wouldn't be covered for damage to your property if the pipe under your kitchen sink was already leaking for several weeks and you neglected to have it repaired.

Tornado, freezing rain, hail, wind and lightning

All-risk insurance covers most types of accidents, like sudden loss or damage caused by tornado, freezing rain, hail, strong winds or lightning.

For example, if a windstorm causes a tree branch to smash through your window, you would be covered for damage to any nearby property, like your laptop.

However, if a windstorm or hailstorm causes damage outside your home to trees, shrubs, plants or your lawn, that damage is not covered.

Earthquake

This provides you with additional coverage if an earthquake causes damage to your property. It also covers damage by other ground movement that might be caused by an earthquake, like avalanches, landslides or subsidence.

For example, if an earthquake causes your kitchen ceiling to cave in, you would be covered for the cost of repairing or replacing your property.

Fire, Explosion and Smoke Damage Resulting From an Earthquake

This coverage is included in a standard insurance policy. It only provides coverage for:

• fire
• explosion
• smoke

damage caused by an earthquake or other earth movements resulting from an earthquake, such as avalanches, landslides or subsidence.

For example, if an earthquake damages your home's electrical system and a fire breaks out, you would be covered for the cost of repairing or replacing damaged property and furniture.

Landslides, subsidence or other events

You are insured for damage caused by avalanches, landslides, subsidence or soil erosion only if these events are caused by an earthquake. If this type of damage occurs, you’ll need to check your additional insurance for Earthquake (Endorsement 22a) and Fire, Explosion and Smoke Damage Resulting From an Earthquake (Endorsement 22b) to see how much coverage you have.

Standard insurance policy never includes damage caused by tidal waves or tsunamis.

Personal Property (Contents)

Coverage C

This coverage is included in standard home insurance policies. It insures your belongings and furniture in case something bad happens.

For example, if you don't install your bookcase correctly and it crashes into your TV, DVR and sound system, you could be covered for the entire cost of repairing and replacing them, up to the amount shown in your insurance policy.

Limits

There may be some limits on the amounts you can claim for certain items. Check your insurance policy to find out what they are! If you think they don't provide enough coverage for what your property is worth, you might be able to buy additional coverage for your more valuable property.

Dwelling and Improvements and Betterments

Coverage A

This coverage is included in standard insurance policies. It insures:

• improvements made to your condo, like new kitchen cabinets
• materials intended to improve your condo, like new hardwood flooring that hasn't been installed yet
• outdoor installations, like an awning on a balcony, located on the premises or in the common property

For example, if you put up a temporary car shelter in your parking spot every winter and someone vandalizes it, you could be covered.

Loss Assessment Coverage Deductible

This coverage is included in standard insurance policies.

It insures you for the portion of your condominium corporation's insurance deductible that you may have to pay if an insured peril occurs in the building where you live.

For example, a fire destroys the five-unit building where you live and your condo corporation's insurance policy has a $25,000 deductible. We could pay your share of the deductible ($5,000).

Defects, deterioration, and wear and tear

Exclusion — Gradual damage caused by defects, deterioration, or wear and tear

You're not covered for damage caused by defects, gradual deterioration or normal wear and tear of your property.

For example, if your refrigerator is 5 years old and suddenly stops working due to a mechanical failure, you wouldn't be covered for the cost of repairing or replacing it.