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Condo corporation policy

Finding the right insurance for a condo corporation can be complicated. We can help. Desjardins Insurance’s Condo Corporation Policy can insure the building and common elements, all under a single package policy.

A Desjardins Agent can help you get coverage customized to your exact needs.

A Condo Corporation Policy typically provides coverage in one of two ways:

  • Insures the basic building(s) (walls, roof, floors, elevators) but leaves the individual unit owners with the responsibility of insuring their appliances, carpeting, cabinets, wall coverings and other items in their unit, and in some instances the interior walls.
  • Insures both the basic building(s) and the items within each unit other than unit owner/tenant property.

When the condo corporation insures the structure, a condo unit owner policy is normally written to cover:

  • Items not covered by the condo corporation master policy that may be the insurance responsibility of the individual unit owners/tenants.
  • The value of unit improvements and betterments made by unit owners, at their expense. For example: if the carpet is upgraded to quality that is better than the original, the difference may be covered in the event of loss.
  • Damage to individual units not compensated because of the master policy deductible.

In some instances, the condo corporation master policy does not insure the structure. In this situation, a homeowner's policy would be written for the unit owner, just as it would be for an insured person with a conventional home.

This is only a general description of coverages of the available types of business insurance and is not a statement of contract. Details of coverage, limits or services may not be available for all businesses and vary in some provinces. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself and in any endorsements.

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