Do I need condo insurance?

No you don't need it as the Strata building generally has insurance coverage. However its highly recommended to get separate insurance for your unit.

Owners should purchase insurance to protect themselves from several different exposures that are not covered by the Strata Building Insurance. Coverage can be obtained to cover:

- Unit Owners Improvements as improvements like upgrades to flooring are not covered or new closets and cabinetry for example.

- Personal Contents will cover appliances that aren't built in, such as fridges, stoves, microwave, washer/dryer, especially if they are replacements to original equipment in the unit. This should also cover all your personal belongings in case of fire or water damage.

- Contingent Loss Assessment is additional coverage in case the Strata coverage on collectively owned condo property may not be sufficient. Contingent Loss Assessment Coverage assists in addressing differences based on your ownership interest in the complex in case you are assessed the deductible from a claim against the Strata's policy.

- Third Party Liability covers your unintentional personal actions in the event you are held liable for bodily injury or property damage to another. It also covers special assessments made against you by the Strata Corporation for a covered loss.

On average, your insurance should cost between $20-30 per month and can provide a lot of help when the time comes. Accidents such as a washer breaking down and dumping water to units below you causing hundreds of thousands in damage could leave you liable.