How Does Condo Insurance Work?

11 Jun 2020 Insurance Products

Understanding how condo insurance works will help ensure that you purchase the right amount of coverage for your home and belongings. At Mountainview Insurance, they want to help you better protect your home before disaster strikes. That is why they offer a range of home insurance products, including condo insurance.

What is Condo Insurance?

Similar to house insurance, condo insurance works to protect your personal belongings, as well as to cover any renovation improvements that you make to the condo unit. Condo insurance can also help protect you from unexpected events like accidentally causing damage to another unit or if someone injures themselves inside your condo.

There are two types of condo insurance: personal condo insurance and commercial condo insurance.

Personal Condo Insurance Policy

Personal condo insurance can be purchased by the individual homeowner and is designed to protect their financial interests, including personal property within the unit and upgrades due to unit improvements. While personal condo insurance is not mandatory, it is important to keep in mind that your personal property will not be covered by the commercial condo policy purchased by your building’s strata.

Commercial Condo Insurance Policy

Commercial condo insurance works to protect the building itself, as well as common areas, located both inside and outside of the building, that are not owned by a single condo owner. This includes shared spaces, such as gyms, elevators, windows, the roof, hallways, and foyers. Commercial condo insurance policies can also help protect building residents in situations that could potentially pose a threat like falling glass.

What Does Condo Insurance Cover?

Some of the things that can be covered under a condo insurance policy include:


Individual condo owners can purchase insurance that covers any upgrades or improvements that have been made to the unit, even if they were made by the previous owner. This can include upgrades such as hardwood floors, cabinets, countertops, crown moulding, and wall coverings.


Homeowners should purchase personal condo insurance to protect personal or specialty property inside the unit, such as furniture, jewellery, electronics, household goods, and clothing.

Third-Party Liability

Third-party liability insurance will help protect you in the event that you cause damage to another unit in the building or if someone gets injured inside your unit.

Storage Locker

While your storage locker is not inside your unit, it is still considered a part of your personal insurable property, so it is important to insure your locker against potential thefts.

If you would like to learn more information about how condo insurance works, or if you are interested in one of their condo insurance policies, please contact Mountainview Insurance at 604-557-0255 or by filling out a contact form on their website.