When you purchase a condominium unit you are required to purchase contents coverage for your personal property, as well as for legal obligations to others. Your coverage needs for condo insurance will depend on the cost to replace your personal property and the amount spent towards any betterments and improvements, if applicable.
Replacement value of your personal belongings is calculated based on the cost of new items of like kind and quality, without any deduction for depreciation. We offer personal property inventory booklets to assist you in determining this value.
Insurance is available to ensure that updates to your condo unit are also replaced in the event of an insurable loss. Discuss with us the limits you need in order to pay the assessment for the deductible payable by the strata corporation in the event of an insurable loss.