🏢 Strata/Condo Insurance: Master Policy vs. Unit Owner Coverage 🇨🇦
Condo and strata living are increasingly popular across Canada, particularly in urban centres like Vancouver and Toronto. Yet many unit owners are surprised to learn that their strata or condo corporation’s master policy doesn’t cover everything inside their unit. Understanding where the corporation’s responsibility ends—and where yours begins—is essential.
⚡ Master Policy (Strata/Condo Corporation)
- Building Structure: Covers the physical structure, including walls, roofs, elevators, hallways, and other common areas.
- Common Liability: Protects the corporation if someone is injured in shared spaces.
- Standard Unit Definition: Often includes basic fixtures and finishes—but typically only those defined as part of the “standard unit,” not owner upgrades.
🔑 Unit Owner’s Coverage
- Contents Insurance 📦: Protects personal belongings such as furniture, clothing, and electronics.
- Improvements & Betterments 🎨: Covers upgrades like hardwood floors, lighting, or custom cabinetry not included in the master policy.
- Personal Liability 🛡️: Provides protection if someone is injured inside your unit or if you accidentally cause damage to another unit.
- Loss Assessment 💰: Helps cover your portion of a special assessment if the strata faces costs that exceed the master policy’s limits.
📌 Why It Matters
Without the right unit-owner coverage, you could face significant out-of-pocket costs after a fire, flood, or liability claim. Many condo owners only discover these gaps when it’s too late.
✅ The Takeaway
Think of condo insurance as a partnership: the master policy protects the building, while your unit-owner policy protects your belongings, improvements, and financial well-being.
👉 Have you reviewed your condo coverage recently to ensure there are no gaps?
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