Allstate Insurance Company of Canada and Abacus Data released some research that shows many condo owners are lacking critical knowledge about their insurance coverage, which could lead to costly mistakes.
Here are some of the major findings:
- 61 per cent of Canadian condominium (“Condo”) owners don’t know or incorrectly assume their building’s insurance will cover damage to another unit from water or fire that originated in their unit
- 74 per cent of Canadians looking to purchase a condo in the next few years don’t know what their personal insurance cover versus what the condo corporation’s insurance should cover.
- Only 39 per cent of condo owners and 26 per cent of condo buyers know that the belongings of a roommate or boarder are not covered under their personal condo insurance policies.
- 21 per cent of condo owners are not aware that the condo corporation’s insurance is responsible for incidents like falling concrete and shattering glass from condominiums.
As a condo owner, there are things you can do to make sure you are protected:
- Ask your condo board or management company to explain what the building’s insurance policy does or does not cover.
- Talk to your insurance agent about your policy. Being properly covered can prevent your getting stuck with the bill if your condominium’s policy falls short.
- Remember that damage done to your car in a garage or belongings in a storage locker are covered under your personal policy and not the building’s policy so you should ensure your coverage properly protects your car and any items you have stored in your locker.
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