Condominium Insurance

Condominium Insurance

Posted by: Audrey Loeb , September 18, 2018

For all those condominium owners who are hearing about the Toronto apartment dwellers who do not have insurance to pay their expenses to stay elsewhere while their apartment building’s electrical service is being repaired, do not assume that you are protected by the condominium’s insurance. You are not. 

The same problem would happen for unit owners, who do not have their own insurance to cover this expense. 

The apartment dwellers are bringing a class action against the apartment building owners in an attempt to get compensation. However if this happened in a condominium and the owners decided to sue the condominium, the owners would be suing themselves so any money they recovered would be paid by them to them. 

Insurance for out of building living expenses when caused by an insured risk as well as insurance for items not included in the corporation standard unit listing and for the payment of insurance deductibles is something no unit owner should be without. The costs of these losses can be very expensive. Unit owner insurance is relatively inexpensive.