SGI CANADA Condo Insurance
Key features of all Condominium Unit Owner’s Paks
Personal liability coverage
It’s up to your condominium corporation to obtain liability coverage for common areas of the complex (such as the yard and swimming pool), but that doesn't cover personal liability claims against you.
To ensure you’re protected if you're found legally responsible for bodily injury to someone else or for damage to their property, we’ve designed each of the Condominium Unit Owner’s Paks to include a basic $1 million limit in personal liability coverage. Coverage provided includes:
- court costs, legal fees and certain other expenses
- voluntary medical payments up to $5,000
- voluntary property damage payments up to $5,000
Ask your SGI CANADA broker about options for increased amounts of protection and important extensions of your personal liability coverage for other property you own such as seasonal residences or watercraft.
Improvements and betterments coverage
Your condominium corporation insures the building, but doesn’t cover improvements you make to your unit.
If you replace the carpet, finish the basement or update the bathroom, your condo unit may be worth considerably more than the original unit and basic condominium insurance may not provide adequate coverage.
All Condominium Unit Owner’s Paks automatically provide 200% of the belongings amount in coverage for any improvements you make. You can increase this amount of protection for an additional premium.
Therefore, your unit improvements can be covered up to the value you choose, for the same types of loss or damage as your belongings.
Contingent coverage
While your condominium corporation may have insurance on the structure of your condominium unit, it may not be sufficient coverage in every instance. Contingent coverage provides protection for your unit in the event the condominium corporation hasn't purchased any insurance or their insurance is inadequate.
SGI CANADA's Condominium Unit Owner's Paks automatically provide 250% of the belongings amount in contingent coverage protection. Increased protection is also available for an additional premium charge. You can ensure your condominium unit is covered for its full replacement cost, even if the rest of the building isn't. Contingent coverage also provides coverage for an insured loss you suffer, even if the policy of the condominium corporation doesn't insure that type of loss.
Loss assessment for loss to condominium property coverage
If there's extensive damage to a common area of the building or grounds, and your condominium's master policy is inadequate to cover the loss, each condominium unit owner may be held responsible for a portion of the cost to repair the damage.
All SGI Condominium Unit Owner's Paks automatically provide 250% of the belongings amount in coverage to protect you against any assessment for loss made by the condominium corporation. You may increase this amount for an additional premium charge.
Basic coverage is included if the condominium corporation assesses an insurance deductible against you when they file an insurance claim.
Loss assessment for liability coverage
If there's a large liability claim against the condominium corporation and its policy doesn't have adequate insurance, the condominium unit owners may be responsible for a portion of the liability award.
A limit matching your personal liability limit is automatically provided for the liability loss assessment coverage, in addition to your personal liability coverage.
Basic coverages included if the condominium corporation assesses an insurance deductible against you.