With an SGI CANADA Condominium Unit Owner’s Pak policy you are protected against:
- Credit/debit card loss, cheque forgery and counterfeit money.
- Expenses associated with debris removal following an insured loss.
- Damage to improvements you made to your premises.
- Damage to your property from emergency entry by police officers, paramedics or firefighters.
- Identity theft expenses resulting from theft or misrepresentation of personal information.
- Additional living expenses and lost rental income following an insured loss.
- Inflation protection.
- Mass evacuation expenses.
- Damage to trees, lawns, shrubs and outdoor plants.
- Damage to belongings of guests or household employees.
- Glass breakage in your condominium unit (excluding Pak A).
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 condo insurance packages to provide $1 million for 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 insurance 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.
For additional coverage, ask your broker about an SGI CANADA Personal Liability Umbrella policy.
Single Amount of Protection (SAP)
This coverage provides a Single Amount of Protection (SAP) for you to use as needed when you suffer a loss. Based on the assessed value of your belongings, you get a percentage of the insured belongings amount for each of the following under SAP:
- 500% for contingent coverage
- 400% for unit improvement and betterments coverage
- 500% for loss assessment for loss to condominium property coverage
You can then decide how to distribute the sum of this coverage to cover your loss. This means any unused portion of any of these coverages can be used to cover a shortfall in one of the others.
While your condominium corporation may have insurance on the structure of your condo unit, it may not be sufficient coverage in every instance. Contingent coverage provides protection for your condo unit in the event the condominium corporation hasn't purchased any insurance or their insurance is inadequate.
Our condo insurance automatically provides 500% of the belongings amount in contingent coverage protection. You can ensure your condo 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.
Increased protection is also available for an additional premium charge.
Improvements and betterments coverage
Your condominium corporation insures the building but doesn't cover improvements you make to your condo 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 condo insurance may not provide adequate coverage.
Our condo packages automatically provide 400% of the belongings amount in coverage for any improvements you make. Therefore, your unit improvements can be covered up to the value you choose, for the same types of loss or damage as your belongings.
You can increase this amount of protection for an additional premium.
Loss assessment for loss to condominium property coverage
If there's extensive damage to a common area of the building or grounds, and the condominium building is underinsured, each condo unit owner may be held responsible for a portion of the damage costs.
Our condo insurance automatically provides 500% 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.
Deductible assessment coverage up to $25,000 will provide protection in the event your condominium corporation assesses an insurance deductible against you when it files a claim. Your policy deductible will apply.
Loss assessment for liability coverage
If there's a large liability claim against the condominium corporation and its policy doesn't have adequate insurance to cover it, the condo unit owners may be responsible for a portion of the liability award.
To protect you in the event your condominium corporation is underinsured for a liability claim, all our condo insurance packages automatically provide loss assessment for liability coverage, in addition to your personal liability coverage.
Basic coverage is included if the condominium corporation assesses an insurance deductible against you.
Depending on your situation, you may be eligible for premium discounts on your SGI CANADA Condominium Unit Owner's Pak.