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Condo insurance

Policy features

All our condo insurance policies provide you with the following features at no additional cost.

With an SGI CANADA Condominium Unit Owner’s policy you are insured for the following coverage.

Contingent coverage

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 in the event the condominium corporation hasn't purchased any insurance or their insurance is inadequate.

Our condo insurance automatically provides a basic amount of coverage in contingent coverage protection. You can ensure your condo 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.

If you replace the carpet, finish the basement or update the bathroom, your condo unit may be worth considerably more than your neighbour’s and basic condo insurance may not provide adequate coverage.

Our condo packages automatically provide a basic amount of 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 your condominium is underinsured, each condo unit owner may be held responsible for a portion of the damage costs.

Our condo insurance automatically provides a basic amount of 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 your condominium corporation and the corporation’s 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.

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 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.

Unit owner's glass coverage

We will pay for accidental breakage of glass which is part of your condo unit. You must be responsible for such damage according to your condominium corporations's bylaws, or it is part of your improvements and betterments to your condo unit. The coverage does not apply to Condo Pak A.