Condo insurance

Canada Insurance Plan may have an insurance policy to cover the property and common areas that are collectively owned by the unit owners, as well as the condominium structure itself. However, that policy doesn’t cover your belongings, improvements you make to your condo or your personal liability.

What's Covered in a Cip Condo Policy?

Our Chieftain condominium policies include the following coverage, subject to certain limits:

$2,000,000 Liability Protection - This pertains to your legal responsibility to others for your personal actions or ownership, use or occupancy of premises.

Loss Assessment protection is provided up to three times the policy limit for your share of the assessment where a direct loss to common areas was caused by loss or damage we insure.

Up to three times the limit of your policy available for Contingent Insurance, meaning coverage gaps between your policy and the Condominium Corporation's policy.

"New for Old" replacement means that no matter how old the item reported lost, stolen or damaged; we replace it with a similar new item.

Improvements and Betterments added to your unit are covered.

Protection for sewer backup, mass evacuation and food in freezers.

If damage prevents you from living in your unit, our condo insurance will cover:

Maintenance fees

Cost of temporary membership in fitness or health club facilities that you enjoyed in your condo building while you live elsewhere

Storage locker contents

A condominium combines the convenience of apartment living with the investment advantage of ownership. This form of ownership may create some unique insurance challenges.

Buying insurance is different for a condominium unit owner than for owners of conventional homes or renters. That is why a special unit owners policy has been developed.

If you have further query please contact Canada Insurance Plan.