Do co-owners need home insurance?

You may well ask if co-owners need condo insurance, since the co-ownership syndicate already has an insurance policy. The answer is yes and it is mandatory.

The fact is your co-ownership syndicate’s insurance does not cover your civil liability or your properties.

Thus, you have an obligation to have liability coverage and it is strongly recommended that you be covered for your property and the risks to which your condo unit and your condo building are exposed.

For example, your bathtub overflows and water seeps down into other condo units. In this case, your insurance policy would apply and your insurer would compensate the individuals who suffered damage.

What is meant by improvements?

These are improvements chosen at the time of purchase or made by you or previous co-owners over the years to your condo unit.

Examples include installing:

  • A heat pump;
  • New flooring;
  • Granite counters.

What else does condo insurance cover?

In addition to your civil liability and personal property, condo insurance also covers any improvements you made to your condo, or improvements acquired at the time of purchase. 

If you suffer a loss, it’s your insurer who pays for these improvements, while the syndicate’s insurance reimburses the original value of the equipment. 


The original kitchen counter, valued at $800, was made of melamine. You replaced it with a granite counter, that costed $1,500.

The $800 that corresponds to the melamine will be reimbursed by the condo corporation’s insurance, while the difference to reinstall a granite counter, namely $700, will be paid by your co-owner insurance.  

Your condo insurance also protects you in case of an apportionment of common expenses by the syndicate in the event of a loss. This is the Extension of Coverage – Loss Assessment.

Keep a list and your invoices

Keep a list of these improvements and the costs. This will make settlement a lot easier in the event of a loss. It will be simpler to determine what your condo insurance will reimburse versus the portion paid out by the syndicate's insurance.

This is why a condo is insured under two policies: one for the co-ownership syndicate and one for the co-owner occupier. 



Be prepared.
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