Condominium owners could face unexpected expenses due to the limitations of the Condominium Corporation’s Master Insurance Policy. There are specialized insurance policy packages that help protect condominium owners against common, yet often unrecognized gaps in typical condo coverage.

Plus, there’s a type of insurance known as Addition & Alteration insurance. In the event of damage to your unit, this type of insurance can cover some of the upgrades made to a condominium unit, from hardwood floors to lighting fixtures.

There’s also insurance available that reimburses owners for their portion of the repair costs and/or the master policy deductible to repair damage to a Common Area, for an unforeseen event such as a pipe bursting in a condominium lobby or gym.

Review your coverage with your Insurance Broker. Ask questions – before, not after.