When buying a condo, there are many factors to consider. One of these factors is condo insurance, and what's included in your coverage. Should a loss occur, the condo corporation is responsible for rebuilding the property to its original glory, which would usually include the flooring, countertops, and the "fixtures and finishings" that go into the property.

If you're a renter, chances are you've considered tenant insurance. Tenant insurance stands apart from other types of property insurance, like home insurance, as it's not intended to cover damage to the physical space itself. Tenant insurance mainly focuses on your personal items found in your rented space, like your clothes, electronics, and other valuables.

SGI has introduced new coverage requirements for condo policy holders. Effective March 1, 2021, SGI requires that a client's condominium corporation maintains adequate condo insurance for the building itself. This is in effect for all new policies, and could affect existing policy holders with coverage limitations. With current market conditions, this could also become a reality for other insurance companies.

The Canadian Condominium Institute has announced changes to the Condominium Property Regulations that may  leave condo unit owners holding a bill for up to $50,000. The changes that took effect on January 1, 2020 will allow condo corporations to seek recovery of insurance deductibles from an owner for damages that originate from the owner's unit.