Yes. The corporation’s policy covers the building, the common property and your unit as it was originally built. It covers none of your belongings, none of your upgrades, none of your liability and none of your living expenses if the unit becomes uninhabitable — and it does not pay the deductible it may charge back to you. Mortgage lenders also require proof of a unit owner policy.

It is the specification of a basic, non-upgraded unit, and it is the line between what the corporation insures and what you insure. In Nova Scotia, declarations filed since the 2011 amendments must describe a standard unit for each class of unit. In an older building there may be no description at all, in which case the boundary has to be read out of the declaration and bylaws — which is worth doing before a claim rather than during one.

Enough to cover the deductible actually shown on your building’s master policy certificate of insurance. Master deductibles have risen sharply across Canada and figures well into six figures are no longer unusual. A default limit set years ago is the most common gap we find on condo policies.

Nova Scotia’s Condominium Act ties recovery to the owner being responsible for the damage, and allows a lien against the unit if the amount goes unpaid. That is a narrower test than Ontario’s. Declarations and bylaws vary from building to building, though, so the reliable answer comes from reading your own documents — something we will do with you.

Anything in your unit above the standard unit specification: upgraded flooring, custom cabinetry, a renovated bathroom, better counters, built-ins. It includes upgrades made by previous owners that you inherited. After a loss the corporation restores to standard-unit quality and your policy funds the difference — so the limit needs to reflect what is actually in the unit.

Sudden and accidental water escape inside your unit is covered on a standard form, and your liability coverage answers for damage that reaches your neighbours and the common property. Gradual leaks are excluded. Sewer backup and overland water are separate endorsements and matter most for ground-level, garden and parkade exposure.

It pays your proportional share of an insured loss to the common property that exceeds the corporation’s limits, or of a liability claim that exceeds its liability limit. It does not pay a special assessment for ordinary capital work such as replacing elevators or topping up a reserve fund — that is a cost of ownership, not an insurable loss.

It does. An owner-occupied condo form is the wrong contract once a tenant moves in; a rented condo form covers your betterments, your landlord liability and loss of rental income. Your tenant needs their own tenants policy for their belongings and liability. Short-term rental is treated as a commercial occupancy and needs to be disclosed.

Generally yes, under your contents coverage rather than the corporation’s policy, though some wordings apply a sub-limit to property away from the unit. Bikes are worth a specific conversation — they are subject to a special limit and bike room theft is common.

Two million dollars is the working baseline and it is not expensive to increase. In a multi-unit building your liability exposure is larger than in a house, because a single failed hose can damage a stack of units below you. Where net worth or exposure warrants more, personal excess liability sits above it — see high-net-worth insurance.

Send us the unit details, your current policy and, if you have it, the building’s certificate of insurance. We market the risk across the insurers we hold contracts with, show you the options side by side, and set the deductible-assessment limit against the real number on the certificate rather than a default.