Your condominium corporation has insurance for the building itself and its common areas. But it doesn’t cover your things inside your unit or any condo improvements you’ve made or acquired. This is why, as a condo owner, it’s important to have condo and townhouse insurance that covers your stuff if something happens.

What does condo and townhouse insurance cover?
Although condo and townhouse insurance policies can differ, it primarily covers your belongings inside the unit. In the event of any damage due to fire, smoke, break-in, burst water pipe, dishwasher flooding, windstorm, hail, and more, your condo insurance policy will cover you to repair or replace any damaged items. Also, if your home is unfit to live in due to an insured loss, it will cover the extra costs of temporarily living elsewhere, such as hotel costs, food, transportation, laundry, etc.
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You also get coverage for your condo building’s shared spaces if you’re obligated to help cover part of the damage to them. Any building improvements you may have made to your unit will also be covered under your condo and townhouse insurance.
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In addition, it provides personal liability protection if you’re sued.