Q&A: Condo Insurance
Q: For my unit insurance, I’ve been advised to use the same broker that insures my condo corporation. That way, if there\’s a claim, the two insurance companies can’t play the “it’s the other guy’s fault” game. I have my doubts, though. Wouldn’t this be a conflict of interest for the insurance company?
A:Insurance needs for condominiums vary so you need to be very clear about what type of insurance you need, and an insurance broker can advise you on that. You need to make sure that anything that isn’t covered by the condominium corporation’s insurance policy is covered under your individual policy. An example of an area that is sometimes unclear is who is responsible for insuring windows and doors?
As far as there being a conflict of interest, whether there is one insurance company for the condominium corporation and your unit or whether you have different companies for each one, you are a beneficiary in each situation. Both insurance policies are for your benefit in one way or another. The unit policy directly benefits you whereas the corporation’s policy benefits the condominium corporation. Remember that as a unit owner you’re also an owner of the condominium corporation.
I hope that clarifies things for you. Insurance is not my area of expertise and if you need more details you can contact the insurance experts at RE/MAX Insurance at 403-252-6595 or speak to your insurance broker.
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