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Updated Aug 2026 · in-depth guide
Condo insurance covers what the strata master policy does not: your unit improvements, your contents, your personal liability, and your share of the strata deductible when a building claim is assessed back to owners.
The building envelope, roof, elevators and common areas are insured by the strata corporation master policy, which every owner already pays into through strata fees. Your personal condo policy sits on top of it and covers what the master policy leaves out.
That means four things: improvements and betterments you made to the unit, your contents, personal liability, and loss assessment — your share when the strata deductible is charged back to owners after a building claim.
Strata deductibles have climbed sharply in recent years, and water damage deductibles on older buildings can reach five or six figures. When the strata claims, that deductible is often assessed back to owners — sometimes only to the units involved, sometimes across the whole building.
Your loss assessment limit is what absorbs that bill. Check your strata current deductible first, then make sure your limit is at least that high. This is the most common gap we see on condo policies.
Coverage amount and deductible do most of the work. After that, floor level matters — ground-floor units carry more water and break-in exposure, while high floors carry more escape-of-water risk to the units below.
Your strata deductible feeds in too: the higher it is, the more your loss assessment cover has to carry. Claims in the last five years, occupancy (owner-occupied versus rented out) and whether you bundle auto with the same carrier all move the number.
Improvements and betterments means anything installed beyond the builder standard — upgraded flooring, a renovated kitchen, built-in cabinetry, custom lighting. If you renovated, the master policy does not restore your upgrades; your policy does.
For contents, walk room by room and total replacement cost, not resale value. Electronics, bikes and anything stored in a locker add up faster than most owners expect.
Bundling condo with auto at the same carrier is usually the largest single discount. Raising your own deductible is the next lever, but do not raise it past what you could pay out of pocket tomorrow.
A claims-free record compounds year over year. Monitored alarms and water leak sensors also help, and some carriers weight leak detection heavily because escape of water is the dominant condo claim.
It is not required by law, but most mortgage lenders require it, and many strata bylaws require owners to carry it. Even where neither applies, the loss assessment exposure alone makes it hard to justify going without.
The two policies cover different things. The master policy covers the building structure and common property. It does not cover your contents, your renovations, your personal liability, or the deductible assessed back to you.
Yes. Occupancy is a rating factor, and a rented unit is priced differently from an owner-occupied one. Your tenant needs their own tenant policy for their belongings — yours does not cover them.