Owners of condominium units are wise to obtain Condominium Unit Owners Comprehensive Form Insurance. It is important to distinguish this type of insurance from the insurance which the condominium corporation is obliged to maintain by the Condominium Property Act and by the bylaws of the condominium corporation. The insurance which condominium corporation's obtain usually do not extend to include the "improvements" made by owners to their individual units nor include any of the personal property of the owner of the individual condominium unit. Moreover, Condominium Unit Owners Comprehensive Form Insurance can extend to protect owners of units from losses which result from fires.
In this regard I recently met Karen Sandeman of Glenmore Insurance Brokers Ltd. at a condominium corporation's Annual General Meeting. Ms. Sandeman is, without limitation, very knowledgeable in the area of condominium owner's insurance. Ms. Sandeman pointed out that in addition to covering owner's improvements and owner's personal property, among other things, that Condominium Unit Owners Comprehensive Form Insurance should provide coverage if a special assessment is imposed to cover a short fall in condominium corporation insurance as a result of damages due to fire. That is, if the amount of insurance obtained by the condominium corporation is insufficient to rebuilt the units after a fire then the insurer providing condominium owner's insurance would top up the shortfall which is imposed by a special assessment on the owners in the subject condominium corporation. If the owners in the recent condominium fires in Calgary had this form of insurance these owner loss would have been reduced if not eliminated.
I would highly recommend that any owner looking to find a comprehensive condominium owner's insurance policy consider contacting Ms. Sandeman or their own insurance agent. As I indicated above, to be without a comprehensive condominium owner's insurance policy is to risk eventualities which no owner would want to risk.
