June 2017
When damage occurs in a condo building the insurer will determine if damage was caused by an “insured event”.
When damage is caused by an “insured event” it is covered under the condo corporation’s insurance policy. Any deductible is passed along to suite owners as a common expense. When damage or loss exceeds the policy limit, suite owners are responsible for their proportionate share of costs.
When damage or loss is caused by a suite owner, leasee or individual residing in the suite, cost of the deductible can be passed along to the suite owner.
When damage or loss originates from an owner’s suite, some condo corporations may require the suite owner to be responsible for the condo corporation’s insurance deductible regardless of fault. Coverage of this deductible may be included in a homeowners’ insurance policy.
