You insured your condo, but when was the last time you reviewed your policy? Recently, many condominium corporations revised their definitions of what they consider a “standard unit” within their corporation, leaving a large number of unit owners without adequate insurance.
The definition of a “standard unit” outlines the insurance responsibilities for both the corporation and the unit owner. The corporation is responsible for insuring their defined standard unit - anything not included in that definition is called an “Improvement” or “Betterment” and becomes your responsibility to insure. Are you impacted by this change? Do you have adequate insurance protection should something happen to your valued possessions?
Many of the revised definitions have placed a greater onus on unit owners to provide increased insurance coverage. Of those affected by this recent change, many have inadequate coverage for their units.
If you own a condominium unit, review your company’s definition of a standard unit so you fully understand your contractual and insurance responsibilities.
Obtain an updated copy of the standard unit definition for your condo by talking to your condominium corporation or its Board of Directors. Call an OTIP Customer Service Representative at 1-800-267-6847 and he or she will help ensure you have the level of coverage needed for your unit. Our representatives are available to answer any questions you may have.