The master policy covers common areas, the exterior, and shared systems. Everything inside your unit, your improvements, your contents, your liability, and your share of a major claim, needs its own coverage. Cherry builds condo policies around what the corporation's policy actually excludes.
If you've renovated your kitchen, upgraded your flooring, or added built-in storage, those improvements are not covered by your condo corporation's master policy. They're your investment, Cherry brokers will help you review the coverage and limits for them.
Coverage for your furniture, electronics, appliances, and personal belongings inside the unit. The corporation's policy does not cover a single item you own inside the unit.
If a guest is injured inside your unit or if you accidentally cause damage to a neighbouring unit - a water leak, a fire that spreads - your personal liability coverage responds. The master policy stops at the unit boundary.
One of the most overlooked elements of condo insurance. If the corporation suffers a major loss that exceeds the master policy limits, it can levy special assessments against individual unit owners to cover the shortfall. Loss assessment coverage protects you from having to pay that levy out of pocket.
Many condo corporation master policies carry high deductibles - sometimes $25,000 or more. If a loss originates in your unit, you may be responsible for the corporation's deductible. Unit deductible coverage on your personal condo policy protects you from that exposure.
Cherry brokers will review your specific needs and help identify the common gaps in your condo corporation's master policy.
The master policy covers the building structure, common areas, shared systems (roof, exterior walls, elevators, parking structures), and common area liability. It does not cover individual unit contents, unit improvements, or personal liability within a unit.
Yes. The master policy has significant gaps that affect you directly as a unit owner. It does not cover your contents, your renovations, your personal liability, or your exposure to a special assessment levy. Cherry brokers often suggest every condo owner carry their own policy.
If your condo corporation makes a claim that exceeds its master policy limits, it may levy each unit owner for a share of the shortfall. Loss assessment coverage on your personal condo policy pays that levy so it doesn't come out of your savings.
Many condo master policies carry deductibles of $25,000 or more. If a loss originates in your unit, you may be held responsible for that deductible. Unit deductible coverage on your personal policy protects you from that cost.
Yes - if you have unit improvements and betterments coverage. A standard master policy does not cover upgrades you've made to your unit. Cherry will offer you the best coverage available to protect your renovation investment.
Condo insurance is for unit owners. Tenant insurance is for renters. The key difference is that condo owners have ownership-related exposures - improvements, loss assessments, unit deductibles - that tenants don't face.
Condo insurance premiums depend on your unit's replacement value, your contents, the improvements you've made, and your coverage limits. Call Cherry at 306-653-2313 for a quote - most condo insurance conversations take about 15 minutes.
Yes. Cherry brokers will walk through your corporation's master policy with you to identify what it covers and what it doesn't. Bring a copy of your condominium corporation's policy documents to the conversation.