Most of the time; Owners or Tenants of Condo Unit think that Condo Corporation has Building Insurance and they do not need to buy additional insurance. 

In Realty, Condo Building Insurance does not cover the interior of any unit. It only covers: 

- Buildings and Structure on Condominium plan and declaration

- Common elements such as Lobby, Elevators, Gardens, Swimming Pool and other amenities.

- Fixtures in the building, Lobby furniture

- Condominium liability for claims of property damage and bodily injury suffered by others. 

It does not cover:

- Owner’s personal clothing, appliances, furniture and items in your locker

- Additional living expenses in case owners are forced to leave the unit in case of fire, water damage from another units of flooding of the unit

- Owner’s personal liability for bodily injury or property damage unintentionally caused to others

To protect the interior of the unit or unexpected issues in the unit, owners can buy Optional Coverage that protects:

- Improvements in the unit done by you or the previous owner

- If Condominium insurance coverage is insufficient; contingency coverage will cover your unit

- If the Liability Loss of common elements exceeds corporation's policy limits; Optional coverage will cover owner's share for liability loss

- Owners can buy extra contents insurance for personal belongings 

- Deductible insurance coverage

Tenanted Units:

Owners should buy Landlord or Owner Insurance

Owners should get Tenants to buy Tenant Liability Insurance Coverage and ask them to renew every year

Tenant insurance covers Tenant’s belongings and living expenses in case they need to move to another location due to fire, flood or other issues in the rented unit.

Landlords and Tenants should make sure that Tenants have enough Liability and Contents Insurance Coverage.

Being a realtor, I always advise my clients to call their insurance brokers and ensure that they have enough coverage to protect against any unforeseen losses. More information can be found on Insurance Bureau of Canada's Website.