Tenants' Insurance

Tenants should carry insurance for personal possessions and liabilities to complement that of owners.

However, if tenants are not certain whether their landlord has comprehensive insurance, then they would do well to take a complete condo insurance package covering upgrades and liabilities.

For their part, owners who are landlords should make sure that their tenants have insurance for their personal possessions.

Landlords would do well to maintain an insurance for the condo itself and the upgrades because, if a tenant does not carry that kind of insurance or stops paying the premium, then the owner may have to pay a great deal of money if damage occurs to the suite and is not covered by the condo corporation’s own insurance.