Condominium Corporation Building Insurance Deductible
Damage to your unit, other than improvements you made, is normally covered by the corporation policy. That policy will have a deductible. Many condo corporations have high deductibles to save premiums. If there is damage that is caused by you (or your tenant, if your unit is rented), the Condo by-laws may state that the building deductible can be charged to you. For example, if you leave a pot on the stove and it causes smoke damage to the condo, or if you leave a window open and pipes freeze, there could be substantial damage. If you have damage to your contents at the same time, you could be paying the deductible on your own policy plus the deductible for the building claim. $25,000 deductibles are becoming standard on condo corporation’s insurance policies. Your personal condominium insurance policy will pay the building deductible as part of your claim.