Condo insurance that fits your lifestyle

When you own a condo, you’re part of a community of people living together in close proximity. As such, you each have a responsibility to protect the common areas of the building. Your condo association collects a small fee each month that goes towards insuring the common areas. But it’s your responsibility to insure the personal contents of your own condo. That’s where condo insurance from Steers Insurance comes in.

The condo association’s policy

The condo association carries a master policy that insures all the common areas both inside and outside your building. There are two types of master policy in Newfoundland and Labrador.

Review the conditions of your condo’s master policy carefully so you know what’s covered and what’s not. The amount of personal condo insurance you need really depends on which type of policy your condo association has.

Your condo insurance

Condo insurance can cover everything that is inside your unit and your storage locker. This usually includes:

  • Appliances
  • Interior walls
  • Personal belongings

You’ll also have liability coverage in the event that you are being sued for legal fees, property damage or injury to another person.


When purchasing a condo insurance policy, you’ll be able to choose between an all-perils or a named perils plan. Perils are threats to your condo’s safety, security and habitability e.g. fire, flood or theft.

  • All perils—A comprehensive plan that protects you from all risks unless otherwise specified.
  • Named perils—This policy will only protect you from certain, specified risks.

Your lifestyle and individual needs will determine which policy is the best fit for you. If you’re not sure what you need, one of our knowledgeable brokers would be happy to sit down with you and help you determine exactly how much coverage would be right for you.

Additional Coverage

In some cases, you may feel that the coverage provided by your condo insurance policy isn’t enough and you need extra protection. Most policies will allow you to add-on coverage for things like:

  • Betterments and improvements—Covers any permanent upgrades you have done to your suite, like new light fixtures, flooring or cabinetry.
  • Loss of use—If damage has made your condo uninhabitable you may have to find another place to live while it is being repaired. Loss of use covers the cost of temporary housing, meals and other related expenses.
  • Scheduled items—Provides additional coverage for items that are beyond the scope of your policy like fine art, antiques, jewelry or other valuables.

Purchasing any kind of insurance can be complicated. It’s easy to feel overwhelmed by all of the different choices and the legal terms used. Steers Insurance has over 80 years of experience helping the people of Newfoundland and Labrador get the coverage they need at an affordable price. Sit down with one of our brokers today to find the condo insurance policy that’s perfect for you. Give us a call today to make an appointment or to get a quote!