How to read your condo insurance policy

First of all, the building is covered by your Strata insurance policy. So, no need to worry too much about your building, including structure, roof, wall, etc.
But the others are not covered by your strata insurance policy. That is why you need buy your own unit insurance policy, or condo insurance.
There are some key coverage you need to ask your agent or read your policy by yourself.
Dwelling Improvements, Alterations, and Additions
Condominium owners are covered for accidental damage to improvements you make in your unit for which your strata’s policy does not provide coverage, subject to your condo insurance policy limits. For example, you changed your shower in your washroom. It will be covered by your own condo insurance policy.
Loss assessment
Condominium owners will also receive up to $1,500 for assessments arising from covered damage. This can be used to pay for your share of property damage or injury awards for which your strata’s policy does not provide coverage. Typically, up to $50,000 is available, but this may vary depending on your policy.
The limit $1,500 is just an example. I know some policy has high limit, like $15,000 limit.
This one is very important. Say when some thing happen on your strata building, and it is covered by your strata policy, but the limit is not enough or the deductible is so high, your strata can not afford it. Then, after a Special General Meeting, a special loss assessment will be arranged for every unit. As an unit owner, you have to take your own share of it. Because your condo insurance provide this loss assessment coverage, you can survive in this financial situation.

Personal Property
Condominium insurance also provides coverage for your household contents and personal belongings. You may think your couch, coffee table, sweaters, shoes, coats, TV, VCR and CD player aren’t worth a lot, but those items all add up when you have to replace them.
It is also including jewellery, high value items. If you have a lot, please do remember to take pictures and list these items.
Personal Liability
Finally, in the event someone is injured on your property or you damage property that belongs to others, you could be held legally liable for the injury or damage. A condominium policy provides liability coverage and personal property insurance should this ever occur.
The above four coverages are most important part of your condo insurance.