"The building has insurance, so I don't need my own" is one of the most common — and most costly — misunderstandings among first-time condo owners. Here's exactly what's actually covered at each level, based on Ontario's Condominium Act.
What the Condo Corporation Is Legally Required to Cover
Under Section 99 of Ontario's Condominium Act, Riverside Square's condo corporation is required to maintain insurance covering the building's common elements and what's called the "standard unit" — generally the structural, fixed parts of your unit as originally built — against major perils like fire, lightning, smoke, windstorm, hail, explosion, water escape, vandalism, and similar structural risks.
What the Corporation's Insurance Does NOT Cover
This is the part that catches owners off guard:
Upgrades and improvements beyond the "standard unit." If you've upgraded flooring, cabinetry, or fixtures beyond what your building's declaration defines as standard, those upgrades generally aren't covered by the corporation's policy.
Your personal belongings. Furniture, electronics, clothing — none of this is covered by the building's insurance, full stop.
Your personal liability. If someone is injured in your unit, or you accidentally cause damage to a neighbouring unit, the corporation's policy doesn't protect you personally.
Additional living expenses if your unit becomes uninhabitable due to a covered event.
The Detail Most Owners Don't Know: Deductible Chargebacks
Ontario's Condominium Act (Section 105) allows a condo corporation's governing documents to make an individual owner responsible for the corporation's insurance deductible in certain circumstances — sometimes even when no one was directly at fault for the damage. This can mean a real, unexpected bill if a covered event affects your unit, even if you did nothing wrong. Check your specific building's governing documents to understand how this applies, and consider whether your personal policy should include coverage for this specific scenario.
What "Standard Unit" Actually Means (And Why You Need to Check)
Every condo corporation defines "standard unit" differently in its governing documents — what counts as standard at one building may not match another. Since Riverside Square spans five separate buildings, don't assume the definition is identical across 15, 25, 30, 45 Baseball Place, and 665 Queen Street E. Review your specific building's declaration, or ask your insurance broker to review it with you, so you know exactly what you're responsible for insuring yourself.
What Your Personal Policy Should Cover
Upgrades and improvements beyond your building's standard unit definition
Personal belongings and contents
Personal liability
Additional living expenses if you're displaced by a covered event
Loss assessment coverage, specifically for the deductible chargeback scenario described above
What Changes If You're Renting Out Your Unit
If you own a unit at Riverside Square and rent it out, a standard owner-occupied policy generally isn't the right coverage — you need a landlord-specific policy that accounts for tenant occupancy, covers your liability as a landlord, and typically includes loss of rental income if the unit becomes uninhabitable due to a covered event. Renting out a unit without notifying your insurer can jeopardize a claim, so this is worth confirming directly with your broker before you lease the unit out, not after something happens.
Where to Find Your Building's Insurance Information
If you're buying resale at Riverside Square, the Status Certificate includes a certificate of insurance showing the corporation's current policies — review this carefully as part of your due diligence, ideally with your lawyer, before finalizing your purchase.
The Bottom Line
The condo corporation's insurance protects the building's structure and common elements — it was never designed to protect your personal belongings, your upgrades, or your personal liability. A personal policy isn't optional in any meaningful sense; it's the coverage that actually protects what's yours.
Want help understanding your specific building's standard unit definition or insurance requirements? Reach out to our team for guidance on what to check before you buy or as a current owner.
This article summarizes general Condominium Act provisions and is not insurance or legal advice. Consult a licensed insurance broker and your building's governing documents for guidance specific to your unit.