If you own a condominium, your condominium corporation or strata corporation should already carry insurance, but you still need to have your own coverage. The strata corporation's policy only covers the building and common areas. You need your own insurance to protect any upgrades you have made inside your unit and your personal property. Most condominium insurance policies cover:

• Your personal property, including furniture, improvements you have made, and other belongings;
• Your legal liability for property damage or bodily injury that you, or a family member living with you, might cause to someone else;
• additional living expenses if your unit becomes uninhabitable because of named perils;
• Collectively owned portions of the property;
• Risks incurred if the condominium corporation's insurance is inadequate.

Furthermore, you can upgrade your policy by adding protection specifically designed to cover:

• Personal or professional electronic equipment, such as computers or music equipment; or
• Damage to your personal property, in the event of water damage or an earthquake.

* All coverages are subject to limitations and exclusions. Please speak to a licensed insurance agent, read the policy wordings and the certificate of insurance for definitions, limitations and exclusions.