Condo Living Made Easy

Stephen Montague
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Do you own a condominium or are you thinking about buying one? Condo living is meant to be stress-free, comfortable and easy. However, homeowners still need to protect themselves and ensure that they have the right insurance coverage to maintain that peace of mind.

Property Manager Stephen Montague, says it’s important for homeowners to take the time to review their coverage so that they have a good understanding of what they are covered for and what they are not.

Insurance coverage that condominium owners may not be aware of, include.

  • Personal Liability Coverage: Did you know that if someone were injured on your property, you could be found legally responsible? It makes good sense to consider personal liability coverage for both personal injury, as well as property damage.
  • Additional Living Expense Coverage: In this situation, if you are unable to live in your condo while it is being repaired for an insured loss, additional living expense coverage would be helpful to help to cover the extra costs that you encounter during this time.
  • Deductible Assessment Coverage: One of the most overlooked coverages, but often the most valuable is that of deductible assessment coverage. While it is the condo corporation’s insurance that covers the standard unit and common elements, you as a condo owner may be responsible to pay the corporation’s deductible should you be deemed responsible for the damage. A deductible on the master policy can range anywhere from $2,500 to upwards of $50,000. The deductible would be paid through a claim on your personal policy if you had deductible assessment coverage at the time the claim was made. Without this coverage in place, you as a unit owner may be personally responsible for the corporation’s deductible for a claim on your own standard unit.
  • Personal Contents and Upgrades Coverage: It is advised that condo owners also carry insurance for their personal effects (electronics, clothing, furniture, etc.) and additional coverage for upgrades (finished basement, flooring, etc.), as the condo corporation’s policy does not cover these items.

Vionell Holdings Partnership (VHP) provides rental housing and property management for an array of residential and commercial customers, including Condominium Management.  VHP currently has over 2,500 units under management in Manitoba.

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Stephen Montague
Property Manager - Condominium & Commercial Portfolio. Stephen was born in raised in Rivers, Manitoba, but graduated from Vincent Massey High School in Brandon. After moving to Brandon after high school to further his education, Stephen received a Bachelor of Arts Degree in Political Science from Brandon University. While in university, Stephen served as Vice-President Finance (one term) and as President (two terms) on the Brandon University Students’ Union. He also served one term as City Councillor in Brandon between 2010-2014, and remains active and passionate about municipal affairs.