Sixty-one per cent of Canadian condominium owners have a knowledge gap when it comes to their building’s insurance, according to a report by Allstate Insurance Company of Canada and Abacus Data.

The report found that many owners assume damage to another unit, caused by water or fire originating in their own unit, will be covered by their building’s insurance.

As well, approximately 74 per cent of Canadians looking to purchase a condo in the near future are unsure about what their personal insurance should cover and what the condo corporation’s insurance will cover.

Overall, the survey found condo owners aren’t asking the right questions about insurance liability. Just 34 per cent of owners asked the condo corporation if there were changes to requirements of what should be covered by a condo owner’s personal insurance. Approximately 32 per cent asked if the corporation had ever raised their insurance deductible, and 22 per cent asked if the cost of premiums had ever gone down.

“Getting answers to important insurance questions can help condo owners and condo residents ensure they will have the proper personal insurance coverage to protect them from a loss or damage in their unit, other affected units or from unforeseen costs in the event that a condo corporation’s insurance policies change,” says Saskia Matheson, a spokesperson for Allstate Canada.