Condo Insurance in Ontario, Manitoba & Saskatchewan

Condo insurance by Standard Insurance

Owning a condo is different from buying a house or renting an apartment, thus requiring its own unique Condo Insurance policy. Condominiums are managed by a board who oversees the external property and structural components.

The condo board cares for areas such as:

  • Windows and doors
  • Roof shingles
  • Common areas
  • Lawns and gardens
  • Paths and parking lots/driveways
  • Swimming pools
  • Gyms
  • Playgrounds
  • Dog runs

As the condo owner, you are generally required to care for your internal property and any damage which occurs outside of common areas. While your condominium board’s insurance should maintain most of your external property, you will require insurance to protect against theft, liability, and damage to personal belongings.

We partner with some of the top insurance providers in the country to offer personalized insurance policies which allow you to customize your needs into one convenient package.

What is Included in a Basic Condo Insurance Policy?

Condo insurance covers a variety of risks and issues. These usually fall into two categories:

  • Belongings: This type of coverage offers protection to personal items inside your condo if they happen to be lost, stolen, or damaged.
  • Internal: Internal condo coverage protects against damage and replacement costs to wiring, water pipes, heating and ventilation, and more.

When you receive a quote, it is usually for a base policy which includes coverage for:


Liability protection covers financial loss in a situation where another person suffers injury or death on your property. This ensures that money isn’t coming out of your pocket for medical expenses or legal claims.


In a condo, your main concern is what you have inside your home. This includes furniture, appliances, and other everyday items. Your property coverage does not normally include special items like jewelry, artwork, or family heirlooms, but this can be added through extended coverage.

Extended Condo Insurance options may include additional coverage such as:

Valuable Belongings Coverage

The Valuable Belongings Coverage portion of your insurance policy is the extended option that financially protects theft or damage to irreplaceable items such as family heirlooms and priceless belongings. You may not be able to replace everything, but knowing you have some financial retribution offers peace of mind.

Betterments or Improvements Coverage

Are you thinking of upgrading countertops, updating appliances, and renovating the master bathroom? Your condo board’s insurance will not cover any of these personal costs. You can, however, add Betterments or Improvements Coverage to your condo insurance policy to ensure you have some financial protection for your upgrades.

Loss Assessment Coverage

Condo owners and their neighbours are all responsible for the common areas of the complex. If a large loss occurs to this area and the condo board’s policy does not have enough coverage, the condo owners may be on the hook for a hefty special assessment.

If weather damage, vandalism, or a lawsuit befalls the condo board, they may look to owners to pay partial fees. Loss Assessment Coverage means you won’t be one of those owners.

Specified Perils Coverage

If there are specific events or risks you would like coverage from outside of your Condo Insurance policy, you can add it to a Specified Perils policy. This protects you from the individual events named in your coverage which may include fire, flood damage, or pest control.

All Perils Coverage

Unlike Specified Perils, All Perils protects you from all risks and damage except those excluded in the policy.

Why Do I Need Condo Insurance?

Condominiums are a hub of common areas such as pools, saunas, dog parks, and gyms. If you are displaced from your home due to property damage, you want a Condo Insurance policy that provides alternative lodgings, cost coverage for a replacement gym or spa membership while the condo renovates, and more.

Without a solid insurance policy, you are left exposed to financial responsibility if you need to replace belongings, relocate during repairs, and other such issues.

Am I Legally Required to have Condo Insurance?

While the Canadian government doesn’t legally require this, it is required by lenders. If you have a mortgage, much the same as you would on a house, you will be required to show proof of insurance.

Your insurance is a small price to pay when compared to the debt which could be incurred due to fire, theft, vandalism, faulty wiring, or other issues. Condo Insurance is especially important if you rent your condo to tenants.

Get Your Condo Insurance Quote

No matter your policy preferences or budget, The Standard Insurance can help you get the best rate for the coverage you need. Call us at 1-844-969-8199 to get a quote today.

Condo Insurance FAQs

At The Standard Insurance, we receive many questions about insurance policies for condominiums. Here are some of our most frequently asked questions:

The Standard Insurance FAQs

If I rent my condo to others, do I need more insurance?

What kind of claim should I be most worried about in a condo?

My condo storage is in a separate part of the condo property. Is this covered?

At The Standard Insurance, we pride ourselves for our long-lasting commitment to act as an advocate for every single one of our clients. Our success is measured by their experience and satisfaction:

I had a wonderful experience with Nicolle, I had some issues with my Insurance policy and Nicolle straightened them up immediately. THANKS AGAIN NICOLLE !


“Callie stepped up and provided a very professional service and responded to all our questions in a timely manner. We highly recommend Standard Insurance Brokers.”

Jim & Nicole D

“The agent, Celeste, was very prompt with her responses. She was able to source a favorable and economical premium compared to what I had. Very good service so far.

Oral & Pauline D

“The ladies that work here are great! So sweet and kind! Thank you for the A+ customer service”

Shelly J
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