Condo Insurance
Your condo is more than four walls. Protect what makes it yours.
Owning a condo comes with some unique insurance questions. What does the condo corporation cover? What are you responsible for? And what happens if something goes wrong inside your unit?
Garriock Insurance helps Winnipeg condo owners understand their coverage and find condo insurance that protects their unit, belongings, liability and financial security.
Your Unit and Improvements
You’ve made your condo your own. Depending on your policy and the condo corporation’s insurance, coverage can help protect certain parts of your unit and improvements you’ve made, such as upgraded flooring, cabinets or fixtures.
Your Belongings
Your furniture, clothing, electronics, appliances and other personal belongings can add up quickly. Condo insurance can help protect them against covered losses such as fire, theft and certain types of water damage.
Personal Liability
If someone is injured in your condo or you’re responsible for damage to another unit or common property, personal liability coverage can help protect you from the financial consequences.
Additional Living Expenses
If your condo becomes uninhabitable because of a covered loss, your policy may help cover certain additional living expenses while you’re temporarily unable to live there.
Coverage varies by policy and condo corporation. Your Garriock broker can help explain where your coverage begins and what additional protection may be available.
Your condo corporation has insurance. But it doesn't cover everything.
The condo corporation’s insurance is designed to protect the building and common areas. It doesn’t necessarily cover everything inside your unit or protect you from every situation you could be responsible for.
That’s where condo insurance comes in.
Your condo policy can help protect your personal belongings, improvements you’ve made to your unit, personal liability and certain costs following a covered loss.
Not sure where the condo corporation’s coverage ends and yours begins? Just ask Garriock.
Condo Insurance Shouldn't Be Complicated.
Between your own insurance, the condo corporation’s policy and the rules in your corporation’s declaration, figuring out who’s responsible for what can get confusing.
You don’t have to figure it out alone.
Whether you’re buying your first condo, moving into a new unit, renovating or reviewing your existing coverage, a Garriock broker can help you understand your options and find coverage that fits.
Buying a Condo?
Don’t wait until possession day to think about insurance.
Your mortgage lender will typically require proof of insurance before closing, and getting your condo insurance arranged early gives you time to understand your coverage and make sure everything is ready when you get the keys.
Buying a resale condo? It’s also worth reviewing the condo corporation’s insurance information and your own coverage before you take possession.
Tell us a little about your condo and we’ll help you figure out what you need.
FAQ: Condo Insurance
Do I need condo insurance if the building is insured?
Yes. The condo corporation’s insurance generally covers the building and common property, but it doesn’t replace your own condo insurance. Your policy can provide coverage for your belongings, certain parts and improvements within your unit, personal liability and other expenses depending on your coverage.
What does condo insurance cover?
Condo insurance can help protect your personal belongings, certain improvements and betterments to your unit, personal liability and additional living expenses following a covered loss. Your specific coverage depends on your policy and the condo corporation’s insurance arrangements.
What is the difference between condo insurance and homeowners insurance?
Condo insurance is designed specifically for condo owners. Rather than insuring the entire building, your policy focuses on the parts of the unit and property you’re responsible for, along with your belongings, liability and other applicable coverage.
Does condo insurance cover water damage?
Some types of water damage may be covered, while other water-related risks may require additional coverage. Water damage can also involve responsibility between your unit, neighbouring units and the condo corporation, so it’s important to understand your specific coverage.
Does condo insurance cover special assessments?
Some condo policies may provide coverage for certain assessments resulting from an insured loss, but coverage and limits vary. Ask your Garriock broker about the coverage available for your particular condo and situation.
Does condo insurance cover my renovations and upgrades?
Certain improvements and upgrades may be covered, depending on your policy and the condo corporation’s responsibilities. If you’ve upgraded things such as flooring, cabinets, countertops or fixtures, let your broker know so your coverage can properly reflect your unit.
Does condo insurance cover theft?
Condo insurance can provide coverage for stolen personal belongings when the loss is covered by your policy. Certain high-value items may have specific limits or require additional coverage.
How much does condo insurance cost?
The cost depends on factors such as your location, the type of condo, the coverage you choose, your belongings and your liability limits. A Garriock broker can help you find coverage that fits your needs and budget.
What if I rent out my condo?
If you’re renting your condo to someone else, tell your insurance broker. A condo being used as a rental can have different insurance requirements than one you occupy yourself. Your broker can help make sure you have the appropriate coverage.