Condo Insurance in Manitoba

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Just like owning a house, being a condo owner comes with numerous risks. That's where condo insurance comes in. Designed specifically for condo units, condo insurance gives you peace of mind knowing your investment is protected.

BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

What is condo insurance?

Condo insurance is a type of home insurance designed specifically for unit owners. It works alongside your condo corporation's master policy to ensure any gaps that your building's insurance doesn't cover is filled.

What your condo board's policy covers:

The building's structure, including walls, roof, foundation, plumbing, electrical, etc.
All shared areas, such as the parking garage, hallways, gym, lobby, and elevators.

What your personal condo insurance covers:

Your personal belongings, including your clothing, furniture, electronics, appliances, and more.
Unit improvements such as new countertops, custom woodwork, new flooring, etc.
Costs arising from liabilities like third-party injuries if someone is injured in your unit or third-party property damage, like accidentally causing damage to a neighbouring unit.
Additional living expenses if you are forced to leave your home due to unsafe living conditions that arise from a covered claim.

Why you need condo insurance in Manitoba

Like house insurance in Canada, condo coverage isn't legally mandatory. However, living in Manitoba comes with several risks that make having your own insurance policy a non-negotiable.

Imagine you've just renovated your kitchen. Now, say a fire breaks out in your newly renovated space and damages the interior of your unit. Your condo's master policy won't cover repairs or replace any damaged items. That means you'd be left to pay for all expenses out of your own pocket, which can significantly damage your finances.

Beyond the possibility of paying out of pocket, if you have a mortgage on your unit, you may be required to show proof of insurance to your lender before your loan is approved. Additionally, depending on the building you live in, purchasing separate coverage may be required by your condo board before moving in.

Insurance for condo owners in Manitoba

Condo insurance is highly customizable to your needs and unit. Within a standard insurance plan, you'll likely find the following mandatory coverages. Depending on the type of apartment building you live in and your insurance needs, you may find that standard condo insurance isn't enough to fully protect you. Luckily, optional policies do exist that are intended to supplement your standard coverage for added protection. Here are the coverage options you may want to consider:

Contents coverage offers protection to the personal property within your condo, whether it's your furniture, clothing, appliances, electronics, or other personal belongings, from theft or damage. For example, if someone breaks into your condo and steals your laptop, this policy would cover the cost of replacing your computer. Common perils included in this policy often match those listed in the dwellings portion of your plan. But to be safe, always double-check what is and is excluded, as you may be able to purchase an endorsement from your insurance provider.

Liability coverage protects the interests and finances of condo owners from liabilities that may occur in their condo unit that cause bodily injury or property damage to a third party. For example, if you have your friends over for a weekend dinner and one of your friends slips in your entryway and breaks their arm, they have the legal right to file a lawsuit against you. Should this happen, liability coverage would cover the cost of medical expenses, legal fees, repairs or replacements of items damaged, and settlement funds.

Additional living expenses kick in when you are forced to move out of your home following a loss that renders your condo unsafe to live in. During the time you are unable to live at home, this condo insurance will cover the cost of accommodations, meals, and transportation until you can move back in.

Believe it or not, even if you live in a condo building, your unit is still vulnerable to sewer backup damage, especially if you live in an older unit. Whether the plumbing system in your building is old, or heavy rainfall has drenched the area of Manitoba you live in, when the excess water in the sewer system has nowhere else to go, it can back up into your home through your drains, causing significant damage to your condo unit itself and your personal property. With sewer backup coverage in place, you'll be protected from expenses that may arise from sewage and water damage in your home.

Overland flood insurance is essential for any condo owners living on the bottom floor of their building, especially if you live in an area close to a body of water like the Red River or Lake Manitoba. Standard condo insurance will cover some forms of water-related damage that occur from within your unit, such as a burst pipe. However, it won't cover damages that stem from localized flooding. That's where overland flood insurance comes into play. This policy will cover any water-related damages that arise due to flooding or heavy rainfall that seeps into your home.

When a severe loss or injury occurs in the common areas of a condominium building, the condo corporation must carry out a special assessment to estimate how much it will cost to resolve the situation. While the condominium corporation's insurance coverage usually covers these costs, if the charges are large and the building's reserve fund is insufficient, the condo board may force unit owners to pay these expenses out of their own wallets. With loss assessment coverage in place, any expenses that your condominium corporation insurance doesn't cover will be paid for by your private insurance company, up to your policy limits.

Break-ins to individual units aren't as common in buildings with FOB entry systems, but they can still happen. If your condo is broken into and your personal documents, like your birth certificate, banking details, social insurance number, and other items, are stolen, this policy will cover the cost of recovering your stolen information and replacing your documents.

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How to save on your condo insurance premiums

Although condo insurance is a necessary expense when it comes to protecting the place you call home, that doesn't mean it isn't possible to save money on your premiums where you can. Here are some practical tips you can use to lower your insurance rates without compromising your coverage.

Discounts

Bundle condo, car, and other insurance policies

Do you have other insurance policies purchased already? If so, you can bundle them together with the same insurance provider to qualify for discounts up to 15% on each policy.

Choose a higher deductible

A deductible is the amount you pay to your insurance company when filing a claim, before it will cover any remaining expenses. By increasing this deductible, you're essentially agreeing to take on more of a financial burden in the event of a claim, which can lower your premium slightly.

Install monitored smoke or CO2 detectors

Installing security systems like smoke and CO2 detectors in your home is a proactive step you can take to keep your home safe and reduce your chances of an insurance claim. Doing so may help lower your risk profile, leading to more affordable rates.

Ask about senior, loyalty, or claims-free discounts

Most insurance companies offer discounts to customers for various reasons. Whether you've been a customer with your provider for years, are a senior, or have no claims on your file, you can usually save up to 5% on your premium by asking whether you qualify for any savings!

Savings Options

Avoid unnecessary claims

Avoiding claims and remaining claims-free is one of the easiest ways you can save on your condo insurance rates. And the longer you go without filing, the more you'll save. To prevent unnecessary filing following an event, compare your deductible amount to the amount it would take to replace your personal belongings or conduct repairs. If your deductible is more than what you would pay out of pocket, you may want to pay on your own. In contrast, if the damage is more than your deductible, it is worth filing through your insurance company.

Compare insurance quotes

Insurers often have different underwriting protocols, which means you may be quoted a higher rate at one provider than you are at another. So, if you're looking for condo insurance, don't forget to shop around and compare insurance quotes from more than one company to find the best coverage and rates available.

Pay your premium upfront

Insurance providers add an administrative fee to customers who pay for their insurance monthly. This is because it costs them money to process each of your 12 payments throughout the year. To avoid this surcharge, consider paying for your insurance policy upfront.

Work with an insurance broker

Insurance brokers in Manitoba work independently from insurance companies, giving them the ability to help you shop around and compare rates. You can think of them as your insurance partners. They work on your behalf, and can help answer your questions, unlock discounts, and customize a plan that fits your unique needs. The best part of all? You can work with a broker free of cost, as they are paid by.

Factors affecting the cost of your home insurance

While you may live in the same neighbourhood across Manitoba or the same condo building, there's a high possibility that your insurance premiums are different from your neighbours. Why? Insurance companies use numerous factors to determine your risk profile as a customer. The higher your risk level, the more expensive your rates will be and vice versa. Common factors insurance companies look at include:

Location (e.g., Winnipeg downtown vs. rural MB)

Your condo location matters. For example, a unit located in downtown Winnipeg, which has a higher population density, more claim filings, and higher crime rates, may cost more to insure compared to a condo located in a smaller community like Stonewall. In contrast, a condo located in a more rural community located farther from emergency services may also pay more for coverage compared to a unit closer to these services.

Building type (high-rise, townhouse, bare land)

High-rise towers, townhouse-style condos, and bare land condos all carry different risk levels. For example, new construction high-rises often have advanced security systems and features, but may also have a higher chance of damage spreading between units should something like a fire occur.

Age of building + construction materials

New buildings with updated plumbing, fire suppression systems, and quality materials typically cost less to insure. Older buildings may have outdated infrastructure, which increases the likelihood of a claim.

Coverage limits & optional add-ons

The more coverage you choose, the higher your premiums will be and vice versa.

Personal claim history

The more claims you've filed with your insurance company in the past, the higher risk profile you'll have. The way insurance companies see things, the more claims you file, the more likely you are to file again. Those with no claims, on the other hand, will have lower insurance rates.

Security features (alarms, sprinklers)

Condos with monitored alarm systems, gated parking garages, sprinkler systems, and fob-entry are often rewarded with lower premiums as these features reduce risk exposure.

Owning your own condo in Manitoba is a big milestone, whether it's a modern unit in downtown Winnipeg, a cozy bungalow in Brandon, or a newly constructed building in Steinbach.

But what a lot of new owners don't know is that their condo board's insurance policy doesn't protect their individual unit. Your building policy typically covers the physical structure of the building itself and all common areas. It won't, however, protect your personal property, any upgrades or improvements you've made to your unit, or your interests should a liability occur.

Additional information you should know

No two condos are the same. Whether you're a new owner or not, here is some additional information you should know about your condo insurance:

What condo insurance doesn't cover

Condo insurance does a great job at protecting owners from various risks and liabilities. But, like all insurance policies, it doesn't protect against all hazards:

Wear and tear: Normal aging, gradual deterioration, and homeowner neglect are not covered. Insurance is designed for sudden, unexpected losses only.
Intentional damage: Any loss caused intentionally to people or property is not protected by condo insurance.
Short-term rentals: Standard coverage excludes short-term rentals unless you have a specific short-term rental policy added to your insurance plan.
Business activities: Do you run a business out of your condo? You'll need a separate business insurance policy to cover equipment and other liabilities or losses that may occur.
Flooding: Unless you add overland flood insurance to your plan, damage caused by heavy rainfall, river overflow, or spring thawing is not covered.

How to file an insurance claim

If you need to file an insurance claim following a loss or liability in your unit, here is what you need to do:

Contact your provider immediately and inform them of what occurred.
Document the damage or loss in your unit with numerous photos and videos. Keep a record of any items that were damaged or stolen.
Submit your documents to your claims adjuster once they have been assigned to your case.
Have an estimate conducted in your unit by a contractor assigned by your insurance company.
Once an estimate is conducted, you'll need to have it approved by your provider before repairs or replacements are done.
After repairs are complete, you'll be reimbursed for your losses and your claim will be closed.

Contact the insurance partners at BrokerLink for affordable coverage today

Your condo is your home and likely one of your biggest investments you've made to date. Don't leave your finances or interests unprotected. With the right insurance policy in place, you can have peace of mind that your unit and personal property are protected against unforeseen risks.

At BrokerLink, we help condo owners in Manitoba find affordable coverage. Whether you're looking to insure your high-value items or find that standard condo insurance is enough, our brokers are here to help customize an insurance policy that works for your needs.

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FAQs

Have questions? Our FAQ section has the answers you're looking for. Find helpful information to guide you through your options.

Is condo insurance mandatory in Manitoba?

No, condo insurance is not mandatory in Manitoba. However, because living and owning a condo comes with the unique hazard of living with people in condo units above, below, and beside you, without coverage, you could be putting your investment at risk should a loss occur. Whether it's a leaking pipe from a unit above or a theft that occurs on your floor, condo insurance covers you and ensures your finances are protected.

Will insurance cover water damage from a neighbour’s unit?

Yes, most standard condo insurance will cover water damage that originates from another unit in your building. For example, if your upstairs neighbour accidentally floods their bathroom, and the water leaks into your bedroom, your insurance company will cover the cost of repairs.

Do I need different insurance if I rent out my condo?

Yes, if you rent your condo unit out to someone, you will need to purchase landlord insurance. Standard condo coverage does not extend coverage to rentals you're making a profit from, which is where landlord insurance comes in.

Who pays the deductible if there’s a shared building claim?

If there is a shared building claim, your condo association will cover the cost of the deductible related to the building's condominium insurance.

What’s the difference between condo and home insurance?

Condo insurance and home insurance are essentially the same thing. The only difference between them is that a condo plan will be specifically designed for your apartment building and unit type, whereas a standard home insurance plan would be tailored to the home and property of a detached-home owner.

What is loss assessment coverage?

Let's say a windstorm damages your building's roof and your condominium insurance only has coverage up to $500,000, but the repairs cost $700,000, your condo association could charge the remaining $200,000 of repairs back to each unit owner. Loss assessment insurance protects condo owners from paying out of pocket if your condo corporation conducts a special assessment for expenses relating to an insurance claim that occurs in one of the common areas in the building.

Does my policy cover theft or vandalism?

Yes, your condo insurance will cover damages or losses that stem from theft or vandalism. These types of risks are specifically listed under the dwelling portion and contents portion of your plan. For example, if someone breaks into your home and vandalizes your unit, the dwelling policy in your condo insurance will cover repair costs.