We do not currently quote this product online, but to get a quote in under 15 minutes please give us a call.
What are you looking for?
Manage your policy and information directly with our self-serve options.
Haven't set up your account?
Quickly pay your invoice online using our secure payment system.
Manage on the go, download the BrokerLink Insurance App
Get reliable condo insurance coverage tailored to you with Brokerlink.
Fill the gaps in your Waterloo condo coverage with protection built for real life.
As of 2025, the City of Waterloo is home to more than 136,000 residents across several neighbourhoods. Whether you own a condo in Uptown Waterloo, near Waterloo Public Square or a newer unit close to the university campus, your home is more than a place to live; it’s a long-term investment you’ve made. It’s not a secret that owning a home comes with unique responsibilities and risks, even though your condo corporation has insurance for the building, that doesn’t mean your personal unit or belongings are covered, which is where condo insurance comes in. Designed specifically for your unit and insurance needs, condo insurance in Waterloo safeguards you, your interests and finances against numerous hazards you may be vulnerable to.
Get a free condo insurance quote with BrokerLink today.
BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.
Condo insurance is a type of home insurance specifically designed to protect your home that’s located in a shared building. In Ontario, the Condominium Act outlines what your condo corporation must insure, and what falls under the responsibility of each unit owner:
What your condo corporation’s master policy insures:
The building’s physical structure (walls, roof, foundation, windows, electrical and plumbing, etc.)
Shared areas throughout the building (lobby, hallways, elevators, pools, gyms, outdoor spaces, etc.)
What you’re responsible for as a condo owner:
Your personal belongings.
Upgrades and improvements you’ve made to your private condo unit.
Personal liabilities if someone is injured in your living space or if you accidentally cause property damage to a third party.
Additional living expenses if you’re forced from your unit following damages.
Your share of special assessment costs that aren’t covered by your condo corporation’s master policy.
With condo insurance in place, your belongings, interests and living space will be covered by your insurance company should a covered loss occur.
While home insurance isn’t legally required in Ontario, it’s strongly recommended and may be mandatory under the terms of your mortgage, condo board rules, or building property management requirements. More importantly, condo insurance is designed to protect you from losses that could otherwise become significant out-of-pocket expenses, especially when the condo corporation’s master policy doesn’t fully cover what happens inside your unit.
Common risks include theft and vandalism (Waterloo Regional Police reported 2,366 break-and-enters in 2024), severe weather that can trigger costly damage, fire or smoke that can impact your unit and neighbouring suites, and personal liability if someone is injured in your condo or you accidentally damage someone else’s property. Without your own policy, legal fees, repairs, replacements, and temporary living costs can fall on you, so condo insurance provides peace of mind and helps protect your finances.
Condo insurance in Waterloo is by no means legally required. However, when purchasing coverage for your condo, you’ll typically find the following standard insurance coverages no matter what insurance provider you work with:
Property insurance
Contents coverage
Personal liability insurance
Additional living expenses
Unit improvements insurance
Sewer backup coverage
Overland flood insurance
Identity theft insurance
Special assessment coverage
High-value items insurance
Dwelling insurance, also known as property insurance, safeguards the physical structure of your condo unit if it’s damaged by covered events such as fire or smoke, lightning, theft or vandalism, wind, explosions, falling objects, or impact from a vehicle or aircraft. It typically applies to your unit’s permanent features like walls, flooring, doors, windows, and built-in fixtures. If one of these insured perils damages your unit, this coverage helps pay for repairs or restoration (subject to your policy terms and deductible).
You work hard for your personal items. With contents coverage, you can protect your belongings from losses and damages that may arise as a result of an insured peril. Common perils included in this portion of your policy include theft, vandalism, fire, water and severe weather damage.
Personal liability insurance safeguards your interests and finances if you are held legally liable for third-party harm or damage to property. With personal liability coverage, any repairs, replacements, medical expenses, legal fees or settlement costs that arise from a liability claim will be covered by your insurance company up to your coverage limits.
If your condo unit is rendered temporarily unlivable as a result of an insured event, like a fire, serious leak or structural damage caused by extreme weather, this portion of your condo insurance will pay for food, accommodation, and transportation until you can safely return to your home.
Have you invested time and money into improving your condo? Unit improvement coverage protects any modifications, improvements or enhancements you’ve made to the inside of your condo unit from certain damages.
Sewer backup coverage protects your condo unit and belongings if water backs up through your drains, toilets or plumbing from inside the building. This is common in older buildings with aging infrastructure, which can occur frequently following periods of heavy rainfall, clogs or pump failures in lower floor levels. So, if you live in an older building, you may want to consider this additional coverage for your plan.
According to Alert Waterloo Protection, flooding throughout the community is common during the spring and summer months due to snow melt and excessive rainfall. If you happen to be located on the ground floor of your condo building, you may want to consider overland flood insurance. This policy will cover the cost of repairs or replacements of your personal belongings and living space if it is damaged by water that originates outside of your condo unit.
Identity theft insurance comes in handy in the event someone breaks into your home and steals your personal details like your birth certificate, social insurance number (SIN), banking details, credit card numbers and other information. With this insurance coverage, the cost of recovering these stolen items and replacing them will be covered by your provider.
If damage takes place in a shared area in your condo building or someone suffers harm on the property, your condo association may conduct a special assessment if the costs exceed the master policy’s coverage limits. Should this happen, the building’s condo owners are liable for any leftover costs, which could result in considerable out-of-pocket expenses you may not be prepared for.
If your valuable art, luxury bags, jewelry or musical instruments have been stolen or damaged in your condo, standard contents coverage may not fully compensate you for your loss. Opting for a high-value item endorsement on your standard condo insurance policy can help fill shortfalls in your contents coverage, ensuring that you receive full compensation if a loss or damage occurs.
Let us be your resource for all things condo insurance
Discover what sets BrokerLink apart. Our commitment to personalized service, expert advice and comprehensive coverage options ensures you get the best protection tailored to your needs.
13706+ Reviews
Average rating of 4.6
Everything went perfectly including prompt follow up.
Very fast and effective service. Was insured within 24 hours of initial call. Fantastic service.
My experience with broker link has been very positive one of the best experiences I've actually ever had with the insurance company my representative was very knowledgeable very understanding and I wo...
What a wonderful place of friendly workers always with smiles and happy to help. She sure did wonders on savings me and my hubby on our house and garage insurances next is our vehicles in a couple o...
I have been dealing with Doreen at Brokerlink for many years.Always great service and you can tell she really cares to get you the best policy for your needs.Thank you Doreen.
Been using Brokerlink for several years now - exceptional service. It’s nice to actually see and know the broker you are dealing with as opposed to a phone conversation with someone you can barely und...
BrokerLink was fantastic to work with! Excellent communication, they answered all my questions and concerns, and were always very prompt with their responses. I highly recommend their service!
Always a pleasure to communicate with. Awesome service as always. I would definitely recommend them! Thanks for being there to help when needed!
First rate service all of the time ( last 10 years) no problems, service always given in a friendly, knowledgable way to ensure we receive the very best deals from the best companies
The best client experience!!! Honest, genuine, professional. They explain AND LISTEN! Trust no one else ❤️
The timely personable assistance provided was exceptional. I received answers to questions and issues resolved in minutes. I couldn’t have asked for more friendly and professional help.
Very easy to do business with this company. They handle all of my past, current and will be doing my future vehicles also. They listen and get you the insurance that you want and need.
I find Brokerlink to be better priced than most of their competitors. I have received good, prompt advise and always deal with a live agent.
I've always had a great experience with their agents/brokers when I've had questions about my policy. Agents are always polite, professional and able to answer my questions.
Honestly, they have the best advisors. Ones who take their time to understand your insurance needs.
insurance companies
We shop among Canada’s leading insurance companies to offer you a range of options.
customers
Trusted by Canadians to protect what matters to you for more than 30 years.
employees
Ready-to-serve insurance specialists for your needs.
Guaranteeing comprehensive protection for your condo comes at a cost. But that doesn’t mean you can’t lower your home insurance premiums while ensuring you’re still fully covered. Here’s what you can do to keep more money in your pocket:
Consider bundling your auto insurance, home insurance and other insurance plans with the same company. Doing so can help you save up to 15% off your premiums and make managing your separate policies easier.
Remaining claim-free is the best and easiest way to keep your insurance premiums low. The longer you go without a claim on your file, the more you’ll save. Make an effort to maintain your condo throughout the year by booking maintenance appointments for your plumbing, electrical fixtures and appliances. Doing so can help you lower your overall risk profile, which will be rewarded by your insurer.
Even if you live in a brand-new high-rise condo building with advanced security features, you could still fall victim to theft and vandalism. To secure your unit even further, consider installing deadbolt locks, indoor security cameras, water detection devices and other preventative measures. Doing so can reduce your premiums by up to 5%.
A deductible is a certain amount of money you agreed to pay when submitting an insurance claim before your provider covers any remaining costs. By raising your deductible, you willingly agree to take on a greater financial responsibility, which can result in cheaper insurance costs. But it also means you’ll be paying more out of pocket should you need to file a claim in the future.
When you buy home insurance for your condo, consider paying for your coverage upfront rather than making monthly payments. Insurance companies often add a surcharge to your monthly bill, which adds up over time, as it costs your provider money to process each of your instalments. Therefore, a simple way to avoid these costs is to pay for your coverage upfront.
Before settling on a plan, consider shopping around and comparing quotes from more than one insurance company. You may be quoted a different rate that’s lower than the one currently presented to you, helping you save on your insurance without compromising your coverage.
Rather than working directly with an insurer, consider partnering with a broker instead. Insurance brokers work separately from providers, allowing them to shop around, answer questions, and find you personalized coverage based on your needs and budget. The best part of working with a broker is that their fees are completely free, so you can access their insurance services at any time!
Your insurance needs could change throughout the year. Before renewing your condo insurance, evaluate your current policy to make sure you’re getting the right coverage. This can help you prevent coverage gaps and save money on insurance you don’t need, lowering your costs overall.
Even if you live in the same building as your neighbours, the truth of the matter is that your insurance premiums are likely different. This is because insurers in Canada determine rates for home insurance by calculating your risk profile as a customer using various factors, like location, claim history, coverage options and more. The higher your risk profile is assessed as, the more you can expect to pay for your coverage and vice versa. In Waterloo, the average home insurance cost for condos can vary between a couple of hundred dollars to over a thousand dollars or more. Common factors you can expect to be rated on include:
Your condo’s location in Waterloo plays a major role in your insurance costs. Specifically, insurance companies are looking at local crime rates, claim rates, your location to bodies of water and fire stations and other neighbourhood factors that will all impact your risk profile. For example, if you live in a denser neighbourhood in Waterloo, your crime rates may differ from those living in a quieter, more residential part of the city, which could lead to differences in rates.
Newer condo buildings located in neighbourhoods like Northdale, Uptown Waterloo and the University district are often equipped with modern safety features like secure entryways, updated plumbing and fire suppression systems, which can help keep your premiums lower.
In contrast, older, low-rise buildings in Beechwood, Eastbridge or Westmount that have more outdated infrastructure could be at an increased risk of damage, which will increase your costs.
If you own a larger condo unit, you’ll likely require higher coverage limits for your contents and improvements, which costs more compared to someone living in an apartment with a smaller square footage. Similarly, while those located on the ground floor may have a greater exposure to water damage and break-ins, those located on the top floor or in corner units may be more exposed to severe weather conditions.
Did you know that a single water damage claim with your insurance provider can increase your annual premiums by 19% or $376? According to insurance companies in Canada, the more claims you have on your file, the more likely you are to file another in the future, which will lead to more expensive insurance rates compared to someone who doesn’t have any previous claims.
The more coverage you choose, the more it’s going to cost. The trade-off to this, however, is that you’ll receive more financial protection in the event of an insured loss. In contrast, the higher your deductible amount, the lower your rates will be. But you’ll be responsible for paying more out of pocket if you need to file a claim.
A building with monitored access, surveillance cameras and a 24-hour receptionist will be less prone to break-ins, resulting in cheaper rates, whereas older buildings without advanced safety measures will raise your risk level and rates.
If you have valuable possessions, you will require higher coverage limits to guarantee that you are fully reimbursed for your losses, which is going to cost more than someone who does not own as many items and has not purchased higher coverage limits.
Home insurance for condos does a great job at protecting owners from a variety of risks. However, like all insurance policies, exclusions do apply. What’s not covered by your condo insurance includes:
Intentional bodily harm or property damage.
Damage or losses that occur as a result of criminal activities you’re participating in.
Lack of maintenance or aging appliances.
Mould growth or pest infestations.
Theft of your vehicle (covered under your car insurance policy).
Your condo in Waterloo is worth protecting. Don’t wait until something unexpected happens to finally purchase coverage.
With the help of BrokerLink, our experienced advisors can help you find the right coverage for your condo at an affordable price. Whether you’re a first-time homeowner or looking to renew your policy, count on BrokerLink to help you secure the best coverage available.
Contact BrokerLink over the phone or by email to speak with an experienced insurance advisor today. You can also get a free online quote right now using our online quote tool!
Visit a branch
Check out our wide range of resources, offering valuable information and tools, all in one convenient place.
Check out blog
Service and claims
About us
No, in Ontario, home insurance is not mandatory. However, if you have a mortgage on your condo, your mortgage lender likely requires you to have valid home insurance coverage in place as a condition of your loan agreement. Your condo corporation may also require all condo owners in the building to provide proof of coverage. Even though condo insurance is not legally required, protecting your home and investment is necessary, which is why most responsible homeowners opt for coverage voluntarily.
It depends on whether your condo corporation allows short-term rentals in your building. Should rentals be allowed, remember to purchase a separate short-term rental and landlord insurance policy, as your standard condo insurance often excludes rental activities from your plan.
Yes, your condo insurance policy does protect your personal belongings under a policy known as contents coverage. Should your belongings be stolen from your individual unit, vandalized or suffer damage as a result of fire, smoke, water or severe weather damage, your insurance company will compensate you for the repair or replacement of these items.
Overland flood insurance safeguards your apartment and finances from water damage that occurs outside of your dwelling. For example, if torrential rainfall forces drainage systems to overflow into your condo, your overland flood insurance will cover the costs of fixing or replacing your interior, as well as your belongings. In contrast, sewer backup insurance protects against sewer-related damage that could take place if wastewater backs up through your drains and into your living space.
Explore our other insurance products to find additional coverage options that fit your needs. Discover more ways to protect what matters most.
Car Insurance
Home Insurance
RV Insurance
Apartment & Tenant Insurance
Motorcycle Insurance
Boat Insurance
Insurance bundle
ATV Insurance
Pet Insurance
Life Insurance
Travel Insurance
