Do I need condo insurance if my condo corporation has insurance?

Yes. Your condo corporation''s master policy covers the building structure and common areas, but it does not cover your personal belongings, upgrades you have made to your unit, personal liability, or loss assessments. Without your own condo insurance, you are personally responsible for these costs.

How much does condo insurance cost in Canada?

Condo insurance typically costs $25-60/month ($300-720/year) depending on your location, unit size, coverage amount, and deductible. This is significantly less than home insurance because the building structure is covered by the condo corporation''s master policy.

What is a loss assessment and why does condo insurance cover it?

A loss assessment is when your condo corporation charges unit owners for a portion of a claim that exceeds the master policy''s coverage or falls within the master policy''s deductible. Condo corporation deductibles can be $25,000-250,000+. Loss assessment coverage in your condo policy protects you from this charge.

Condo Insurance in Canada: What You Need to Know

Condo insurance (also called unit owner insurance or strata insurance in BC) fills the gap between what your condo corporation’s master policy covers and what you are personally responsible for. Without it, you could be on the hook for tens of thousands of dollars.

What the condo corporation’s master policy covers vs what you need

Coverage Area	Condo Corporation	Your Condo Policy
Building structure (exterior, roof, foundation)	✅	❌
Common areas (halls, lobby, gym)	✅	❌
Standard unit finishes (as originally built)	✅ (usually)	❌
Your upgrades and improvements	❌	✅
Your personal belongings	❌	✅
Personal liability	❌	✅
Loss assessment	❌	✅
Additional living expenses (if displaced)	❌	✅

What condo insurance covers

1. Personal property (contents)

Covers your furniture, electronics, clothing, appliances, and other belongings against theft, fire, water damage, and other covered perils.

Contents Value Range	Typical Coverage Needed
Studio / 1-bedroom	$30,000-50,000
2-bedroom	$50,000-75,000
3-bedroom / family	$75,000-150,000

Tip: Do a home inventory. Most people underestimate the replacement cost of their belongings.

2. Unit improvements and betterments

Covers upgrades you have made to your unit beyond the original standard finishes — hardwood floors, kitchen renovation, bathroom upgrades, custom closets, etc.

Typical Improvement	Replacement Cost
Kitchen renovation	$15,000-50,000
Bathroom renovation	$10,000-30,000
Hardwood flooring	$5,000-15,000
Custom closets	$3,000-10,000

3. Personal liability

Covers you if someone is injured in your unit or you accidentally cause damage to someone else’s property. Standard coverage is $1-2 million.

4. Loss assessment coverage

This is the most important and most misunderstood part of condo insurance. If a major loss occurs (water leak, fire, etc.) and the condo corporation’s master policy deductible applies, that deductible can be charged back to the unit owner responsible — or split among all owners.

Province	Typical Condo Corp Deductible
BC	$25,000-250,000+ (strata can be very high)
ON	$10,000-100,000
AB	$10,000-50,000
QC	$5,000-50,000

Without loss assessment coverage, you could receive a bill for $25,000-250,000 from your condo corporation if a loss originates from your unit or if the corporation assesses all owners.

5. Additional living expenses

If your unit becomes uninhabitable due to a covered loss (fire, major water damage), this covers hotel costs, meals, and other expenses while you are displaced.

How much condo insurance costs

Factor	Impact on Cost
Location (province, city)	BC and ON tend to be higher
Unit size and value	Larger units with more improvements cost more
Contents coverage amount	Higher coverage = higher premium
Loss assessment coverage	Higher limits ($50K-250K) add modest cost
Deductible	$500-1,000 standard; higher deductible = lower premium
Claims history	Previous claims increase premiums
Building age and claims	Older buildings with frequent claims cost more

Average condo insurance costs by province

Province	Average Monthly Cost
BC	$35-65
AB	$25-45
ON	$30-55
QC	$20-40
Atlantic	$20-40

How to choose condo insurance

Recommended coverage levels

Coverage	Minimum Recommended
Personal property	Full replacement cost of your belongings
Improvements	Full cost to restore your upgrades
Personal liability	$1,000,000-2,000,000
Loss assessment	At least equal to your condo corporation’s deductible
Additional living expenses	12 months of alternative housing costs

Before buying, check

Your condo corporation’s master policy — request a copy to understand what is and is not covered
The deductible amount — this determines how much loss assessment coverage you need
Your condo’s bylaws — some bylaws make unit owners responsible for the deductible if a loss originates from their unit
Your declaration — defines what counts as “standard unit” vs your improvement

Common condo insurance claims

Type	Common Cause	Average Claim Amount
Water damage	Burst pipe, dishwasher leak, toilet overflow	$5,000-50,000+
Fire/smoke	Kitchen fire, electrical fault	$10,000-100,000+
Theft/break-in	Stolen electronics, jewelry	$3,000-20,000
Liability	Guest injury, water damage to unit below	$5,000-100,000+
Loss assessment	Building-wide claim, deductible charged to owners	$5,000-250,000

Water damage is by far the most common claim — both in your own unit and from damage originating in another unit.

Condo insurance vs home insurance vs tenant insurance

Feature	Condo Insurance	Home Insurance	Tenant Insurance
Building structure	❌ (corp covers)	✅	❌ (landlord covers)
Personal property	✅	✅	✅
Improvements	✅	✅	Limited
Loss assessment	✅	❌ (not applicable)	❌ (not applicable)
Liability	✅	✅	✅
Additional living expenses	✅	✅	✅
Average cost	$25-60/month	$100-250/month	$15-40/month

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