Condo Insurance
Protect your condo, your way. As a condo owner, you have invested in a unique lifestyle that balances the freedom of independent living with the benefits of a shared community. Condo insurance helps safeguard your unit, belongings, and financial well-being.
What does condo insurance cover?
Condo insurance policies provide three layers of protection:
- Your Unit: This can help repair or replace your condo unit's interior, including fixtures, appliances, and any upgrades you make to your condo.
- Your Belongings: This can provide protection for your personal belongings, such as furniture, electronics, and clothing.
- Personal Liability: This can help protect you if someone is injured at your unit, or if you're found responsible for causing damage to another person or their property.
- Optional Coverages for Enhanced Protection
Consider adding these optional coverages to tailor your policy to your unique needs:
- Fire Fighting Coverage
- Glass Breakage Deductible
- Home Systems Protection
- Water and Sewer Backup Coverage
- Rental and Seasonal Home Protection
- Watercraft and ATV Coverage
- Scheduled Personal Property Coverage
Condo Insurance FAQs
How does condo insurance differ from home insurance?
Condo insurance and home insurance share some similarities, but they’re designed for different ownership situations.
Ownership Structure
With a house, you own the entire building and the land it sits on. Home insurance covers the dwelling, other structures (like garages or sheds), and the property around it.
With a condo, you only own your individual unit’s interior space. The condo corporation (through its master policy) insures the building’s structure, common areas, and shared property.
Master Policy vs. Personal Policy
Condo owners must coordinate their personal coverage with the condo corporation’s master policy to avoid gaps. For example, if the building roof is damaged, the master policy pays. But if your appliances are damaged due to an insured claim, that’s where your condo insurance kicks in.
Are there any condo bylaws that affect my coverage?
Yes. In Saskatchewan your condo corporation’s bylaws can impact what your condo insurance needs to cover.
Condo Bylaws
Each condo board can adopt its own bylaws that set additional requirements. Many bylaws specify what is considered “unit property” (your responsibility) vs. “common property” (corporation’s responsibility).
Some bylaws require owners to carry their own unit insurance with minimum liability limits or specific coverage types (e.g., sewer backup, improvements & betterments).
Certain bylaws may also give the condo corporation the right to recover deductibles from unit owners if damage originates in their suite.
Reviewing your condo’s bylaws and master insurance policy is critical so you can fill in any coverage gaps with your personal condo insurance.
How much does condo insurance cost?
In Saskatoon, condo insurance policies typically cost $300-$500/year or $25-$45/month.
In Saskatoon, condo insurance premiums are influenced by the value of your contents, any unit improvements and betterments, the liability coverage limit you choose, your deductible, the age and condition of the building, your location within the province, your past claims history, and whether you add extra coverages.
What is condo insurance, and why do I need it in Saskatchewan?
Condo insurance is a policy that protects your individual unit and belongings inside a condominium building. While your condo corporation carries a master insurance policy to cover the structure and common areas (like the roof, lobby, hallways, and elevators), that coverage does not extend to your belongings or your liability as an owner.
Here’s why condo insurance is essential in Saskatchewan:
- Protects your belongings – Covers furniture, clothing, electronics, and other personal property against risks like fire, theft, and vandalism.
- Improvements and betterments – Covers upgrades, renovations, and custom features you’ve added to your unit
- Liability protection – Provides coverage if someone is injured in your unit, or if you’re found responsible for causing damage to another person or their property.
- Loss assessment coverage – Helps pay your share if the condo corporation’s insurance isn’t enough to cover damage to common property.
- Living expenses – Pays for temporary accommodations if your unit becomes uninhabitable due to an insured loss.