Updated: April 2025  |  bremo.io financial guides

Canada Condo Insurance: What You Need in 2025

Condo insurance in Canada involves two separate policies: the condominium corporation's master policy covering the building and common areas, and your personal condo unit insurance covering your unit, belongings, and liability. Many condo owners misunderstand how these two layers of coverage interact — and that misunderstanding can leave you with significant uncovered losses.

The Condo Corporation's Master Policy

Every condominium corporation in Canada must carry insurance on the building's structure, common areas (lobby, gym, parking garage), and shared systems. Exactly what's covered depends on whether the policy covers "bare walls" or "all-in." Bare walls coverage insures only the building structure, while all-in coverage extends to fixtures and finishes inside individual units.

What Your Personal Condo Insurance Covers

Your personal condo insurance policy (also called unit owner's insurance or HO6 equivalent) typically covers:

• Improvements and betterments — Upgrades you've made to the unit (new flooring, kitchen renovation)
• Personal property — Furniture, electronics, clothing, appliances
• Personal liability — If someone is injured in your unit
• Loss assessment coverage — Your share of a loss assessed against all unit owners
• Additional living expenses — Hotel costs if your unit is uninhabitable

The Deductible Gap Problem

Most condo corporation policies have large deductibles ($25,000–$100,000+). If damage originates in your unit (e.g., your dishwasher floods the floor below), the corporation's deductible may fall to you. Your personal condo policy's loss assessment coverage and unit damage coverage can protect against this deductible gap.

Average Cost of Condo Insurance in Canada

Personal condo insurance in Canada costs $25–$75 per month depending on unit value, location, coverage limits, and deductible. It's relatively inexpensive coverage for significant protection. Getting it from the same insurer as your auto policy often earns a multi-policy discount.

How to Choose the Right Coverage

Review your condo corporation's master policy declaration page to understand what's covered. Then purchase your personal policy to fill the gaps — particularly for betterments, contents, liability, and loss assessment. Work with an insurance broker familiar with condominiums who can identify your specific exposures.