Is condo insurance mandatory in Manitoba?

While not required by provincial law, most mortgage lenders require it. Additionally, many Condo Corporations now have bylaws requiring unit owners to carry their own insurance to cover deductibles and liability.

Doesn't my condo fees cover insurance?

Condo fees typically pay for the 'Master Policy,' which covers the building's structure and common areas. It does NOT cover your personal belongings, upgrades you made to your unit, or your personal liability. You need a personal condo policy for these gaps.

What is Loss Assessment coverage?

Loss Assessment coverage pays your share if the Condo Corporation is short on insurance for a major claim (like a massive fire) or if they charge back their master policy deductible to unit owners.

Condo Insurance Winnipeg - R.A. Hughes Insurance

Own a condo? You need condo insurance—a personalized home insurance policy designed to address the unique needs of condo owners. The right condo insurance policy can protect you and your family from theft, destruction of property, liability claims, and more.

The number of condos in Saint Boniface is increasing, and so is the need for condo insurance. The brokers at R.A. Hughes are here to help.

Why Choose R.A. Hughes?

Experience and trust are two of the things that matter most in the insurance business. R.A. Hughes has been serving St. Boniface and Winnipeg at large for almost 100 years. We know what condo owners in Winnipeg need because we live right here in the city—and our agency has been locally owned and operated since 1929.

When you choose R.A. Hughes, you’re choosing insurance brokers in Winnipeg you can trust—brokers with the experience you need to find the best policy to protect you and your family.

Coverage Details

Condo insurance provides specialized coverage for condo owners. This coverage includes:

Coverage for your personal property: Condo insurance covers your personal property whether or not it is located in your condo. Clothing, appliances, electronics, jewellery, and other personal belongings can quickly add up in value. It’s essential to have enough coverage in case these items are damaged.

Personal liability coverage: This type of coverage helps protect you if you accidentally damage someone’s property or injure someone. Personal liability coverage can offset legal costs and can also help you cover any damages the court may ask you to pay.

Coverage for additional living expenses: When your condo is damaged to the point that it becomes unlivable, this coverage can help you pay for additional living expenses, including the cost of staying in a hotel, additional costs for food, and more.

Coverage for upgrades and improvements to your unit: Your physical condo unit is typically covered by your condominium corporation’s insurance, but any improvements, betterments, or upgrades you make to your condo unit will not be covered by the corporation’s insurance. Imagine you replace your condo unit’s carpet with new hardwood floors, and those floors become damaged—your condo insurance will help cover the damages.

Loss assessment coverage: Loss assessment is a fee that a condo corporation can charge to condo owners in order to cover the deductible of the condo corporation’s insurance policy in the event of a loss. Loss assessments can be thousands of dollars and condominium insurance can help cover these costs.

Your condo corporation will have its own insurance to cover your physical condo, the common areas of the condo building, and more. When purchasing a condo insurance policy, it’s important to consider the coverage that your condo corporation has already purchased; this can help you ensure that you have enough coverage for loss assessments, unit improvements, and more.

Extended Coverage Options

The coverage offered by your condominium insurance can be extended in a number of different ways. Condo insurance extensions typically fall into two different categories:

Offering higher coverage limits

Offering more comprehensive coverage

An example of the first category is increasing the limit for personal property coverage on a specific category, like jewellery or collectibles. These items are given separate coverage limits when compared to your total personal property coverage because of their high value. If you have very valuable jewellery or collectibles, increasing your coverage limit can be a good idea.

An example of the second category is overland flooding, which isn’t typically covered by condo insurance policies. When you’re on the first floor of a condo building, flooding can be a real hazard—especially here in Manitoba. Overland flood insurance can extend your insurance coverage to protect you in the event of a flood.

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Cost of Condo Insurance in Manitoba

The costs of condo insurance vary significantly depending on a number of different factors, including:

The value of your coverage, including personal property coverage, liability coverage, unit improvement coverage, and more

The location of your condo

Your claims history

Features of your condo: How it’s heated, the electrical system, its construction, and other features

And more

The team at R.A. Hughes Agencies will look through dozens of policies from different insurers on your behalf. Our goal is to find you a policy that offers affordable coverage, giving you the protection you need at the best possible price.

Claims Example

Here’s a simple example of how a condominium insurance claim might work:

Your personal property is insured for $50,000; you’ve also made about $10,000 worth of improvements to your condo. There’s a catastrophic fire—your personal property is destroyed, as is the condo unit. There is a $2000 deductible on your policy. When you make a claim, if everything is covered, you will be paid $58,000 ($60,000 minus your $2000 deductible). You may also receive payments for additional living expenses and to cover loss assessment for damage to the condo building at large.

This is a very basic example of how insurance claims work as a simple illustration of how valuable insurance can be. Need to make a condominium insurance claim on a policy sold through R.A. Hughes? Visit our office or call us. We can answer any questions you may have.

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The team at R.A. Hughes sells condo insurance Winnipeg residents can rely on. The policies we can access through our insurance partners are affordable and offer comprehensive coverage. Protect yourself, your family, and your condo; get a quote for condominium insurance in Winnipeg today!

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FAQ

Are Insurance Policies for Condos Mandatory in Manitoba?

As a condo unit owner, condo insurance is not mandatory—but it is incredibly important to have. Condominium insurance can offer tens or hundreds of thousands of dollars in insurance for personal property, unit improvements, loss assessment, living expenses, and more. Your condo policy will also offer hundreds of thousands or millions of dollars in liability insurance—it’s also incredibly affordable. Some condominium buildings insist you have condo insurance. We highly recommend that all condo owners purchase condo insurance.

How Can I Save on Condo Insurance?

The easiest way to save on condo insurance is to stay claims-free. You can also lower the cost of your condo insurance by increasing your deductible. Finally, some insurance providers may offer you discounts for installing security systems in your condo unit.

Condo Insurance Winnipeg

Why Choose R.A. Hughes?

Coverage Details

Extended Coverage Options

Cost of Condo Insurance in Manitoba

Claims Example

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Tailored Coverage:

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FAQ

Are Insurance Policies for Condos Mandatory in Manitoba?

How Can I Save on Condo Insurance?

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