Condo Unit Insurance

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HWI / Condo Unit Insurance

Saskatchewan Condo Insurance: Protect Your Condo & Belongings

Get comprehensive coverage for your condo unit and personal belongings with insurance explicitly designed for Saskatchewan condo owners. Our policies offer protection against a wide range of perils, giving you peace of mind in your living space.

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What Does Condo Insurance Typically Cover?

Your condo insurance policy typically protects against:

Listed Perils Condo Coverages List


Belongings & Contents

Contents insurance would include clothing, electronics, furniture, etc.; it provides protection for these items while they’re on your property or temporarily removed (like when travelling). This coverage cannot be removed from your Condo insurance policy; however, you can choose the coverage limit.

Click here to see our downloadable checklist to help determine where to start with your contents coverage.

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Personal Liability

To be liable means simply that you are found to be legally responsible. If you are liable for injury to someone or found responsible for damage to another’s property, you can be sued for damages.

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Sewer Back-Up

Root growth, blockages, or even breaks in pipes exiting your property or apartment building can cause backups in kitchens, laundry rooms, or bathrooms. A standard insurance policy doesn’t provide coverage automatically, but you’ll often be able to purchase coverage as a rider.

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Overland Water

If the water touches the ground before entering your home, it’s overland flooding. Overland water coverage protects you from sudden damage caused by excessive rain, overflowing rivers, etc.

Overland water coverage is not universally offered and varies by provider. Please confirm availability with your specific insurer.

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ADVISORY


Renting Your Condo?

If you’ve decided to rent out your unit, keep in mind that a standard **owner-occupied condo policy** isn’t designed to cover rental exposure.

We offer comprehensive coverage for condo owners who rent their units. However, we need to update your policy’s status to reflect the new use and ensure you have the appropriate liability protection in place.

Contact Us To Update

Essential Specialized Coverage for Condo Units

These specialized coverages are what make condo insurance unique and are critical for protecting your investment from gaps in your condo corporation’s policy.

Contingent Coverage

This coverage is designed to protect your interest in your unit if your condominium corporation has no insurance, its insurance is inadequate, or it is ineffective. Coverage for the original unit, such as the walls, original floors, plumbing, etc., is typically insured by the condominium corporation’s master policy.

But if a loss happens and your condo board advises you that the building insurance doesn’t cut it, they will assess the remaining cost of the damage back to you.

Loss Assessment Coverage

Also known as Condo Special Assessment Insurance, this coverage responds when a loss to collectively owned condo property occurs, and the condo corporation’s insurance isn’t enough. For example, this coverage protects areas like parking lots and pools.

If your condo corporation’s insurance does not cover the total repair cost, it will assess the cost of the damage back to all the unit owners.

These specialized coverages are what distinguish condo insurance from regular home insurance.

We work with Saskatchewan’s leading insurers:

Aviva Canada | Peace Hills | Portage Mutual | Red River Mutual | SGI Canada | Sandbox Mutual | Wawanesa Mutual

As an independent broker, we shop multiple markets to find you the best coverage at competitive rates.

Protect Your Family’s Future with Term Life Insurance

While condo insurance protects your property, term life insurance ensures your family’s financial security. Get coverage that fits your needs and budget.

 

Wawanesa Term Life calculator 698x221

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Frequently Asked Questions

What’s the difference between the condo corporation’s insurance and my personal condo insurance?

The condo corporation’s insurance typically covers the building structure, common areas, and original fixtures in your unit. Your personal condo insurance covers your belongings, personal liability, any improvements made to your unit, additional living expenses if you’re displaced, and protection against special assessments from the condo board. 

Do I need special coverage for water damage in my condo?

Yes, standard condo policies don’t automatically include coverage for sewer backup or overland water damage. These are typically available as additional endorsements. Given the shared plumbing systems in condo buildings, sewer backup coverage is particularly important. We recommend reviewing your policy to ensure you have adequate protection against various types of water damage.

What happens if damage to my unit comes from another unit?

If damage to your unit originates from another unit (like a water leak from an upstairs neighbour), your condo insurance would typically cover the damage to your property initially. Your insurance company may then seek reimbursement from the responsible party’s insurance through a process called subrogation. It’s important to document the damage, report it to your condo management, and file a claim promptly.

Do I need to change my insurance if I rent out my condo?

Yes, as a condo owner looking to rent your property, you must change your insurance coverage. Your tenant’s Renter’s Insurance will not protect your property as their policy only covers them and their belongings, not your unit. A Renter’s policy does not include essential protections like Loss Assessment or Contingent coverage that you need as the property owner. Contact us to ensure you have the proper landlord coverage in place before renting out your unit.

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