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Condo insurance is a specialized type of homeowner's insurance, designed to protect you against the specific risks of owning a condo unit. While it isn't mandatory (unless stipulated by a mortgage lender), it's highly recommended, and some buildings may require owners to purchase coverage. Your condo corporation's insurance doesn't cover many risks for your personal unit, and you wouldn't want to be at a loss when it comes to one of your biggest investments. 

While the monthly maintenance fee you pay covers the condo corporation's insurance, it does not provide the same level of protection as a personal condo insurance policy. As a condo owner, you’re responsible for covering your own unit, contents, and personal liability. For example, if someone slips and injures themselves in your unit, you are financially responsible. In most cases, condo insurance is cheaper than insurance for a house, but it highly depends on the exact properties and coverage limits. 

Optional condo homeowners insurance coverages

Excluded condo insurance coverages

Condo insurance doesn’t cover all instances of damage to your unit. Here are some examples of scenarios in which you probably won't be able to submit a claim:

• General wear and tear
• Any act considered intentional or criminal
• Damage to your unit caused by rodents or termites

The condo fees you pay cover your condo corporation’s insurance, which provides coverage for liability and damage in common areas, such as the elevators and the gym. It will likely also cover certain parts of your unit that are core to the building, such as its windows and light fixtures. But it leaves many gaps, including risks to your personal property and liability. This is where your own condo insurance policy comes in.

Here's a table outlining some of the core differences between your condo corporation’s insurance and having your own policy. Keep in mind, however, that every insurance policy is different, so double-check your specific case.

Insurance providers use your unit’s unique details to calculate your condo coverage cost, including property type, location, and replacement cost. The more details you provide, the more accurately insurers can assess risk, probabilities, and cost. Generally, the more risk your property brings, or the more expensive repairs and replacements may be, the higher your premium will be. When determining your rate, condo insurance providers look at the following factors:

You can take several steps to get the cheapest condo insurance rate, including bundling policies, choosing a secure building, and opting in for a credit check. Here are ways Ratehub.ca users save on their policy.

According to the 2025 National Condominium Report from RE/MAX, buyer interest was weak in 2025 despite lower prices because the market was oversaturated with units.

All seven major condo markets analyzed in the report saw lower resale activity. Housing hotspots like Toronto and Vancouver experienced slight declines in condo prices, while Edmonton, Calgary and Halifax saw slight increases when compared to the previous year.