Affordable Condominium Insurance in Manitoba Designed for You
If the place that you call home looks a little different than your standard house, condo insurance in Manitoba is a must-have to defend your personal property and liability. As a condo unit owner, homeowner’s insurance may look a little different to you.
There is no need to spend hours and hours searching for condominium insurance. In Manitoba, residents can look to Guild Insurance Group to do all the heavy lifting for them.
We will break down the basics of condominium insurance in Manitoba for you so that you understand what you may need for your policy and what is crucial to know about condo insurance.
How Condo Insurance in Manitoba Works: The Basics
Condo insurance in Manitoba is not mandatory by provincial law, but without it you would be left on the hook for any losses you may experience – whether that is due to a natural disaster, a break-in, or injury where you are deemed at-fault.
It is a common misconception that you do not need condo insurance in Manitoba because your condominium corporation (or landlord) already has insurance. This is untrue! You still need insurance because your condo corporation’s policy will not include your liability and may leave your personal belongings exposed.
Your condo corporation likely already has insurance to cover their own liability and the building in which your unit is located – sometimes referred to as “bare land.” Condominium corporation insurance will typically have the policyholder choose one of a few options.
These options include all-in coverage, which offers the broadest protection for insuring a condominium building and may insure the building structure as well as a number of interior elements within the various condo units. All-in coverage will also include common areas.
Your condominium corporation may also opt for single entity coverage, which is not as broad in its protection as all-in coverage but tends to be the more popular choice for condominium corporations.
This form of insurance will insure all the real property within a condominium building, including common areas and some utilities, systems and appliances. This coverage does not include personal belongings of the residents.
Lastly, your condominium corporation may have bare walls coverage. This is the most limited form of insurance and will only cover common areas. This means that individual units nor installations, appliances, and fixtures will be covered. A bare walls policy will only focus on the physical structure of the condo building.
It is important to familiarize yourself with the condominium corporation insurance policy or “master policy” so that you can ensure your condominium insurance policy is designed to cover any and all gaps that the overarching coverage may leave. Standard condo insurance in Manitoba may include the following:
Personal Property Coverage
Your condo insurance may cover your personal belongings up until a stated limit for damages due to an insurable peril, if they are stolen, or lost. Some higher value items may require enhanced coverage to insure them for their full value. It may be of benefit to you to keep an inventory of everything you own to gauge their overall value.
If someone were to be injured on your property or if you were liable for damage to a third-party’s property, your condo insurance may cover any legal and/or medical expenses that could result if you are found to be at-fault.
Modifications and Alterations
If you were to make any modifications, additions, or alterations to your condo unit that are not considered to be part of your “standard unit” according to your condo corporation, you may be able to purchase coverage that would include reimbursement if your unit were to be damaged.
Loss Assessment Coverage
Your condo insurance may provide coverage (up until your policy’s stated limit) to cover damages to major property as well as liability losses for common elements of your condo if a special assessment has been filed against you. This can cover you if you are assigned a part of the loss because of your condo corporation’s deductible.
Purchasing Condo Insurance in Manitoba That is Right for You
Your condo insurance policy should reflect the condo corporation’s policy – i.e, it should cover any gaps that the master policy leaves. Your personal policy should also be regularly reviewed to ensure that it continues to meet your needs as accurately as possible. We believe in pragmatic insurance planning, which includes asking yourself the following questions about your insurance.
Have I recently made any modifications to my condo unit?
Does my liability limit reflect the standard’s overall lawsuit expenses?
Do I have any collectibles or high-value items which may exceed my property insurance limits and require additional coverage?
Does my personal property coverage reflect the overall value of my belongings?
Guild Insurance Group goes beyond average to provide you with the right advice to help you make the best decisions possible and want to continue to meet your needs. If you have any further questions regarding condo insurance in Manitoba, contact us today.