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Condo Insurance Tips

January 27, 2017

Downtown Winnipeg is changing.  Sidewalks and skywalks are bustling with activity.

From the MTS Centre being downtown’s centerpiece, the addition of the Canadian Human Rights Museum, Hydro’s state of the art office tower, to the new build of the ALT hotel and Stantec offices. There is no doubt, downtown Winnipeg is getting a facelift.

Not only is downtown changing; the demographics are too.  More people want to live downtown.

This call was answered by Winnipeg's real estate developers.  From the historic District Condos in the exchange district, to the high-rise looking glass that is Glasshouse Condos, to the amazing views of the assiniboine captured by D Condos, and looking ahead to the future of condo development: SkyCity, there is something for everyone.

So, once you have found the perfect fit for you; it’s time to think about insurance.

Here are some tips to make sure you get the right coverage at the right price.

It is a common mistake to make, thinking that, as a part of a condominium building you don’t need your own insurance.  Many people believe the condo association’s policy will cover them, this is rarely the case.  The policy that the condo association holds typically only protects the common areas (elevators, gym, lobby, etc.) but it will not cover any renovations or improvements you have made to your unit, personal liability if a guest gets injured, or your personal belongings.

Figure out how much coverage you need.

The needs of condo owners are very different from homeowners.  While the condo association covers the building, your personal belongings still need to be insured.  To figure out how much coverage you need, make an itemized list of all your belongings, put an approximate value to those items (depreciated value) and add them all up.

Determine the type of condo insurance to buy.

There are two basic policies: specified perils and all perils.

Specified perils is the most basic, no frills of the two.  As its name suggests, it only protects your belongings against risks mentioned in your policy.  Common risks included are fire, lightning, smoke, vandalism.

All perils is a more comprehensive policy.  It offers you the highest level of protection.  You will be protected against everything except specific perils outlined in your policy. 

There is no one-size-fits-all policy for condo insurance; it depends on the individual and their specific situation.  If you have a rainy day fund with six months living expenses, you may be able to get by with less coverage. Similarly, if you are a first time homebuyer and dont have many possessions, going with specified perils may make the most sense for you.

Talk to your MIG Insurance broker today to help you find the perfect fit.

More tips!

·         Take the time to photograph or videotape your possessions for record

·         Keep receipts for any items you buy in a secure location away from your condo unit (you don’t want to lose them in a fire)

·         Record serial numbers of electronics, bicycles, and any other high-value product

·         Take the time to update your list of belongings once a year or whenever you make a major purchase.

With all the new condos going up in Winnipeg, you might just find yourself settling in to one; when the time comes, follow these tips to make it a smooth transition.

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