Do I need condo, home, or tenant insurance for my condominium?
- lauryn04
- 4 days ago
- 3 min read
Written by Annette Hynes | Published on: March 2, 2022 | Updated: May 2025
💡 WAVE Tip: Talk to a Broker
Still unsure what policy fits your condo situation? That’s where an insurance broker comes in. A licensed broker can help you determine exactly what kind of policy you need, shop the market for the best rate, and customize your coverage to suit your lifestyle.
Moving into a condo is exciting—but figuring out which type of insurance you need to protect your new space can be a bit confusing. With "condo" in the name, it might seem obvious that you’d need a condo insurance policy. But depending on the setup of your unit and your ownership situation, a home insurance or tenant insurance policy might actually be a better fit.
Here’s a quick guide to help you understand which type of insurance you should get when moving into a condominium.
🏢 When You Need Condo Insurance
Most traditional condominiums—whether in high-rise buildings, low-rises, or stacked townhouses—are known as conventional condos. You own your unit within its walls, but everything outside (hallways, lobbies, roofs, landscaping) is typically considered shared or common property managed by the condo corporation.
If that’s your setup, and you both own and live in your condo unit, then a condo insurance policy is the right choice.
This type of policy will typically cover:
Your personal belongings
Upgrades or improvements to your unit (like a new kitchen or custom flooring)
Personal liability (if someone gets hurt in your unit)
Additional living expenses (if you need to move out temporarily due to damage)
Protection against identity theft (included by many modern insurers)
Your condo corporation’s insurance handles coverage for the building structure and common areas, but you’re responsible for everything within your unit’s walls—so make sure your own coverage is thorough.
🏠 When You Need Home Insurance
If you're buying into a bare land condo—a setup that often looks more like a townhouse or duplex—things are a little different. With this type of condo, you not only own your unit but also the land it sits on (such as a front or backyard), and in many cases, you’re responsible for the exterior structure as well.
In these cases, a home insurance policy is usually the better fit. It offers broader protection that extends to the building's exterior, landscaping, and any detached structures like a shed or garage.
Your home insurance policy should include:
Dwelling coverage (for the structure itself)
Contents coverage (for your stuff)
Liability protection
Coverage for additional living expenses
Optional endorsements for extra protection (like water damage or sewer backup)
More insurers today are recognizing bare land condos and tailoring home insurance policies to suit them—just another reason to talk to a broker to get it right.
🔑 When You Need Tenant Insurance
If you’re renting a condo—whether it’s a high-rise unit or a townhouse—you don’t need to worry about insuring the building itself. But you do need to protect your belongings and yourself. That’s where tenant insurance comes in.
Tenant insurance is often overlooked, but it can be a financial lifesaver. It covers:
Your personal belongings (furniture, electronics, clothing, etc.)
Liability (if you accidentally cause damage or someone gets hurt in your unit)
Additional living expenses (if you're temporarily displaced)
Identity theft protection (included with many policies today)
Your landlord’s policy won’t cover your belongings or personal liability, so having tenant insurance is essential—even if it’s not required by your lease.
Don’t leave it to guesswork—connect with a licensed broker who understands the differences and can match you with the policy that fits your space, your lifestyle, and your budget. Whether you need condo, home, or tenant insurance, we’re here to help you get the protection you need with confidence.
Have more questions? Contact us today! Toll Free: 1-855-809-5166 Email: hello@waveins.ca
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