Condo insurance in Manitoba can cost between $25-$35/ month. Condo insurance varies from one city/province to the next. The exact amount can vary, however, depending on various factors, including your location and insurance record.

No, condo, home, or tenant insurance is not mandatory in Canada, although the condo association, or the owner of the condo, may require you to have to move in. You also need insurance to secure a mortgage to purchase a home or condo. So, even though it is not legally required to have, there are other outlets that may require the homeowner to purchase it.

If you own a condo or rent a house or apartment, some landlords may require tenants to have tenant insurance before moving in and condo corporations and lenders may require condo unit owners to show proof of insurance before moving in as well.

Condo building insurance is different. This is purchased by the condo corporation to cover damage to the building and the common areas and liability on the property. This is usually included in the monthly condo maintenance fees.

There are so many types of condos, which means not all policies will cost the same. The factors that affect your condo insurance price include:

• Property Type
• Location
• Upgrades and Improvements
• Claims History
• Credit Score
• Building Construction

Condo insurance provides coverage for your personal belongings as well as any upgrades you have made to your unit. It also includes liability coverage and coverage for additional living expenses.

No, you cannot negotiate condo fees. And, they are never optional. Even though you move into a building with a pool, but never expect to use it, you still need to pay for its upkeep.