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.

On average, condo owners can expect to pay between $30 to $50 per month – or $400 to $600 per year – for a condo insurance policy. But remember, the rate you'll be paying depends on many factors such as location, property type, and building construction (to name a few). To get an accurate quote, go online for a free quote today!
 

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 a few factors that determine your monthly condo fees,  they include:

• The size of the building (a larger building has more owners to share the cost)
• The age of the building (newer buildings may have lower fees)
• The amenities 
• The neighbourhood

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.