Knock, knock. Who’s there? Your condo insurance broker wants to know…
Whether a condominium is owner-occupied, rented out or vacant can affect its insurance coverage and cost. Brokers interviewed by Canadian Underwriter say owners should report changes in occupancy or use, rather than assume an automatically renewed policy still provides appropriate protection.
For owners renting out their units, rental-income coverage can replace lost rent when an insured event makes the property uninhabitable, subject to policy limits. Vacant units may face higher premiums, narrower coverage and specific inspection requirements, with some insurers restricting water-damage protection. Requirements vary by insurer.
Business activities within a unit, including a tenant’s home-based business, can also affect insurance arrangements. Owners should discuss these circumstances with their broker and confirm coverage during vacancies, repairs and changes in tenancy.
Source: Canadian Underwriter — Phil Porado, November 4, 2026.