Condo Insurance: Compare Affordable Quotes

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Affordable condo insurance designed just for you

Condo insurance is unique. As a condo owner, you have specific insurance needs that are different than owning a house or renting. It's important to have condo insurance that protects your personal belongings and gives you liability protection.

Whether you live in a condo building, townhouse, or condominium complex, we can help you get affordable personalized condo insurance. With ThinkInsure, you can quickly find the best quote by comparing rates from the top condo insurance companies in Canada.

Get started by comparing quotes online or call us. Our advisors will give you a quote and make sure you get proper condo insurance coverage. Keep reading to learn more about condo insurance and how you can save on your policy.

How to get a condo insurance quote

You can quickly compare condo insurance quotes from Canada's top insurers instantly.

1) Begin your quote

Enter some basic information.

2) Enter your information

Enter your condo details.

3) Compare quotes

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Select the best rate

Choose the best rate and get your condo policy.

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How does condo insurance work in Canada?

Condos have been a staple in the Canadian housing market for decades. Just like with detached properties, you need to protect yourself with a good condo insurance plan. If you rent a condo, you’ll still want to have a renters insurance plan to cover your personal items.

What is condo insurance?

Condo insurance is a type of property insurance that is designed specifically for condominiums. It is for people who own and live in a condo. It protects your personal belongings and provides liability protection, and additional living expenses if you’re displaced. It’s not mandatory and policies are generally cheaper than regular home insurance in Ontario or other parts of the country.

What makes condo insurance different?

Condo insurance works the same as other insurance in the sense that it provides you with protection in exchange for the premium you pay. It is similar to home insurance. But it is also different in many ways.

The main difference is it's focused on your property items and the interior of your unit. You do not have coverage for the building structure or common areas within, nor do you need it. This is covered by the condo corporation’s plan. But you, as a condominium owner, pay into this as part of your condo fees.

Condo building corporation insurance does not cover your specific unit. It's your responsibility as a condo owner to purchase insurance that protects you against common threats.

But your policy needs to work in unison with your condo building policy and its rules regarding insurance requirements.

If you are leasing your residence in a condo building, be sure to have rental property insurance in place. Make sure you inform your insurer when comparing prices.

Is condo insurance mandatory?

Condominium insurance is not a legal requirement, but this doesn't mean you don't need it. There are two components of owning a unit that will require you to have insurance.

Mortgage: Most banks and financial lenders require you to show proof of insurance to qualify for a mortgage.
Condo corporation rules: Condo corporations require owners to have a plan before they move in. So even though it is not mandatory, it is something you will need to have if you want to own a condo.

Why do I need condo insurance?

Condo insurance gives you financial protection and peace of mind. If your place is damaged from a fire that started in your unit, someone broke in, or a visitor was injured in your condo, you’d personally be on the hook if you didn’t have insurance. Insurance gives you peace of mind in knowing you have protection in the event your place is damaged, or you are liable for an injury or cause harm to a third-party person.

Who regulates condo insurance in Canada?

As with other types of insurance, the Insurance Bureau of Canada (IBC) oversees condo insurance. Since condo insurance is a type of property coverage, it's regulated at the provincial level.

What information do I need to get a condo insurance quote?

Getting your information organized beforehand can help you quickly complete a condo insurance quote online. Here’s the information you’ll need to get a quote:

Address: Your street address and postal code
Status: Do you own or rent?
Mortgage: How many mortgages do you have on the property?
Time at address: What year did you purchase it?
Residents: Who will live with you? Just you? Your family? Others who are paying you rent? Is this your primary residence? Do you want to add roommates to your policy?
Home sharing: Do you participate in home sharing? If so, how often?
Use: Do you run a business out of this location? If so, do you want to add business coverage?
Smoking: Is smoking permitted in the condo?
Pets: Do you have pets? If you have a dog, which breed?
Building age and features: What year was the condo built? How many floors? What is the construction type?
Unit: How many bedrooms? Has there been any water damage claims in the past 3 years?
History: Do you currently have a policy? Have you had claims in the past 10 years? Have you had a policy cancelled or non-renewed? If so, why?
Credit history: Do you authorize the insurer to run a soft credit check on you?
Coverage: Do you want condo owners protection coverage? Do you need insurance for collectibles, jewelry, or sports equipment? How much contents, liability and additional living expenses coverage do you want?
Deductible: What deductible amount do you want?
Policy date: When do you want the policy to start?
Payment: Do you want to pay monthly or annually?

What is condominium insurance for strata corporations?

There are two general types of condo insurance. The coverage you take out as a unit owner, and the policy taken out by your condo corporation. It's also referred to as strata insurance or condo corporation insurance.

Corporate condo insurance is the policy the building management takes out to protect the building structure and the common areas. It also provides liability protection if an individual is injured in the common areas. Condo owners do not take out this policy, but part of your condo fees is used to pay for the premiums.

Corporate condo insurance does not cover unit improvements, your personal property (if lost or damaged), loss of unit or additional living expenses.

Condo insurance policy options

Here are the three main types of condo insurance policies to choose from:

Comprehensive condo insurance (all-risk): Similar to comprehensive home insurance, this protects you from the greatest amount of threats to your contents and condo. You have coverage unless it's specifically excluded in your policy. 91% of our customers choose comprehensive condo insurance.
Broad form condo insurance: This plan is similar to broad form home insurance. It protects against the threats that are listed in your policy.
Specified perils condo insurance: This is similar to named perils home insurance. You have protection against common perils, but not all. Coverage includes the threats listed in your policy.

What is covered by condo insurance?

Standard condo insurance covers your contents, upgrades to your unit, personal liability and more. It typically includes everything that is not in your condominium association’s master policy. It covers:

Personal contents

Loss or damage to your stuff in your unit. The value of your stuff can add up to a lot more than most realize. Keep an inventory of your belongings to have an estimated value of your items. If you have a lot of items or have specialized needs, consider adding extra contents insurance.

Some plans also include content in storage lockers, personal property at other locations (storage), and property in your vehicle. Your coverage amount varies based on your policy type.

Unit upgrades and improvements to fixtures

Often referred to as betterment, this is coverage to update fixtures such as appliances, wiring, plumbing, and carpets. This is above what is offered by your condo corporation insurance limits. The value of these upgrades is assessed and incorporated into your coverage. This is applicable during a rebuild and it ensures you have compensation to cover the replacement cost of your residence.

Condo corporation assessments

You will get reimbursed for assessments on your unit or communal areas by your condo association.

Personal liability

You'll be covered if someone gets injured while visiting your place. For example, your dog bites a delivery person. You also have liability if you accidentally cause damage to other areas of the building. For example, your dishwasher leaks and causes water damage to a neighbouring unit. If one of your guests is injured or you break something in a common area of your condo, such as the party room or a hallway, your condo building insurance will cover the claim. Plans typically include $1,000,000 to $2,000,000 in coverage.

Additional living expenses (loss of use)

Get compensation for loss of use if your place is uninhabitable while it is being fixed after an insured loss or damage. This can also be referred to as loss of unit coverage. Get up to 25% of your content coverage limit.

Loss assessment

This covers your portion of any condo corporation assessment because of an injury or loss event in a common area in your building. This includes your lobby, elevator, stairs, gym, and party room. This covers you if your condo building doesn’t have enough insurance. This will also cover you if the building deductible is passed on to condo owners. You have protection up to your liability coverage limits.

Unit additional protection

This protects you in the event your condo corporation does not have valid or enough insurance to cover the full cost of a loss in your unit. For example, a severe storm breaks your patio door. But your condo corporation didn’t have enough insurance. Your policy will cover the balance, so you don’t have to pay out of pocket.

What is not covered by condo insurance?

Condo insurance does not cover high-value items such as expensive jewellery and collectibles. If you want these items insured, you should take out additional insurance during the quoting process.

You also do not have insurance for business use or when renting out your unit on Airbnb and other home-sharing platforms. Water damage is not part of a standard policy. You will require an endorsement. Here is a list of things that are not covered in standard policies. Optional coverage may be available:

Jewellery
Bicycles
Sporting Equipment
Business property or activities
Collectibles
Fine art
Watercraft

Here are perils that are commonly excluded:

Wear and tear
Overland flooding
Landslides
War and terrorism
Nuclear contamination

Optional condo insurance coverage

Want to enhance your plan? Do you have high-value items that you want to protect? Standard condo insurance plans may not be enough. The good news is you can add enhancements to boost your protection. You can easily customize your plan by adding insurance endorsements:

Water damage insurance: Get extra protection to protect if water issues arise in your unit.
Sewer backup insurance: A clogged pipe or backed-up sewer can cause water to flow out of your tub, sink and other areas. Add this coverage, especially if you live on the main floor of a building.
Earthquake insurance: If applicable, add this protection if you live in a region where earthquakes are possible. They can cause significant destruction, especially to high rises.
Home-sharing: If you plan to rent out your place on Airbnb, VRBO, or other home sharing sites, inform your insurer. Add a home sharing or Airbnb insurance rider to ensure you have adequate safeguards in place.
Home-based business insurance: If you plan to run a business out of your residence, make sure you have home business insurance in place. Otherwise, you are not covered for any business activities. Your business equipment is not covered.
Identity theft insurance: Fraud and identity theft are on the rise. If you are a victim of identity theft, having this coverage can be an invaluable resource for recovering.
Specialty items: Want to insure your bike? Collectibles? Other high-value items? Take out additional coverage to protect these specialty items.
Jewellery insurance: If you have an extensive jewellery collection, you’ll need to take out a rider to increase your plan limits.
Directors and officers liability: This provides you with liability protection if you are a member of your condo board of directors. It protects you from lawsuits because of your actions as a board member.
Umbrella insurance: Get additional coverage that goes beyond your existing policy limits.

How much does condo insurance cost?

Condo insurance is more affordable than most realize. It is less than standard property insurance. Based on ThinkInsure customer premiums, we estimate condo insurance costs about $741 per year. This is about $62 per month.

Average rates depend on a variety of factors (see below), including whether you rent or own the condo. Increasing your plan limits and adding endorsements will increase your premium.

Location is the main consideration. For example, condo insurance in Toronto or Ottawa is more expensive than coverage in a smaller city.

Is condo insurance more expensive in bigger cities?

Yes, condo insurance can be more expensive in a larger city. Your property location can have a big impact on how much you pay. For example, if you live in a neighbourhood with a high volume of crime, there are more frequent break-ins and more claims, and you will have higher rates.

Here’s a look at our customer premiums by location:

Location	Annual Premium	Monthly Rate
Ontario	$741	$62
Toronto	$730	$$61
Ottawa	$957	$80
Other cities	$740	$62

Why do condo insurance rates continue to increase?

Condo insurance rates are on the rise, much like other types of insurance. Post-pandemic, premiums have increased up to 25% in some areas of the country.

There are several contributing factors.

Renos: There was a surge in renovations, increasing the replacement cost of the condo. However, there was also an increase in claims stemming from inexperienced renovators causing fires, water damage, and other issues.
Weather: The increase in extreme weather events also increased claims costs and frequency.
Real estate: The increase in condo prices increased replacement costs.
Condo insurance historically underpriced: Condo insurance, much like homeowners insurance, has been historically underpriced. Rates are increasing to keep up with inflation.

How to get the cheapest condo insurance

We know saving money is important to you. There are a variety of things you can do the get the cheapest condo insurance.

Bundle: Combining your condo and auto insurance will qualify you for a discount on both. Simplify and save!
Claims free: Think twice before you file. It could affect how much you pay for multiple years to come.
Mortgage-free: Paid off your mortgage? Congratulations! You can also qualify for insurance savings!
Customer loyalty: The longer you stay with your current insurance provider, the more you will be rewarded with savings.
Multiple properties: Own more than one property? Combine insurance to save on all of them.
Retiree: Some offer savings to individuals who are retired. If you’ve recently retired, make sure you look into this savings opportunity.
Boost security: A monitored security alarm will help you protect your unit while also helping to reduce your rates. Reducing liability helps you save.
Increase your deductible: The more you increase, the more you will save. Choose an amount you are comfortable paying out of pocket if you choose to file a property claim.

Why having proper condo insurance is important

Your condo is a large financial investment and not being insured properly could be very costly. It's important to ensure you are adequately protected by getting the right condo insurance policy. Many condominium owners are unclear about what is and is not part of their plan:

61% assumed their building management company’s insurance would cover water or fire damage to their unit.
74% are unclear about what their personal insurance should cover compared to what the condo corporation’s policy should cover.

How do you know if you’re getting the best rate? How do you know you have the right amount to protect your belongings? Do you know what threats or risks are included? A good insurance advisor will make sure you understand your plan and provide advice to make sure you're covered. Speak with a ThinkInsure advisor today about your condo insurance needs.

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

Phyllis Baker

2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

Charles Cameron

2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

Mark Gaffney

2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

Condo insurance and Canadian condominium stats

Condos have become commonplace in Canada. Over 13% of Canadians live in one. The first condominium development was erected in 1967 in Edmonton. Today close to 2 million households reside in condominiums. About one-third of these units are rented to more than 600,000 people. The vast majority are in Vancouver, Toronto and across the GTA.

Approximately one-third of Vancouver residents live in a condo. About 20% of people in other large cities such as Toronto, Edmonton and Calgary live in them.

They continue to grow in popularity because of their advantages. You don’t have to worry about yard chores. Buildings come with great amenities. They are often located in centralized locations. They offer great security.

The price is on the rise like all other real estate. The price, your location, and how you use your unit all affect how much you will pay to protect it with insurance.

Here are some insights into the condominium market in Canada:

Stats	Amount
Average Cost In Canada	$594,000 (May 2022)
Percentage Of Condos	12.1% of households
Rented	26.6% are rented
Owned	67% of owners are a couple-family
Age Of Owners	19.8% are under 35 26.1% are 65 and over
Types	Low rise apartments (36.3%) High rise apartments (30.9%) Rowhouse (22.9%)

Source: Statistics Canada

What cities have the highest concentration of condos?

As you would expect, most condos are in big cities across the country. The top 10 CMAs make up more than three-quarters of condo households in Canada, with Toronto and Vancouver leading the way. Here is a list of some of the cities where the greatest portion of condo insurance plans are in effect:

City	Percentage
Vancouver	32.5%
Toronto	23.9%
Calgary	23.8%
Edmonton	20.5%
Montreal	18.7%
Guelph	17%
Red Deer	14.7%
Ottawa	14.7%
Hamilton	14.5%
Kitchener	13.9%
London	13.7%

Source: Statistics Canada

How do condo insurance claims work?

No one wants to file a condo insurance claim, but it can happen. The more prepared you are to manage the situation, the quicker you’ll be able to get things back to normal. There are a lot of things you can do to prepare yourself. The first is to have a home inventory list of your belongings. The second is to understand how the condo insurance claims process works.

Here's a quick overview of some of the steps:

Inform the police if a criminal act occurred.
Make sure your residence is safe before entering. Take steps to secure it (shut off the water, call condo management to shut off power, etc.)
Call your insurance company as soon as possible.
Create a list of the destroyed or stolen items.
If you cannot live in your condo, decide with your insurer to find alternative accommodations.
Work with your adjuster to complete the proof of loss form.
If repairs are required, work with your adjuster to get pricing from contractors and plan repairs.
Agree upon compensation to replace lost items.
Complete repairs.
Close the claims.

This is a basic overview of the steps included in the process. Speak with your insurer to get an outline of their specific claims process.

Saving on condo insurance is easy!

Shopping for condo insurance? With ThinkInsure, you can compare condo insurance quotes online from our large selection of companies. Search for the most affordable rates in just a couple of minutes.

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2024-12-03

Condo Insurance

Save on condo insurance by comparing quotes from Canada's top providers to find a better rate.

Compare condo insurance quotes from top providers

Affordable condo insurance designed just for you

How to get a condo insurance quote

1) Begin your quote

2) Enter your information

3) Compare quotes

Select the best rate

How does condo insurance work in Canada?

What is condo insurance?

What makes condo insurance different?

Is condo insurance mandatory?

Why do I need condo insurance?

Who regulates condo insurance in Canada?

What information do I need to get a condo insurance quote?

What is condominium insurance for strata corporations?

Condo insurance policy options

What is covered by condo insurance?

Personal contents

Unit upgrades and improvements to fixtures

Condo corporation assessments

Personal liability

Additional living expenses (loss of use)

Loss assessment

Unit additional protection

What is not covered by condo insurance?

Optional condo insurance coverage

How much does condo insurance cost?

Is condo insurance more expensive in bigger cities?

Why do condo insurance rates continue to increase?

What factors affect condo insurance premiums?

Type and size

Location

Contents and replacement cost

Unit construction features

Claims history

Use

Renovation work

Deductible

Credit score

Pets

Get a condo insurance quote

How to get the cheapest condo insurance

Why having proper condo insurance is important

5 star condo insurance

Condo insurance FAQs

Why do I need condo insurance?

Am I covered by the condo owners insurance if I rent the unit from them?

Do I need condo insurance for Airbnb?

Is a fire covered under condo insurance?

Do condo fees include insurance?

How much condo insurance should you have?

Who has the cheapest condo insurance?

Is townhouse insurance different than condo insurance?

Does condo insurance cover appliances?

Does condo insurance cover special assessments?

Does condo insurance cover water leaks?

Is my storage locker covered by condo insurance?

Condo insurance and Canadian condominium stats

What cities have the highest concentration of condos?

How do condo insurance claims work?

Saving on condo insurance is easy!

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