Condo insurance

In 2021, the average condo insurance cost is $543/year in the province of Quebec and roughly the same price in Ontario.

Unlike cell phone or internet plans, condo insurance prices vary from client to client.

Another big factor that will influence your premium is the amount of personal belongings you need to insure. A condo insurance policy with $100,000 in contents to insure will be more expensive than a condo with $20,000 in contents.

Condo insurance works by combining the condo association’s insurance with your personal condo insurance. Your condo association’s insurance covers your base unit (anything about your unit that came standard in the original planning) and the common areas of the condo building. Your personal condo insurance covers:

• Your contents (personal belongings – example: your sofa, television, jewelry, etc.)
• Your civil liability (damage you can cause to others – example: your neighbours, common areas of your condo building, etc.)
• Additional living expenses (costs associated with living somewhere else because your condo/condo building is damaged – example: food costs, hotel costs, travel costs, etc.)
• Improvements to your condo (example: renovations, high-end finishings that did not come standard with your condo unit).
• Excess insurance not covered by your condo association (usually associated with common areas of the condo building).

Your condo association’s insurance covers your base unit (anything about your unit that came standard in the original planning) and the common areas of the condo building (pools, rooftop terraces, lobby, gyms, etc.)

Pro tip: Ask for a copy of the condo association’s insurance policy to know what coverage your condo association has. Don’t forget to verify the deductible – in the event of a claim, each condo owner has to pay out of pocket for repairs to the building to be done.

There are a few ways to receive condo insurance quotes online:

• Condo insurance broker websites (like KBD) can compare prices for you
• Directly visit major insurance company websites:
  • Intact
  • Belair
  • The Personal
• Aggregator websites like rates.ca or clicassure.com

A free 3-minute quote will provide more of an estimate than an accurate price.

Civil liability protects you from being sued for damage you may cause to others.

Example: you accidentally dropped a dumbbell and shattered all the mirrors in the weight lifting room of your condo building. Without Condo liability insurance, you could be sued by your condo association for the damages you caused to the common areas of the condo building.

Another example: while waiting in the elevator, your dog bites a child’s hand. The child’s parents could sue you because your dog is considered your property and therefore your responsibility.

In both scenarios, condo liability insurance could save you from reaching into your own pocket.

At KBD, we suggest carrying $2 million in condo liability insurance.

There are 5 main condo insurance coverages:

1. Your contents –  (personal belongings – example: your sofa, television, jewelry, etc.)
2. Your civil liability – (damage you may cause to others – example: your neighbors, common areas of your condo building, etc.)
3. Additional living expenses – (costs associated with living somewhere else because your condo or condo building is damaged – example: food costs, hotel costs, travel costs, etc.)
4. Improvements to your condo – (example: renovations, high-end finishing’s that did not come standard with your condo unit)
5. Loss assessment – Excess insurance not covered by your condo association (usually associated with common areas of the condo building)

Condo insurance coverage is personal and the protections/amounts needed will vary from person to person.

To find out how much condo insurance you need, we suggest the following:

• Write a list of all of your personal belongings and how much it would cost to replace them. This is called taking an inventory and will determine the dollar value of all your belongings.
• Ask for a copy of your condo association’s insurance policy so you can double check that there aren’t any specific coverages missing and find out how much the deductible is. In the event of a claim, the condo association’s deductible is divided evenly among all condo owners.
• Buy $2 Million in civil liability. The standard for a Montreal condo insurance company is $1 Million, but for a difference of only about $20 per year, you can insure for an extra $1 million. Worth it. 

At KBD, we suggest our clients insure themselves for $2 million in civil liability.

Shop & compare. You can shop and get quotes online or by phone.

Online:

• Condo insurance broker website (like KBD)
• Direct insurance company
  • Intact
  • Desjardins / Statefarm
  • Belair
• Aggregator websites:
  • Clicassure.com
  • lowestrates.ca

Phone:

• Contact directly all options listed above!

Condo insurance policies vary greatly from one company to the next. The only way to find out which company is right for your needs is by shopping amongst some the top Canadian insurance companies, such as:

• Intact
• Belair
• Desjardins
• All-State
• Promutuel
• La Personnelle
• La Capital
• SSQ
• Wawanesa

As a condo insurance broker, KBD works with Economical, Intact and L’Unique to find broad protection and the best rates.

There are 5 main ways you can lower your cost:

• Raise your deductible – The more you are willing to pay for repairs done on damage to your condo and/or property, the less you’ll pay for home insurance.
• Avoid making small claims – Insurance was not designed to be a maintenance package. If the cost to repair the damage is less than twice the amount of your deductible, pay out of pocket instead of making a claim.
• Install anti-water damage systems, such as:
  • Water leak detection sensors
  • Automatic water shut-off
• Install both fire and burglary alarms that are connected to a central station.
• Bundle your condo & car insurance – The more insurance products you have with an insurance company, the more discounts you’ll receive.