Ontario condo insurance

As far as we’re concerned, all condo owners should carry condo insurance. 

However, condo insurance isn’t required by law in Ontario (unlike car insurance), so it’s up to you as the owner to decide to purchase it. 

Having said that, if you have a mortgage, your lender will require you to provide proof of insurance – and so will many Ontario condo associations. 

One way to gauge whether you should purchase condo insurance is to ask a simple question:

Would you be able to (or want to) cover the cost to replace your belongings and repair damages to your condo’s property out of pocket? 

If not, condo insurance can save you financially if you need to make a claim, or are found responsible for damages to a third party. 

Read our full guide on condo insurance in Ontario to get up to speed with the requirements. 

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Just like any other insurance coverage, condo insurance policies are determined on a case by case basis. 

In plain language, here are the coverages to ask about when purchasing your Ontario condo insurance:

• Coverage for the value of your personal belongings (aka: your stuff)
• Coverage for improvements that you’ve made to your condo
• Coverage in the case that your condo becomes temporarily unlivable
• Coverage for damages made to common areas of the building

Still have questions? Need a condo insurance quote in Ontario?

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In short, Ontario condo insurance can cover your personal belongings, accidental damages to a third party, and temporary living costs after a claim. 

Be sure to tailor your policy to your personal needs, and to the value of your belongings, so that you’re not paying more (or less) than you should. 

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In Ontario, the average condo insurance cost is around $345 a year. 

Divided by twelve, that works out to around $29 a month.

That said, costs vary depending on your unique needs as a condo owner. 

For example, things like the square footage of your condo and the amount of contents coverage that you purchase will affect the price. 

The best way to know how much your Ontario condo insurance will cost is to get a personalized condo quote. 

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In Ontario, there are two subsets of condo insurance. 

These include condo corporation insurance – which you pay into as part of the condo building fees – and personal condo insurance. 

Personal condo insurance is made up of five main coverages, which include:

• Contents: This covers your personal belongings, including furniture, jewelry, appliances, and more. 
• Civil liability: Provides coverage in the event of responsible damages to a third party. 
• Additional living expenses: Covers the cost of temporary living accommodations if your condo unit is rendered uninhabitable due to a claim. 
• Betterments: This coverage protects the value of any improvements you’ve made to your condo unit in the event of damages. 
• Loss assessment: Provides coverage for responsible damages made to common areas in the condo building. 

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While condo insurance isn’t legally required by the province of Ontario, if you have a mortgage, your lender will require it. 

In addition to this, your condo association will likely demand proof of insurance before you move in. 

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So, you’re looking for the best condo insurance in Ontario?

The answer isn’t always cut and dry – there’s no one company that consistently offers the best condo insurance. 

That’s because each condo owner’s unique situation requires different coverage. 

So, the best way to find the best Ontario condo insurance for you, is to shop around and get multiple quotes. 

Just make sure to compare both the coverage type, the amount and the price. 

An Ontario condo insurance broker (like KBD) can do this for you. 

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Insurance prices fluctuate with the overall market, and condo insurance is no different. 

Factors that can affect increasing condo insurance costs include:

• Rising costs of new condominium construction 
• Condo buildings with older materials carry a higher risk  

While you can’t always avoid market-driven cost hikes, there are a few ways to keep your condo insurance premiums as low as possible. 

For example, consider getting a higher deductible, bundling your condo and auto insurance, and making improvements to your condo unit. 

For more ways to lower your premium, get in touch with your Ontario condo insurance broker. 

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