Ontario Condo Insurance

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Complete Insurance Coverage For Your Ontario Condo

A very common myth with condos is that because the condo corporation has insurance, you don’t need condominium insurance for your unit. The fact is, while the building itself may be protected, the contents inside your unit are definitely not.

As a condo owner, there are special requirements for your insurance policy because the building and your unit have separate insurance requirements. Condo insurance is valuable for unit owners because not only does it cover your personal property, but it also covers parts of your unit that aren’t covered by your association’s insurance policy.

Condo Insurance Coverages Include:

  • Personal Property: Protects the contents in your condo—items such as clothing, furniture, television, etc.
  • Additional Living Expenses: If you cannot live in your unit after an insured loss, this coverage will help to cover some of your expenses
  • Betterments and Improvements – provides protection for any upgrades you have made to your unit
  • Liability: Protects you financially if you unintentionally cause bodily injury or property damage to others inside your unit or anywhere in the world
  • Loss Assessment: Helps pay your share (up to policy limit) if there is a loss not covered by the condo association’s insurance policy

How Much is Condo Insurance in Ontario?

Another positive about condo insurance is that it is generally quite inexpensive. And, if you already have an auto policy, then combining it with a condo insurance policy can add up to big savings.

Cost of Condo Insurance in Ontario

Cost of Ontario condo insurance according to contents value, liability protection, and deductible.
Contents Limit $1M Liability $2M Liability
$300 DED $500 DED $1,000 DED $300 DED $500 DED $1,000 DED
$30K $28.08 $27.17 $25.25 $29.33 $28.42 $26.50
$40K $30.92 $29.83 $27.50 $32.17 $31.08 $28.67
$50K $32.92 $31.67 $29.08 $34.17 $32.92 $30.33
$60K $34.75 $38.17 $31.00 $36.00 $34.92 $32.25
$70K $37.08 $35.83 $32.92 $38.33 $37.08 $34.17
$80K $39.67 $38.17 $35.08 $40.92 $39.42 $36.33
$90K $42.33 $40.92 $37.50 $43.58 $42.17 $38.75
$100K $45.33 $43.92 $40.17 $46.58 $45.17 $41.42
$200K $95.08 $91.83 $83.08 $96.33 $93.08 $84.33


Sometimes there are unique situations that require different coverages to be combined. For example, if you own a freehold townhouse condo, you could require a homeowners policy with loss assessment added on.  Each condo situation is different, so it’s important to speak with a broker who can help you secure the right policy.

As insurance brokers, we work with a number of different insurance companies, so we can shop around and find the right policy for your particular needs. Please call us or email us to get started on a quote.

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