Ontario Condo Insurance

Get the Condo Insurance You Need

A condominium is like any other real estate asset that you purchase, you need to protect yourself from unexpected loss that it may sustain.

Why Should I Buy Condo Insurance?

While the condominium may have a strata corporation that insures the building and common elements that insurance does not always apply to unit owners and there can often be gaps in coverage. 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.

What does condo insurance cover?

The basic coverages included in most condo insurance policies include:

• Personal Property: Protects the contents in your condo—items such as clothing, furniture, television, etc.
• Loss of your Unit: this is a coverage that provides for any additional living expenses you may incur while your condo is unlivable, any maintenance fees that are charged to you while until is under repair and you are not in it, fair rental value if it or a portion that is rented may not be fit for occupancy, prohibited access but civil authority where you are unable to access your unit due to a loss by an inured peril at a neighboring unit or common elements area.
• Additional Living Expenses: If you cannot live in your unit after an insured loss, this coverage will help to cover some of your expense.s
• Betterments and Improvements – provides protection for any upgrades you have made to your unit
• Third Party Liability: Protects you financially if you unintentionally cause bodily injury or property damage to others inside your unit or anywhere in the world.
• Unit Additional Protection: your unit will be insured if the condo corp has no insurance, inadequate insurance or ineffective insurance.
• Common Elements Loss Assessment: Helps pay your share (up to policy limit) if there is a loss not covered by the condo association’s insurance policy.

Additional coverages may be included or excluded depending on the insurer and there may be endorsements that require additional premium.

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.

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.

Common Questions About Condo Insurance

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.