What does condo insurance cover?

Your condo strata’s insurance generally covers the overall building and common elements, but not your unit. As a condo owner, you’ll need separate insurance, not covered by the strata, to protect your unit and all the stuff you have inside it – like your furniture, clothing, electronics, bikes and all the other things you love. Call us for a no obligation, stress-free quote. 1-800-731-2228

Save on condo insurance through bundle discounts

Combine your condo and auto coverage and you could save hundreds on insurance. As an outlet to over 70 of Canada’s top insurance companies, we have access to some of the best insurance rates for everything you love – like your condo, car, house and more. We’re also your personal shopper, so you never have to browse and compare insurance again. Call us today for a free quote. 1-800-731-2228

Good to know: What does condo insurance cover?

Everyone’s needs are different, but generally condo insurance covers the following things:

Personal property

Covers all your personal property in the condo, like your clothing, television, furniture, adorable Hello Kitty pillow set and everything else you love.

Loss of use

If you have damage so severe that you can’t stay in your condo, living expenses can be covered. If you rent the unit, you’re covered for lost income.

Other living expenses

If you have a claim, this additional coverage helps cover daily expenses you wouldn’t normally have if you could stay in your condo – like meals or other costs.

Condo improvements

This protects the value of any upgrades you’ve made to your place, like those stunning new kitchen and bathroom renovations, flooring and more.


Coverage if someone is accidentally hurt while visiting your condo or if their stuff – like a coat, bag or other belongings – are accidentally damaged or stolen.

Unit protection

If your condo corporation has no insurance, or it doesn’t have enough coverage, you can be protected for the repair or replacement value of your condo unit.

Common elements

Can pay your share of damage to any common areas not covered by the condo association’s insurance policy, so you get to enjoy your condo without any barriers.

Additional coverage

Interested in learning about other coverages to protect your condo? Call us at 1-800-731-2228 with your questions, we’re always happy to help with free advice.

Do I need condo insurance and other good things to know

A great thing about condo insurance is that it’s generally quite inexpensive. And if you already have an auto policy, combining it with your condo insurance can add up to big savings. The average monthly cost of Ontario condo insurance is around $40 to $50. There are unique situations that may require different coverages to be combined. For example, if you own a freehold townhouse condo, you might need a special kind of homeowners policy. Each condo situation is different, but one of our experts can help. Call us. 1-800-371-2228

Condo insurance is usually cheaper than homeowners insurance, as it doesn’t cover the actual physical dwelling like a home policy does. There could be other factors that might make condo insurance equally or more expensive than some homeowners policies – like the type of building, where it’s located, the construction style and the amount of coverage you need.

You’re not legally required to have condo insurance, but the strata corporation of your condo may want you to have coverage. If you have a mortgage or line of credit secured by your condo, you may be required to have coverage by your bank or lender.

Generally speaking, it’s not. if you use your condo as a place of business (something you should remember to tell your broker or insurance company) there may be tax deductions available.

The strata council or condo corporation will have insurance for the building, common elements and the individual units. You’re responsible for any upgrades to the unit. All unit holders are usually included as policyholders under a master condo policy. Deductibles can be quite high for a master policy and not all master policies cover every type of claim – this is why unit owners are encouraged to purchase their own personal condo insurance. Master polices are generally paid through your condo fees.

While it’s not common, sometimes a group of smaller condo buildings that are around the same size and construction will group their insurance together to reduce premiums and increase coverage options for the condo associations. Another form of pooled insurance happens when a condo is so large that insurance companies “pool” together to take on the risk.

A lot of insurance companies have great condo coverage, but there are some subtle differences. The best insurance is the product and coverage that fits your individual needs. There are a lot of options out there, but you don’t have to worry about it. As an outlet to over 70 of Canada’s top insurance companies, we’ll shop the different prices and coverages to find exactly what you need.

This is a complicated question because there’s lots of things to consider. You should have enough coverage for the value of your personal property and upgrades to your unit, as well as coverage for the condo corporation’s deductible – which can be high. Not to worry, we’ll sweat all the details and make sure you have the proper protection.