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Why should I buy condo insurance?

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 its contents – like your furniture, clothing, electronics, bikes and all the other things you love.

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Condo building.
Cars parked in front of condo building.
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Bundle your condo and car insurance for great savings

Combining your condo and auto coverage could save you hundreds on insurance. As a brokerage for over 70 of Canada’s top insurance companies, we have access to some of the best rates around.

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What does condo insurance cover in Ontario?

Most condo insurance policies cover the following:


Your belongings

Covers all the contents in your condo, like your clothing, television, furniture, electronics and everything else you love.

More about contents coverage


Medical expenses

Even if a court doesn’t find you responsible for someone else’s minor injuries, this coverage can pay for their treatment.

Liability umbrella


Protects you financially if someone is accidentally hurt while visiting your condo or if their stuff is damaged or stolen.

Broken window

Minor property damage

You can voluntarily pay someone if you cause minor damage to their property, and this coverage will reimburse you.

House and money

Living expenses

If you have a claim, this protection helps cover daily expenses you wouldn’t normally have if you could stay in your condo, like hotel, meals and possibly storage for your stuff.


Betterments and improvements

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


Unit additional protection

This is a special coverage that protects you if your condo corporation has no insurance, or it doesn’t have enough, for the parts of your unit that they are responsible for.

Other factors

Common elements loss assessment

Your condo corporation should have insurance for common elements of the building like elevators, walls, pipes, etc. This may help pay your portion of a common loss if the corporation’s coverage doesn’t.

Frequently asked questions about condo insurance in Ontario

A great thing about condo insurance is that it’s generally quite affordable. And, if you already have an auto policy, combining it with your condo policy can add up to big savings.

The average monthly cost of Ontario condo insurance is around $40 to $50.

Premiums can vary depending on several factors, including where you live, your credit score and whether you have past claims. Each condo situation is different, but one of our experts can help.

If you’re insuring a freehold condo townhouse, your premium will be closer to what you would pay for other homes.

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.

Generally speaking, no it’s not. if you use your condo as a place of business (something you must tell your broker and insurance company) there may be tax deductions available.

No one is legally required in Ontario to have property insurance, but the strata corporation of your condo may require you to have coverage. If you need a mortgage, your bank or lender will likely ask for proof of condo insurance.

This is a policy held by the strata council or condo corporation that covers the entire building and the common elements that are shared by all unit holders.

Most master policies cover the building structure, common elements areas and your standard unit. You’re responsible for any upgrades made to your unit. All unit holders are included as policyholders under a master condo policy. Deductibles can be quite high for a master policy (sometimes $25,000 or more) 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 policies 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 can purchase master policies together to reduce premiums and increase coverage options for the condo associations.

Pooled condo insurance can also mean that several insurance companies are working together to insure a larger condo. For example, if a condo needs $50 million in coverage, five companies may split the risk and take on $10 million each. This is also sometimes called a pooled 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 and budget. Since there are many companies and products available it can be hard to determine what is ‘the best’. That’s why talking to an insurance broker is the best place to start.

This is a complicated question because there are lots of things to consider. You should have enough coverage for the contents of your unit, any upgrades you’ve made, plus enough to cover your portion of the deductible on the condo corporation’s master policy. If you have a mortgage, the lender may have a requirement for certain limits. Generally, you should have enough coverage so that no loss will put you in financial trouble.

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. Call or email us to get started on a quote.

Ted Kazanowski2/07/2024
I phoned Mitch Insurance Brokers for a home and cottage insurance quote. I was pleasantly surprised by the professionalism that Meghan Spencer exhibited during our conversation. Her interpersonal and client skills were exceptional. Meghan’s knowledge of my insurance needs were excellent. She took the time and patience to find the most suitable policies that catered to my personal insurance. I would highly recommend Mitch Insurance Brokers for any home insurance quotes.
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Padmin Thilakasinghe8/24/2022
Great service. Tania was able to get me the best deal for my auto and condo insurance. Highly recommended.
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Fred K.8/15/2019
Jeff Logan was a great broker, as he helped me with insuring my condo while I was ice fishing! Could not have asked for a smoother process.
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As a brokerage for over 70 of Canada’s top insurers, we have access to a wide range of insurance solutions at some of the best rates in Ontario. Want to learn more about the coverage options available to you? Here’s a few of them.