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Canada's best condo insurance rates

Condo insurance is unique. As a condo owner, you have specific insurance needs that are different than owning a house or renting. It's important to have condominium insurance that protects your personal belongings and gives you liability protection.

Owning a condo is an important investment. It is one you need to protect with the right condo insurance. Whether you live in a condo building, apartment, townhouse, or condominium complex, we can help you get a condo insurance quote.

With ThinkInsure, you can quickly compare condo insurance quotes from the top insurance companies in Canada to find the best rate. Get started by comparing quotes online or call us and our advisors will give you a quote and make sure you get proper condo insurance coverage.

Keep reading to learn how condo insurance works in Canada and how you can find the cheapest premiums and get insured.

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Alexis French

2023-11-30

Todd Allen, thank you for your support. Convenient, knowledgeable and quick. Explained all the details and was thorough to get our family the best coverage for less. Highly recommend to friends and family.

Oluwakayode Oladapo

2023-11-25

I had been worried about getting the right insurance policy for my car till I spoke with Evan Venditti at ThinkInsure. He spent quality time discussing all options available to me based on my situation. I didnt inform him I had previous quotes from other brokers so I knew what I was looking for but he talked me through everything, was very patient with me and ended up giving me the best price available in the market(I know this cos I had shopped around!). The signup and payment process was very seamless and he had everything sorted out for me in minutes! I would recommend ThinkInsure to anybody and do ask to speak to Evan if you call them!

Orin Monize

2023-11-09

I was shopping around for insurance for a while. I checked many different insurance brokers and companies and Think Insure was able to get me the absolute best rates. Todd Allen was my representative and he was amazing to deal with and made my process a painless process. Thank You very much Todd and Think Insurance 🙏🏽

Allana Peterkin

2023-11-02

I have worked with ThinkInsure for a while now and the responses and genuine professionalism has always been amazing. Thank you Bailey Molella for helping me get my insurance. It was a easy and hassle-free process.

Shawna O'Flaherty

2023-10-20

Bailey was fantastic to deal with! Highly recommend!

Araiza Marquez

2023-10-18

My experience with Thinkinsure has been fantastic! Evan was excellent and helped me find the best rate possible. Evan was also fast to respond to any concerns or issues I was having, which made the process less stressful. Evan quickly had everything in place so I was insured when needed. Overall, I would highly recommend Evan and Thinkinsure for a new policy. Thank you Evan!

Sebastien Brazeau

2023-10-07

Really impressed with the services of think insurance,Darryl went above and beyond to make sure everything was set up with my insurance and to my liking.Would definitely recommend services was very professional and friendly.

Jasna Benkovich

2023-10-05

Great deals, friendly and helpful staff!

How does condo insurance work in Canada?

Condos have been a staple in the Canadian housing market for decades. Just like with detached properties, you need to protect yourself with a good condo insurance plan. If you rent a condo, you’ll still want to have a renters insurance plan to cover your personal items.

What makes condo insurance different?

Condo insurance works the same as other insurance in the sense that it provides you with protection in exchange for the premium you pay. It is similar to home insurance. But it is also different in many ways.

The main difference is it is focused on your property items and the interior of your unit. You do not have coverage for the building structure or common areas within. This is covered by the condo corporation’s plan. But you, as a condominium owner, pay into this as part of your condo fees.

Condo building corporation insurance does not cover your specific unit. It's your responsibility as a condo owner to purchase insurance that protects you against common threats.

But your policy needs to work in unison with your condo buildings policy and their rules regarding insurance requirements.

If you are leasing your residence, be sure to have rental property insurance in place. Make sure you inform your insurer when comparing quotes.

Is condo insurance mandatory?

Condominium insurance is not a legal requirement, but this doesn't mean you don't need it. There are two components of owning a unit that will require you to have insurance.

Mortgage: Most banks and financial lenders require you to show proof of insurance to qualify for a mortgage.
Condo corporation rules: Condo corporations require owners to have a plan before they move in. So even though it is not mandatory, it is something you will need to have if you want to own a condo.

Why do I need condo insurance?

Condo insurance gives you financial protection and peace of mind. If your place is damaged from a fire that started in your unit, someone broke-in, or a visitor was injured in your condo, you’d personally be on the hook if you didn’t have insurance. Insurance gives you peace of mind in knowing you have protection in the event your place is damaged, or you are liable for an injury or cause harm to a third-party person.

Who regulates condo insurance in Canada?

As with other types of insurance, the Insurance Bureau of Canada (IBC) oversees condo insurance. Since condo insurance is a type of property coverage, it’s regulated at the provincial level.

What information do I need to get a condo insurance quote?

Getting your information organized beforehand can help you to quickly complete a condo insurance quote online. Here’s the information you’ll need to get a quote:

Address: Your street address and postal code
Status: Do you own or rent?
Mortgage: How many mortgages do you have on the property?
Time at address: What year did you purchase it?
Residents: Who will live with you? Just you? Your family? Others who are paying you rent? Is this your primary residence? Do you want to add roomates to your policy?
Home sharing: Do you particulate in home sharing? If so, how often?
Use: Do you run a business out of this location? If so, do you want to add business coverage?
Smoking: Is smoking permitting in the condo?
Pets: Do you have pets? If you have a dog, which breed?
Building age and features: What year was the condo built? How many floors? What is the construction type?
Unit: How many bedrooms? Has there been any water damage claims in the past 3 years?
History: Do you currently have a policy? Have you had claims in the past 10 years? Have you had a policy cancelled or non-renewed? If so, why?
Credit history: Do you authorize the insurer to run a soft credit check on you?
Coverage: Do you want condo owners protection coverage? Do you need insurance for collectibles, jewelry, or sports equipment? How much contents, liability and additional living expenses coverage do you want?
Deductible: What deductible amount do you want?
Policy date: When do you want the policy to start?
Payment: Do you want to pay monthly or annually?

How do condo insurance claims work?

No one wants to file a condo insurance claim, but it can happen. The more prepared you are to manage the situation, the quicker you’ll be able to get things back to normal. There are a lot of things you can do to prepare yourself. The first is to have a home inventory list of your belongings. The second is to understand how the condo insurance claims process works.

Here's a quick overview of some of the steps:

Inform the police if a criminal act occurred.
Make sure your residence is safe before entering. Take steps to secure it (shut off the water, call condo management to shut off power, etc.)
Call your insurance company as soon as possible.
Create a list of the destroyed or stolen items.
If you cannot live in your condo, decide with your insurer to find alternative accommodations.
Work with your adjuster to complete the proof of loss form.
If repairs are required, work with your adjuster to get quotes from contractors and plan repairs.
Agree upon compensation to replace lost items.
Complete repairs
Close the claims

This is a basic overview of the steps included in the process. Speak with your insurer to get an outline of their specific claims process.

What is condominium insurance for strata corporations?

There are two general types of condo insurance. The coverage you take out as a unit owner, and the policy taken out by your condo corporation. Its also referred to as strata insurance.

Corporate condo insurance is the policy the building management takes out to protect the building structure and the common areas. It also provides liability protection if an individual is injured in the common areas. Condo owners do not take out this policy, but part of your condo fees is used to pay for the premiums.

Why ThinkInsure for condo insurance?

For over 45 years ThinkInsure brokers have helped Canadian condo owners with personalized condo insurance plans and professional services. We put our customers first. We’re here when you need us most – when you need a quote, policy updates, and when filing claims.

ThinkInsure is a 100% independently owned brokerage. This means we work for you and not an insurance company or third-party. We provider personalized service, custom policies, and condo insurance savings you expect and deserve. Choose us to get better coverage, service, and savings!

We've got affordable rates

We know saving money is a top priority for you. We’ll make sure you don’t overspend on condo insurance. Choose from the best quotes from the top insurers and keep more money in your pocket.

Personalized insurance policies

We understand you have unique condo insurance needs. We’ll work with you to customize your policy and ensure you’re fully protected.

It’s quick and easy

You can compare condo insurance quotes online anytime. It only takes a couple of minutes to find the right coverage to protect your condo. You can give us a call for a quote also.

Expert condo insurance advice

Do have questions about getting condo insurance? Ask away! Our licensed insurance advisor will answer all your question about condo coverage.

Trusted and unbiased

Our customers are our top priority. We work for you, not the insurance companies. We have your best interests in mind. We’ll make sure you get the best coverage for your needs and budget.

We’re committed to serving you better

We aim to make your condo insurance shopping and service experience as quick and simple as possible. We’re here to help you update your policy, compare quotes, file claims and much more.

What is covered by condo insurance?

Standard condo insurance covers your contents, upgrades to your unit, personal liability and more. It typically includes everything that is not in your condominium association’s master policy. It covers:

Personal contents

Loss or damage to your stuff in your unit. The value of your stuff can add up to a lot more than most realize. Keep an inventory of your belongings to have an estimated value of your items. If you have a lot of items or have specialized needs, consider adding extra contents insurance.

Upgrades and improvements to fixtures

Often referred to as betterment, this is coverage to update fixtures such as the appliances, wiring, plumbing, and carpets. This is above what is offered by your condo corporation insurance limits. The value of these upgrades is assessed and incorporated into your coverage. This is appliable during a rebuild and it ensures you have compensation to cover the replacement cost of your residence.

Condo corporation assessments

You will get reimbursed for assessments on your unit or communal areas by your condo association.

Personal liability

You'll be covered if someone gets injured while visiting your place. For example, your dog bites a delivery person. You also have liability if you accidentally cause damage to other areas of the building. For example, your dishwasher leaks and causes water damage to a neighbouring unit. If one of your guests is injured or you break something in a common area of your condo, such as the party room or a hallway, your condo buildings insurance will cover the claim.

Additional living expenses

Get compensation for loss of use if your place is uninhabitable while it is being fixed after an insured loss or damage. This can also be referred to as loss of unit coverage.

Loss assessment

This covers your portion of any condo corporation assessment because of an injured loss event in a common area in your building. This includes your lobby, elevator, stairs, gym, party room. This covers you if your condo building doesn’t have enough insurance. This will also cover you if the building deductible is past on to condo owners.

Unit additional protection

This protects you in the event your condo corporation does not have valid or enough insurance to cover the full cost of a loss in your unit. For example, a severe storm breaks your patio door. But your condo corporation didn’t have enough insurance. Your policy will cover the balance, so you don’t have to pay out of pocket.

What is not covered by condo insurance?

Condo insurance does not cover high-value items such as expensive jewellery and collectibles. If you want these items insured, you should take out additional insurance during the quoting process.

You also do not have insurance for business use or when renting out your unit on Airbnb and other home-sharing platforms. Water damage is not part of a standard policy. You will require an endorsement. Here a list of things that are not covered in standard policies. Optional coverage may be available:

Jewellery
Bicycles
Sporting Equipment
Business property or activities
Collectibles
Fine art
Watercraft

Here are perils that are commonly excluded:

Wear and tear
Overland flooding
Landslides
War and terrorism
Nuclear contamination

What is optional condo insurance?

Want to enhance your plan? Do you have high value items that you want to protect? Standard condo insurance plans may not be enough. The good news is you can add enhancements to boost your protection. You can easily customize your plan when comparing quotes by adding extra add-ons:

Water damage insurance: Get extra protection to protect if water issues arise in your unit.
Sewer backup insurance: A clogged pipe or backed up sewer can cause water to flow out of your tub, sink and other areas. Add this coverage, especially if you live on the main floor of a building.
Earthquake insurance: If applicable, add this protection if you live in a region where earthquakes are possible. They can cause significant destruction, especially to high rises.
Home-sharing: If you plan to rent out your place on Airbnb, VRBO, or other home sharing sites, inform your insurer. Add a home sharing rider to ensure you have adequate safeguards in place.
Home-based business insurance: If you plan to run a business out of your residence, make sure you have home business insurance in place. Otherwise, you are not covered for any business activities. Your business equipment is not covered.
Identity theft insurance: Fraud and identity theft are on the rise. If you are a victim of identity theft, having this coverage can be an invaluable resource for recovering.
Specialty items: Want to insure your bike? Collectibles? Other high value items? Take out additional coverage to protect these specialty items.
Jewellery insurance: If you have an extensive jewellery collection, you’ll need to take out a rider to increase your plan limits.
Directors and officers liability: This provides you with liability protection if you are a member of your condo board of directors. It protects you from lawsuits because of your action as a board member.

How much does condo insurance cost?

Condo insurance is more affordable than most realize. It is less than standard property insurance. You can expect to pay between $25 and $50 per month. This works out to about $300 to $600 annually. Average rates depend on a variety of factors (see below). Increasing your plan limits and adding endorsements will increase your premium.

Location is the main consideration. For example, condo insurance in Toronto is more expensive than coverage in a smaller city.

Is condo insurance more expensive in bigger cities?

Yes, condo insurance can be more expensive in a larger city. Your property location can have a big impact on how much you pay. For example, if you live in a neighbourhood with a high volume of crime, there are more frequent break-ins and more claims, and you will have higher rates. Location is only one of the many factors used to set your premiums.

How to get the cheapest condo insurance

We know saving money is important to you. There are a variety of things you can do the get the cheapest condo insurance.

Bundle: Combining your condo and auto insurance will qualify you for a discount on both. Simplify and save!
Claims free: Think twice before you file. It could affect how much you pay for multiple years to come.
Mortgage-free: Paid off your mortgage? Congratulations! You can also qualify for insurance savings!
Customer loyalty: The longer you stay with your current insurance provider, the more you will be rewarded with savings.
Multiple properties: Own more than one property? Combine insurance to save on all of them.
Retiree: Some offer savings to individuals who are retired. If you’ve recently retired, make sure you look into this savings opportunity.
Boost security: A monitored security alarm will help you protect your unit while also helping to reduce your rates. Reducing liability helps you save.
Increase your deductible: The more you increase, the more you will save. Choose an amount you are comfortable paying out of pocket if you choose to file a property claim.

Why having proper condo insurance is important

Your condo is a large financial investment and not being insured properly could be very costly. It's important to ensure you are adequately protected by getting the right condo insurance policy. Many condominium owners are unclear about what is and are not part of their plan:

61% assumed their building management company’s insurance would cover water or fire damage to their unit.
74% are unclear about what their personal insurance should cover compared to what the condo corporation’s policy should cover.

How do you know if you’re getting the best rate? How do you know you have the right amount to protect your belongings? Do you know what threats or risks are included? A good insurance advisor will make sure you understand your plan and provide advice to make sure you're covered. Speak with a ThinkInsure advisor today about your condo insurance needs.

Condo insurance and Canadian condominium stats

Condos have become commonplace in Canada. The first condominium development was erected in 1967 in Edmonton. Today close to 2 million households reside in condominiums. About one-third of these units are rented to more than 600,000 people. The vast majority are in Vancouver, Toronto and across the GTA.

Approximately one-third of Vancouver residents live in a condo. About 20% of people in other large cities such as Toronto, Edmonton and Calgary live in them.

They continue to grow in popularity because of their advantages. You don’t have to worry about yard chores. Buildings come with great amenities. They are often located in centralized locations. They offer great security.

The price is on the rise like all other real estate. The price, your location, and how you use your unit all affect how much you will pay to protect it with insurance.

Here are some insights into the condominium market in Canada:

Stats	Amount
Average Cost In Canada	$594,000 (May 2022)
Percentage Of Condos	12.1% of households
Rented	26.6% are rented
Owned	67% of owners are a couple-family
Age Of Owners	19.8% are under 35 26.1% are 65 and over
Types	Low rise apartments (36.3%) High rise apartments (30.9%) Rowhouse (22.9%)

Source: Statistics Canada

What cities have the highest concentration of condos?

As you would expect, most condos are in big cities across the country. The top 10 CMAs make up more than three-quarters of condo households in Canada, with Toronto and Vancouver leading the way. Below outlines where the greatest portion of condo insurance plans are in effect:

City	Percentage
Toronto	23%
Vancouver	17.3%
Montreal	13.2%
Calgary	5.9%
Edmonton	5.4%
Ottawa	4%
Quebec	2.6%
Hamilton	2.3%
Victoria	1.8%
London	1.5%
Other CMAs	10.9%
Outside CMAs	12.3%

Source: Statistics Canada

Saving on condo insurance is easy!

Shopping for condo insurance? With ThinkInsure, you can compare condo insurance quotes online from our large selection of companies. Search for the most affordable rates in just a couple of minutes.

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2023-12-04

Get Condo Insurance in Canada

Find the cheapest condo insurance quotes from Canada's top providers for free in a couple of minutes.

Canada's best condo insurance rates

How compare condo insurance quotes

1) Begin your quote

2) Enter your information

3) Compare quotes

Select the best rate

5 star condo insurance

How does condo insurance work in Canada?

What makes condo insurance different?

Is condo insurance mandatory?

Why do I need condo insurance?

Who regulates condo insurance in Canada?

What information do I need to get a condo insurance quote?

How do condo insurance claims work?

What is condominium insurance for strata corporations?

Why ThinkInsure for condo insurance?

We've got affordable rates

Personalized insurance policies

It’s quick and easy

Expert condo insurance advice

Trusted and unbiased

We’re committed to serving you better

What is covered by condo insurance?

Personal contents

Upgrades and improvements to fixtures

Condo corporation assessments

Personal liability

Additional living expenses

Loss assessment

Unit additional protection

What is not covered by condo insurance?

What is optional condo insurance?

How much does condo insurance cost?

Is condo insurance more expensive in bigger cities?

What factors affect condo insurance premiums?

Type and size

Location

Contents and replacement cost

Unit construction features

Claims history

Use

Renovation work

Deductible

Credit score

Pets

Get a condo insurance quote

How to get the cheapest condo insurance

Why having proper condo insurance is important

Condo insurance FAQs

What is condo insurance?

Do I need condo insurance for Airbnb?

Is a fire covered under condo insurance?

Do condo fees include insurance?

How much condo insurance should you have?

Who has the cheapest condo insurance?

What is condo corporation insurance?

Is townhouse insurance different than condo insurance?

Does condo insurance cover appliances?

Does condo insurance cover special assessments?

Does condo insurance cover water leaks?

Is my storage locker covered by condo insurance?

Condo insurance and Canadian condominium stats

What cities have the highest concentration of condos?

Saving on condo insurance is easy!

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