Toronto Condo Insurance

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Get the best condo insurance in Toronto

Condo insurance in Toronto is an invaluable form of protection. There are thousands of condominium owners in the Greater Toronto Area. It is estimated that about 1.5 million people representing 54.7% of the city population and 13% of Toronto families live in condos. The city has the most condos in the country – 23% of total units.

However, many Toronto condo owners still have some confusion about their insurance and what's covered. Over 60% of condo owners assume their condo corporation will cover water and fire damage. Three-quarters are unclear about what their personal condo policy should cover. Having the right level of condo insurance in Toronto is imperative.

At ThinkInsure we will answer all your questions about condo insurance in Toronto and make sure you have proper coverage. We are partners with the top insurance companies in Canada so we can offer personalized coverage to meet your needs at the lowest rate. It's easy to find the cheapest condo insurance in Toronto by comparing quotes with us. Get started by comparing quotes online or give us a call and our advisors will be happy to help you.

Keep reading to learn more about getting condo insurance in Toronto and find out how you can save on your policy.

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5-star Toronto condo insurance

Rated 4.7 out of 5 stars in 1327 Google reviews

We’ve helped thousands of Torontonians find the right condo insurance for their needs.

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Margaret Lubaszks

2023-09-21

Exceptional service by Neil Sullivan, setting up my new auto policy. Fast and smooth, very professional. Many thanks 😊 Margaret Lubaszka

Michael Francis

2023-09-18

Didn’t end up using them however found their sales team very knowledgeable and helpful.

coral moxam

2023-09-16

Called and spoke with Todd who got me the best rate ever. Thank you !

O Z

2023-09-15

Excellent service from Ryan, it is very much appreciated.

Paul N

2023-09-14

Contacted Cecilia Li , very professional and patient conversation, great customer service!

A Day With Alishia

2023-09-07

Somya and Shahid Nizam provide excellent customer service. All of my questions was answered . I would definitely recommend this company.

Tanner Duong

2023-09-02

Everthing @ Young Drivers Insurance was great .got great deals and excellent customer service from Shawn and Brian ...

Nancy McCurdy

2023-08-31

Dealing with Todd Allen was awesome would recommend him as someone who is patient and thorough applied on line and have my new policy without leaving my home. Policy is with Wawanesa a very trusted name in the insurance world would recommend this broker to anyone seeking insurance

How does condo insurance work in Toronto?

Condo insurance works the same in Toronto as anywhere else in the province. It is similar to home insurance in Toronto, but there are a couple of key differences.

As a condo owner, you own everything in the interior of your unit. Your condo building owns the exterior. Therefore, your personal insurance covers you for the things inside of your home, including all walls, fixtures, appliances, and personal belongings. You may also have coverage for other common areas in the building such as your parking space and storage locker. Your plan covers you if damage or theft occurs. The liability part of your plan protects you if a third party is injured while inside your condo.

When you open a claim, some of it may be covered by your policy, and some covered by the building owner’s plan. It depends on the claim type and circumstances.

The Financial Services Regulatory Authority of Ontario (FSRAO) oversees insurance in the province. Section 6 of the Condominium Act regulates condo corporations concerning insurance.

What are the average Toronto condo insurance rates?

Condo insurance costs in Toronto can be slightly higher than in other areas of Ontario. This is the case because of the higher property values, increased threats, high claims costs and the overall increase in insurance across the country.

You can expect to pay as low as $35 - $40 per month. Plans start at about $500 annually but can increase to well over $1,000 per year based on your situation and plan requirements. Search for insurance quotes to get an accurate estimate for your specific unit.

What factors affect my condo insurance in Toronto?

a view of the condominiums on the Lake Ontario in Toronto

How much you pay for Toronto condo insurance is like other types of insurance in the sense that it depends on your situation. Here are the top contributing factors that affect your payments:

Property value: As your real estate value increases, so does your insurance cost.
Condo unit type: Townhouse, high rise, multiplex, low rise.
Unit size and features: Square footage, type of appliances, heating, cooling, electrical systems, security.
Neighbourhood in the GTA: The level of threats, crime rate, and claims costs in your neighbourhood and postal code.
Value of your contents: The overall cost to replace your personal belongings if they were lost, stolen, or destroyed.
Coverage: Limits, deductible, endorsements for high-value items such as art, jewellery, and collectibles.

Advice to find cheap condo insurance in Toronto

Living in Toronto is expensive. So, taking the time to save here and there can help greatly. Here are some actionable tips to help you get cheap condo insurance:

Shop around: Insurers have separate ways of calculating risk and premiums. They offer different forms of protection and offer unique discounts. Assess your options to save money.
Inquire about discounts: You could be missing out on savings simply because you didn’t ask. Speak with your insurer to see if there are more ways to save.
Combine condo with auto: Bundling your Toronto car insurance and condo policies together with the same insurer will qualify you for savings.
Adjust your policy: You can save money by increasing your deductible and ensuring you have the right level of protection. Don’t pay for what you don’t need. Review your plan annually.
Reduce threats: Having a claims free insurance history, choosing where you live wisely, and installing centrally monitored fire, carbon monoxide and security systems will reduce how much you pay.

The importance of Toronto condo insurance

Condo insurance helps you protect your investment in Toronto real estate. Whether you are living in the unit or renting it out to a tenant, ensuring you have a policy minimizes the financial impact of a fire, break-in, or other issues. Your condo corporation's insurance does not cover your unit. As a unit owner, it's up to you to protect it. Without insurance, you would not only have greater exposure to financial instability, but you could also violate your condo building rules and regulations.

If you lease out your unit, you’ll need rental property insurance. It is also important to make sure your tenants have renters insurance.

Toronto condo insurance FAQs

Is condo insurance mandatory in Toronto?

Condo insurance is not legally required in Toronto or anywhere in the province. However, this doesn’t mean you will not require it. You will need to show proof of insurance to qualify for a mortgage and to satisfy the requirements of your condo corporation to complete the purchase process.

What does your Toronto condo insurance policy cover?

Condo insurance policies provide Toronto condo owners with a variety of protection. You are covered for the following:

Personal contents: This is all your belongings in your unit. This includes your clothing, furniture, electronics, décor, and other items. You will need added protection if you have high-value items such as jewellery and collectibles. For this, you can get extra contents insurance.
Personal liability protection: You have protection if someone is injured in your home. You also have coverage for legal expenses because of liability claims against you. For example, you have a leak and it causes water damage to the hardwood floors in the unit below.
Additional living expenses: You receive compensation for temporary accommodations if you are forced to stay elsewhere while your unit is being repaired after an insured loss.
Improvements and betterment: Improvements to your unit such as upgrades to cabinets, hardwood floors, countertops and other areas may be included. Speak with your insurer for more information.
Loss assessment: You have coverage for the assessment and repairs of damage to common areas of your condo building.

The type of coverage available will vary by the insurance company. For example, a policy from Intact insurance will be different from what you get from Travelers or Aviva.

Why is Toronto condo insurance so expensive?

Condo insurance in Toronto, like other types of home insurance, has been on the rise in recent years. This is due to a few considerations:

Increased dangers related to living in a big city
More weather-related damage
More expensive claims
Ageing condo buildings

These factors have all contributed to increased condo insurance in the GTA.

What does condo insurance in Toronto not cover?

There are exclusions in your condo policy. An insurance company typically does not include the following in your plan:

Perils specifically excluded in your policy
Wear and tear from lack of property maintenance
Insect and rodent damage
Water damage
Intentional damage or criminal acts
Condo fees

You may be able to get protection for some of the above exclusions by purchasing an endorsement. Speak with your insurer about your options

How much condo insurance do I need in Toronto?

The amount of condo insurance you need in Toronto will depend on your unique situation. In general, you will need enough to be able to replace all your personal contents if they were lost. There isn’t a limit to how much protection you can purchase. Ideally, you want to ensure your limits are in alignment with the total value of your content. Creating a home inventory list is an effective exercise to understand how much your stuff is worth. It is worth going through the entire process. If you are not sure where to start, contact us.

Can I buy coverage from a condo insurance broker in Toronto?

Absolutely. You can purchase all types of property insurance, including your condo plan from an insurance broker in Toronto. At ThinkInsure, we’ll help you find the right policy based on your unique living situation. Start an online quote to compare your options.

Saving on Toronto condo insurance is easy

Looking for the right personal condo policy? Compare Toronto condo insurance quotes from the top insurance companies. You can find the personalized coverage you need at the lowest rates in only a few minutes of your time. Want to save even more? Speak with our advisors directly to find even more cost savings. We'll match you with the best insurance provider.

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