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

With ThinkInsure you can quickly compare condo insurance quotes from the top insurers to find the best rate. Our advisors will make sure you get proper coverage for your condo for a great price.

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Mark Munshaw

2021-06-14 20:36:58

Today I got insurance on my motorcycle through Darryl Fardy at Thinkinsure. Darryl arranged everything for me in a professional efficient way. Darryl answered all my questions over the phone. He responds to my emails very quickly .He quoted me over the phone getting me the best possible price. A very pleasant experience. I would highly recommend Darryl's services to anyone searching for insurance.

Justine Walker

2021-06-10 17:19:22

Sandy was very kind and helpful! She was quick at getting us insurance.

Trish Lozynsky

2021-06-10 16:00:50

Amneet was fabulous from start to finish re my auto policy. I will definitely come back to her in the future.

Shaq Renwick-Daley

2021-06-09 23:05:57

Daryl set me up with a policy in literally 1 hour. Took the initiative and stayed back when he didn't have to. Much appreciated! Respects!

tlc 76

2021-06-09 21:57:14

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2021-06-09 13:35:28

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2021-06-08 21:42:52

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Franck

2021-06-08 20:05:40

Denise did an awesome job finding me the right coverage for the right price. I highly recommend ThinkInsure for everything you need to insure.

About Condo Insurance

Condos have been a staple in the Canadian housing market for decades. Just like with detached homes, you need to protect your unit with a good condo insurance plan. If you rent a condo, you’ll still want to have a renters plan to cover your personal items. Condo building corporation insurance does not cover your specific unit. It's your responsibility as a condo owner to purchase a policy that protects you against common threats to condo residents.

The first condominium development in Canada was erected in 1967 in Edmonton. Today close to 2 million households reside in condos. 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.

Condos continue to grow in popularity because of the advantages. You don’t have to worry about yard work. Builds comes with great amenities. They are often located in centralized locations. They offer great security. All you need to do is ensure you have the right condo insurance plan in place, and you are all set!

How Does Condo Insurance Work?

Condo insurance works the same as other policies. It provides you with protection in exchange for the premium you pay. The main difference is it focused on your personal 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.

What Is Covered By Condo Insurance?

Standard condo insurance 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 people realize. Keep a home inventory to have an estimated value of your items.
Upgrades and improvements to fixtures : You update fixtures such as the appliances, wiring, plumbing, and carpets. The value of these upgrades are assessed and incorporated into your coverage.
Condo corporation assessments : You will get reimbursed for assessments on your unit or common areas by your condo board.
Liability : Personal and property liability. You'll be covered if someone gets injured while visiting your unit. For example, your dog bites a delivery person. You also have liability if you accidentally damage other areas of the building. For example, your dishwasher leaks and damages a neighboring unit.
Additional living expenses : Get compensation for loss of use if your unit is uninhabitable while it is being fixed after an insured loss or damage.

What Is Optional Condo Insurance?

Want to enhance your plan? You can easily customize your policy by adding extra add-ons :

Water damage protection
Sewer backup
Earthquake
Home sharing
Home-based business insurance
Identify theft
Rental income protection
Secondary residence
Specialty items

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 condo insurance rates depend on a variety of factors. This includes your plan type and limits, deductible, personal belongings, and where you live. Increasing your plan limits and adding endorsements will increase your premium.

Is Condo Insurance More Expensive In Bigger Cities?

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

What Factors Affect Condo Insurance Premiums?

Woman sitting on a bench in condo window

There are many factors that impact how much you pay. The more information you provide, the more accurately they can assess your unit. Insurers use these and other factors to determine your premiums :

Type and size : Your condo type and size have unique risks. Insurers will evaluate your unit accordingly.
Location : Location has a big impact on how much you will pay. Do you live in areas with high crime rates, theft, vandalism, or are at risk for weather damage? Your fees will be higher.
Contents and replacement cost : Plan limits, your personal belongings and how insurers calculate replacement cost matters.
Unit construction features : This includes the type of electrical, plumbing, heating, and special construction elements.
Claims history : Previous claims can affect your premiums. The more claims you have on your record, the more it will affect how much you pay.
Use : Do you use it for business? Do you rent it out? Do you use it as an Airbnb? You’ll need additional coverage.
Renovation work : Have you made changes to your unit? Renovation work can increase or lower your rates.
Deductible : The amount you set your deductible will affect your monthly payments.
Credit score : Offering up your credit score is optional. Why would you do it? Having a strong credit score can work to your advantage. You can save up to 25% if you have a great rating. Don’t worry – even if your score it not the best, it will never be to negatively affect your premiums.
Pets : They can be a liability. There are some pets that could affect how much you pay. For example, aggressive dog breeds could be more likely to bite, high valued exotic animals, or pets that are more likely to cause damage to your unit.

How To Get Cheaper Condo Insurance

We know saving money is important to you. There are a variety of ways you can get lower condo insurance rates.

Bundle : Combining your condo and auto insurance will qualify you for a discount on both. Simplify and save!
Claims free : Think twice before you open a claim. 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 saving!
Customer loyalty : The longer you stay with your current provider, the more you will be rewarded with savings.
Multiple properties : Own more than one property? Combine policies to save on all of them.
Retiree : Some insurers 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.
Increase your deductible : The more you increase it, the more you will save. Choose an amount you are comfortable paying out of pocket if you choose to file a claim.

Why Do You Need Proper Condo Insurance?

Your condo is an investment in your lifestyle. Make sure you’re properly protected by getting the right policy for your condominium and its contents. Many owners are unclear about what is and isn’t part of their plan :

61% of 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 on condo insurance? How do you know you have the right amount to protect your belongings? Working with an expert will answer these questions.

Condo Insurance And Canadian Condomium Stats

Condos have become commonplace in Canada. Some people live in them, others see it as a financial investment and rent them out. People of all ages reside in them. The price to get one 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 Is Canada	$478,000 (Dec 2020)
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%) Row house (22.9%)

What Cities Have The Highest Concentration Of Condos?

As you would expect, the vast majority of 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. This is 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%

Saving On Condo Insurance Is Easy!

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Recent Blog Articles

2021-05-13

Compare Best Condo Insurance Quotes

Get the cheapest condo insurance quotes from Canada's top insurers in a just couple of minutes.

Find The Best Condo Insurance

How To Get A Condo Insurance Quote

1) Begin Your Quote

2) Enter Your Information

3) Compare Quotes

Select The Best Rate

See Our Customer Reviews

About Condo Insurance

How Does Condo Insurance Work?

What Is 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?

How To Get Cheaper Condo Insurance

Why Do You Need Proper Condo Insurance?

Condo Insurance FAQs

Is Condo Insurance Mandatory?

What Is Not Covered By 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 Rates?

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 Condomium Stats

What Cities Have The Highest Concentration Of Condos?

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