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Identify your property

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Review the construction details

At this stage of the journey is where you will take a second to review the finer details of the property's development. Here is where you will truly personalize your condo insurance policy.


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Factors that impact your condo insurance premiums

There are many factors that affect the price you pay for condo insurance. An insurance provider will need to know the unique details of your unit and the building, like its age, construction materials, and even the estimated cost of all your insurable contents. Providing accurate details will allow a broker or an agent to better assess risk, the probability of something going wrong, and ultimately how much it will cost them to fix or replace. The more risks there are with your property, or the more expensive repairs and replacements may cost, the more expensive your condo insurance premiums will be.

When determining your premiums, condo insurance providers will look at the following factors:

Introduction to Canadian condo insurance

The first condominium development in Canada was a townhouse complex known as Brentwood Village in Edmonton, Alberta. It was built on Canada’s 100th birthday in 1967. Condo developments have since then exploded in popularity, especially in major metropolitan areas. In 2011, approximately one in eight Canadian households lived in condominiums, but that number is rising with more people moving into cities and demand for housing grows. Condos allow developers and city planners to maximize space, while they attempt to fight housing scarcities in big cities like Toronto.

Generally, a condo unit is owned by a single person or family. Whereas the building, and all its amenities, are jointly owned by all the units. In insurance-speak, you’re coverage responsibility is for your unit and your personal liability. Common areas such as the elevators, the lobby, as well as the building itself is covered by the condo corporation’s insurance. The corporation will also likely have coverage for certain parts of your unit that are core to the construction of the building, like your windows. However, the corporation’s insurance doesn’t cover everything, much like your own insurance, there will be limits.

How condo insurance coverage works

A typical comprehensive condo insurance policy includes coverage for your contents which protects your personal property inside your unit. Everything from your furniture and clothing to your TV and hardwood floors, up to a specified amount. It also covers your liability should you be responsible for damage to someone else’s property (for example, a neighbouring unit) or cause an injury to someone in your unit. Personal liability coverage will protect you against claims up to a specified amount. It also helps to cover any additional living expenses, in case you’re forced to temporarily relocate in the event of an insured loss - i.e. damage within your unit or damage within a neighbouring unit that makes it unsafe to be in your unit. If you’ve chosen to rent your condo, and your tenant unexpectedly moves out, it will cover the lost rental income for a period of time.

When you own a condo unit, you also own a share of the building and property itself. Your condo fees may cover maintenance, utilities, and a portion will also go to paying for the building insurance. Through the condo corporation, all the owners bear joint responsibility for its insurance. For example, if a visitor slips and falls injuring themselves in a shared area like the parking lot, the condo corporation insurance would be used and not your own.

See the chart below for more details on available comprehensive condo insurance coverage:

Type of Coverage Coverage Description
Property coverages
Condo building & unit

This is a shared expense among condo owners within the building and is paid through maintenance fees. Examples may include the lobby and its furniture, elevators, hallways, stairs, gardens, swimming pools and other recreational facilities. It also covers original materials and fixtures used to construct your unit (i.e. walls, flooring, bathroom & kitchen).

Coverage amount: Varies based on Condo Corporations coverage level

Included: Yes, with your maintenance fees

Unit Improvements and Betterments

Includes upgrades to your unit that may exceed standard condominium corporation insurance limits may be of value if you’ve added custom counters or upgraded flooring or plumbing fixtures.

Coverage amount: $100,000 but can be increased to suit your needs

Included: Yes

Unit additional protection (Contingency coverage)

Insures your unit itself so that you are protected in the event that your condominium or strata corporation’s insurance is insufficient. For instance, this can cover your unit's glass and exterior doors.

Coverage amount: $100,000 but can be increased to suit your needs

Included: Yes

Personal Property

Your personal property that is located within the unit. Think of this as what you own, wear or use while at home (i.e. clothing, personal items, appliances, other owned property). Depending on your building, it may also include your locker and its contents.

Coverage amount: Varies, but usually between $30,000 - $200,000

Included: Yes

Loss of Unit

Helps to make you whole in the case you unit is unlivable, this includes coverage for any maintenance fees that are charged to you while unit is unavilavle and fair rental value if it or a portion that is rented may not be fit for occupancy.

Coverage amount: Depends on your policy and the coverage needed

Included: Yes

Additional Living Expenses

Will provide you with the means to cover the costs of additional living expenses if you have to live away from your home for a period of time due to an insured loss (i.e. a loss caused by an insured peril).

Coverage amount: Depends on your policy and the coverage needed

Included: Yes

Liability coverages
Personal Liability

Provides you with personal protection in the case of any bodily injury or property damage unintentionally caused to others.

Coverage amount: $100,000 - $5,000,000

Included: Yes

Building Liability

Provides you with personal protection in the case of any bodily injury or property damage unintentionally caused to others.

Coverage amount: Ask your property management company

Included: Yes, with your maintenance fees

Common Coverage Additions & Endorsements
Loss assessment coverage

Pays your share (up to a stated limit) for a major property or liability loss on common property that may exceed the corporation’s policy limits.

Coverage amount: $10,000 but can be increased to suit your needs

Included: No, must be added

Directors’ and officers’ liability coverage

Protection to unit owners who are elected members of the condominium or strata board of directors.

Coverage amount: Coverage amount varies

Included: No, must be added

Overland Water

This is fresh water from rivers or lakes that, after a heavy rainfall, accumulate too much to hold and floods out onto land. Consider adding this endorsement if you live close to a large body of water.

Coverage amount: Up to $50,000

Included: No, must be added

Sewer Backup

This is when sewage from the main city drains overflow due to heavy rainfall and back up into your basement. You can avoid this by installing a backflow preventer on the main drain from your house. If you don't have one, consider adding this endorsement to your home coverage.

Coverage amount: Up to $50,000

Included: No, must be added

Identity Theft

Provides you with coverage in the event that a third party steals personal information (e.g. driver’s licence, passport, credit cards, SIN) and uses it to commit a crime (i.e. empty accounts, apply for false loans or credit cards, obtain passports, receive government benefits).

Coverage amount: Varies by provider (e.g. $40,000 to restore identity & $5,000 for incurred financial losses)

Included: No, must be added

Tips on how to get cheap condo insurance

Shop around and compare

At, we take the work out of monotonous phone calls and visits to many different brokerages repeating the same information over and over. By entering your information, we can give you several quotes from Canada’s top condo insurance providers in minutes.

Bundle policies

Insurers will often give a discount to consumers who get both their condo and auto insurance from them. If you can, look to have both your condo and car protected by the same insurer.

Monitored alarm systems

If you have a monitored alarm system installed, providing communication between your condo security system and the central station of your security provider, you could receive a discount. This typically does not include your own cameras and motion sensor lighting - to get the discount, you must have a central station that protects your condo building.

Increase your deductible

A standard condo insurance deductible is $500. If you increase your deductible, which means having to pay more before the insurance company pays the rest, they will often decrease your monthly premium.


If you upgrade your unit with more expensive finishes from appliances to countertops, it will cost more to replace, and so you’ll likely pay more. If you or your building does an upgrade to your outlets or toilets, it’s worth informing your insurer to see if there may be a reduction.

Ask about discounts

A new job may mean union membership, group discounts, or corporate discounts. A retiree may also save on condo insurance. A yearly review is recommended to see and ask what discounts may apply to you as your life changes.

Prove your loyalty

The longer you stay loyal to your condo insurance provider, the more they’ll reward you with discounts, especially if you remain claims free.

Improve credit score

If your insurer monitors your credit score, be sure to pay your bills on time and watch your credit card balance - getting close to the max could hurt your score.

Frequently asked questions about condo insurance

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