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Recent condo insurance quotes from Ratehub.ca users
Thousands of users visit our site each week, looking for the best property insurance rates on the market. Just like we've helped them find cheap coverage, we can help you too. Here are a few sample rates Canadian condo owners received in November 2023, using our free quote comparison tool – it takes less than five minutes to save big, so be sure to try it out yourself.
- $32/month
Townhouse unit in Calgary
- $37/month
Low-rise apartment in Toronto
- $48/month
Townhouse unit in Edmonton
- $58/month
High-rise apartment in Waterloo
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Condo insurance coverage, explained

Matt Hands, VP, Insurance and MoneySense
Generally speaking, a condo unit is owned by a single person or a family, whereas the building and its amenities are shared amongst all the residents.
In insurance-speak, you’re responsible for covering your own condo unit, your own contents, and your personal liability. For example, if someone slips and injures themselves in your unit, the financial responsibility is on you. And if a thief breaks in and steals your expensive jewellery, you’ll need to replace all the valuables on your own.
Types of condo insurance coverages in Canada
While your condo corporation insurance provides some form of coverage for the building, as well as the construction of your unit, there are still many risks you aren't protected against. That's where your personal condo insurance policy comes in.
Included condo homeowners insurance coverages
Not all companies provide the same types of protection, but here are some common coverages on a standard condo home insurance policy.
Personal liability
Personal property
Unit improvements and betterments
Unit additional protection (contigency coverage)
Loss assessment
Loss of unit
Additional living expenses
Optional condo homeowners insurance coverages
Aside from the standard coverages on a condo home insurance policy, you can also ask your insurance provider about the following optional protections to ensure all your unique needs are met.
Directors and officers liability
Overland water
Sewer backup
Identity theft
Do condo fees cover insurance?
Your condo corporation’s insurance is paid collectively by the unit owners’ maintenance fees – it typically provides coverage for incidents of liability and damage within common areas, such as the elevators and the gym. The corporation’s insurance will likely also cover certain parts of your unit that are core to the building, such as its windows and light fixtures.
So while your maintenance fees do pay for condo corporation insurance, there are still many gaps you won’t be protected against – this is where your personal condo insurance policy comes in.
Here's a table outlining some of the core differences (keep in mind, however, that every insurance policy is different, so be sure to double-check your specific case).
What is the average condo insurance cost?
On average, expect to pay $30 to $50 per month – or $400 to $600 per year – for a condo insurance policy. To find your best rate, be sure to compare condo insurance quotes with us today.
compare quotesFactors that impact your condo owners insurance premium
Insurance providers factor in your unit’s unique details to calculate the cost of your condo coverage. The more details provided, the more accurate condo insurance companies can be in assessing risk, probabilities and cost. Generally speaking, the more risk your property brings – or the more expensive repairs and replacements may cost – the more expensive your condo insurance premium will be.
When determining your premium, condo insurance providers look at the following factors:
Property type
Credit score
Replacement cost
Location
Internal construction
Renovations & betterments
Past claims history
Pets
Special use
How to get the cheapest condo insurance online
There are many steps you can take to ensure you're getting the cheapest condo insurance rate possible. Here, we outline the various ways Ratehub.ca users are saving on their policy – all numbers were last updated in November 2023.
Compare condo insurance quotes
Bundle insurance products
Get a membership rate
Choose a secure building
Install a monitored burglar alarm
Install a monitored fire alarm
Stop (or don't start) smoking
Opt-in for a credit check
Looking for a condo insurance estimate?
We've got you covered – compare condo home insurance estimates from Canada's top providers today. Your lowest rate is less than five minutes away.
Frequently asked condominium insurance questions
Does condo insurance cover appliances?
Does condo insurance cover special assessments?
How much is condo insurance?
When am I not covered with my condo insurance?
Is condo insurance mandatory?
How do condo insurance claims work?
Do I need condo insurance for Airbnb?
What does contents insurance cover in a condo?
Do I need homeowner's insurance for a condo?
Do condo fees cover insurance?
Is condo insurance cheaper than house insurance?
Why is condo insurance so expensive?
All about Ratehub.ca's condo owners insurance quotes
Your most frequently asked questions about our online condo owners insurance process, answered.
Ratehub.ca partners with top condo insurance providers across Canada, so you can compare personalized condo insurance quotes all at once. Because each rate is calculated using the insurer's own underwriting and quoting process, you’ll be able to receive accurate estimations based on your individualized profile.
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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