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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 August 2024, using our free quote comparison tool – it takes less than five minutes to save big, so be sure to try it out yourself.
- $34/month
Low-rise apartment in Edmonton
for one person, under SGI Canada
- $35/month
High-rise apartment in Toronto
for one person, under Pembridge Canada
- $38/month
Low-rise apartment in Calgary
for one person, under SGI Canada
- $67/month
Low-rise apartment in Vancouver
for one person, under MAX Insurance
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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 August 2024.
Compare condo insurance quotes
Shopping the market is free and quick with Ratehub.ca – thousands of users visit us weekly, looking for the best insurance rates out there.
Bundle insurance products
Insurers reward loyalty with cheaper rates. 18% of our users choose to bundle their condo policy with another product (e.g. auto insurance).
Get a membership rate
Different insurers offer different group discounts, so be sure to ask about your eligibility. We found that 22% of our users have a CAA membership.
Choose a secure building
It's better to be safe than sorry (and the condo insurance discount is a plus). 45% of our users have 24-hour concierge security.
Install a monitored burglar alarm
Lowering your risk of theft can also lower your condo insurance rate. 35% of our users have a monitored burglar alarm for their unit.
Install a monitored fire alarm
It's no surprise that having a proper fire alarm can also lower your rate – 80% of our users' condos are equipped with a monitored one.
Stop (or don't start) smoking
Smoking increases your risk of fire (which can also increase your rate). But as non-smokers, majority of our users (96%) don't need to worry about this.
Opt-in for a credit check
The cheapest rates are available to those who opt-in for a soft credit check – 62% of our users said yes when comparing condo quotes with us.
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.
The condominium market in Canada
According to the National Condominium Report from RE/MAX, the Canadian market showed signs of slowing down in 2023 due to concerns over rate hikes. The report looked at the average sale price, number of sales transactions, and condo market share from January to August 2023.
Notably, the Alberta market is an outlier as more Canadians are drawn to the province due to its affordability – compared to 2022, Calgary sales transactions went up 22% while Edmonton saw a 3% growth.
For average sale prices, Vancouver, Calgary, and Halifax all saw some form of growth year over year – with increases of 1.6%, 8.1%, and 0.8%, respectively. On the other hand, prices declined in Edmonton (-3.9%), Toronto (-6.2%), and Ottawa (-5.5%) when compared to the previous year.
- $815,494
Average sale price in Vancouver
with 10,075 sales transactions and a 52.7% condo market share in 2023
- $301,887
Average sale price in Calgary
with 5,582 sales transactions and a 28.4% condo market share in 2023
- $193,065
Average sale price in Edmonton
with 2,456 sales transactions and a 29.4% condo market share in 2023
- $747,040
Average sale price in Toronto
with 18,263 sales transactions and a 37.2% condo market share in 2023
- $432,557
Average sale price in Ottawa
with 2,454 sales transactions and a 24.1% condo market share in 2023
- $467,873
Average sale price in Halifax
with 540 sales transactions and a 16.1% condo market share in 2023
Frequently asked condominium insurance questions
Does condo insurance cover appliances?
Yes, a typical condo insurance policy does cover appliances, not from wear and tear but from mechanical failure due to an insured risk. For example, if a power surge in the building ruins your appliances, you can submit a claim. If you're planning on upgrading your appliances, be sure to inform your provider ahead of time.
Does condo insurance cover special assessments?
Yes, condo insurance covers special assessments, sometimes up to their full value. Poorly managed condo finances can cause a shortfall when it comes time to replace the shingles on the building. Or maybe another unit's owner smoked in bed, causing a fire that damages the majority of the building.
These types of incidents – where the condo corporation's insurance policy doesn’t cover all the costs – mean the corporation can pass an assessment to each unit owner. These assessments can be financially devastating, and even if you sell your unit, you have to disclose the special assessment. As a unit owner, it’s essential that you protect yourself against insurance-related assessments by having the right personal condo policy in place.
How much is condo insurance?
The average cost of condo insurance is approximately $30 to $50 per month, but the rate you'll be paying depends on a multitude of factors. To find the exact cost for yourself, be sure to compare personalized quotes with us using our condo insurance calculator.
When am I not covered with my condo insurance?
Condo insurance doesn’t cover all instances of damage to your unit. Here are some examples of scenarios in which you probably won't be able to submit a claim:
- General wear and tear
- Any act considered intentional or criminal
- Damage to your unit caused by rodents or termites
Is condo insurance mandatory?
Condo insurance isn't necessarily mandatory, but some buildings may require its owners to purchase coverage for their unit. And if you have a mortgage on the property, your financer will likely require insurance as a stipulation in the contract. If you're renting a space, tenants may be required to purchase renters insurance, either by the building or the landlord.
Remember, you aren't completely covered by the building insurance. So even if a condo insurance policy isn't required in your case, it's a good idea to consider one anyway for the added financial protection.
How do condo insurance claims work?
Make a complete list of damaged or stolen items. Call your insurance provider as soon as you can, and ask about what you’re entitled to – especially if you can’t live in your condo due to the damage. A claims adjuster will be in contact with you to fill out a proof of loss form. If your property needs repairs, be sure to ask if you need to find your own contractor or if your insurer will supply one.
Do I need condo insurance for Airbnb?
The simple answer is yes. While Airbnb does provide host protection, it may not be enough. You should always contact your insurance provider and your condo corporation before listing your property on the platform. Not all home insurance providers offer short-term rental insurance, so you may need to find a new insurer before you start making some income.
What does contents insurance cover in a condo?
The contents insurance on your condo policy provides coverage for your personal belongings, including items stored in your unit and items that travel with you. Some examples include furniture, technology, and clothing.
Keep in mind that contents insurance often has specific limits, depending on the type of item you're claiming, and you may need to purchase an endorsement to increase your limit for valuables, such as art and jewellery.
Do I need homeowner's insurance for a condo?
Condo insurance is a specialized type of homeowner's insurance, designed to protect you against the specific risks of owning a condo unit. While it typically isn't required (unless stipulated by a mortgage lender), it's highly recommended. Your condo corporation's insurance doesn't cover many risks for your personal unit, and you wouldn't want to be at a loss when it comes to one of your biggest investments.
Do condo fees cover insurance?
The monthly maintenance fee you pay covers your condo corporation's insurance which does not equal to the same level of protection as a personal condo insurance policy.
Is condo insurance cheaper than house insurance?
In most cases, yes, but this highly depends on the exact properties you're comparing as well as the limits on your policy. Insurance for a house tends to be more expensive because insurers account for more dwelling coverage, in case anything happens to the physical structure of the property.
Why is condo insurance so expensive?
The more expensive your condo unit costs to repair or rebuild, the higher your insurance premiums will be. And if you have valuable contents – such as jewellery and technology – expect to pay more for the added protection.
If you're unhappy with your insurance premium, the best thing you can do is compare condo insurance quotes. That way, you won't be settling for the first insurer you find and instead, seek the lowest rate on the market.