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Condo insurance coverage, explained

Matt Hands

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.

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 – it’s always a good idea to purchase your own personal condo insurance policy to ensure you’re adequately protected against all risks. 

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

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 rates with us today.

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Factors 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


Internal construction

Renovations & betterments

Past claims history


Special use

How to get the cheapest condo insurance online

  1. Shop around and compare

    At, we take the work out of monotonous phone calls, so you won't be repeating the same information over and over. By entering your details once, you can view multiple quotes from Canada’s top condo insurance providers, and select the cheapest rate possible.

  2. Ask about discounts

    A new job can mean union membership, group discounts, or corporate discounts. And retiree may also save on condo insurance. Performing a yearly review is recommended as you may see discounts apply while your life changes.

  3. Increase your deductible

    A standard condo insurance deductible is $500. If you increase your deductible – which means paying more before the insurance company pays out the rest – you'll see your monthly premium decrease.

  4. Be loyal

    The longer you stay loyal to your condo insurance provider, the more you'll be rewarded with discounts – especially if you remain claims free.

  1. Install monitored alarms

    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.

  2. Renovations

    If you upgrade your unit with more expensive finishes, it will cost more to replace, and so you’ll likely pay more for insurance. If there are upgrades to your outlets or toilets, it’s worth informing your insurer to see if there may be a reduction.

  3. Bundle policies

    Insurers will often give discounts to consumers who purchase multiple policies under them. If you can, look to have both your condo and car protected by the same provider.

  4. Improve your credit score

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

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's condo owners insurance quotes

Your most frequently asked questions about our online condo owners insurance process, answered. 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, 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 more

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