Condo Insurance in Toronto and Ontario
Insurance solutions for your condo
Your condo is more than a place to live, and it deserves the right protection. Insurewise is an independent broker in North York, Toronto. We help condo owners compare coverage for their unit, personal belongings and liability risks, and explain how it fits with the condo corporation's insurance.
You will get plain answers about what is covered and what is not.
Condo insurance from an independent broker
Our condo insurance is built around your unit, your personal belongings and your liability risks. Because we are not tied to one insurance company, we can compare options from the insurers we work with and explain the differences.
What condo insurance usually covers
Policies differ, so exact coverage depends on the policy you choose.
Your belongings
Furniture, clothing, electronics and other personal property are usually covered against events like fire, theft and water damage.
Improvements to your unit
Upgrades you have made, such as new flooring, cabinets or a renovated kitchen, may be covered up to a limit.
Personal liability
Helps if you are found responsible for injuring someone or damaging their property, for example an accidental leak that floods the unit below.
Loss assessment
May help with your share if the condo corporation charges owners after a loss, such as a deductible it has to pay.
Extra living costs
Helps with costs like a temporary place to stay if you cannot live in your unit after a covered loss.
What the condo corporation covers and what you cover
Condo corporations generally insure the building and shared areas, often called common elements. Unit owners insure what the corporation's policy does not. Where that line sits depends on your corporation's declaration and by-laws.
Read these documents or ask your property manager what the corporation insures. Then tell us, and we will make sure your policy fills the gaps. We cannot say what any specific building covers.
Things to ask before you buy
A few questions can save surprises later. The first three are for your condo corporation or property manager:
- What does the corporation's insurance cover inside my unit, and how does it define a standard unit?
- What is the corporation's own deductible, and when can it be passed on to an owner?
- Can I see a summary of the corporation's insurance?
- What is the deductible for loss assessments, and what limit applies?
- What counts as an improvement, and what limit applies to them?
- What is the limit for your belongings?
- Do you live in the unit, or do you rent it out?
What affects the cost of condo insurance
Insurers may consider the value of your belongings, the improvements you have made, the liability limit, your deductible and your claims history, among other details, and each one weighs them differently. Tell us what is in your unit and what you have upgraded, and we will compare quotes from the insurers we work with.
Bundle with auto
Many insurers offer discounts when you insure more than one thing with them. Ask us to look at your condo together with your auto insurance. If you also own a house, see our home insurance page.
Coverage, eligibility and pricing depend on the insurer's underwriting and the policy wording. Information on this site is general and is not a quote or a policy.
Related coverage
Condo insurance questions
Still wondering about something? Call 416-383-0901 and ask, or see our contact page for the address and email.
The corporation's policy generally covers the building and shared areas, not your belongings or your personal liability. Many condo corporations and lenders ask for unit owner coverage, so it is often required. Check your declaration and mortgage terms, or ask us.
If the corporation has a loss and charges owners a share, for example to cover its deductible, this coverage may help with your portion. Whether it is included, and the limit that applies, depends on the policy.
Owner-occupied and rented-out units are usually insured differently. If you rent your unit to someone, ask us before you buy a policy so the coverage matches how the unit is used.
Read the corporation's declaration and by-laws, or ask the property manager what the corporation insures. Then tell us what you have upgraded, such as flooring, cabinets or a new kitchen, and we will make sure those are covered.
It depends on your unit and your choices, so we cannot name a fair price without details. Insurers may consider the value of your belongings, your upgrades, the liability limit, your deductible and your claims history. Tell us about your unit and we will compare quotes for you.
The corporation's policy typically covers the building and shared areas, such as hallways and the roof, plus fixtures from the original or standard construction. It does not cover your belongings, your improvements or your liability. Your declaration and by-laws set the exact line, so ask your property manager.
No. A condo policy covers your belongings, improvements to your unit, personal liability and extra living costs, and it may add loss assessment. A home policy for a house also insures the building itself. If you own a house, see our home insurance page.
A deductible is the amount you pay on a claim before your insurer pays the rest. Loss assessment coverage may have its own deductible, and the condo corporation has one on its policy too. In some situations that cost can be passed on to an owner, so check your declaration and ask us.
Sources: IBC, types of home coverage, Ontario, Condominium Act, 1998
Get a condo insurance quote
Tell us about your unit. We will come back with options and explain them in plain words.