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Insurance coverage on condo buildings in Toronto offers only minimal protection to individual units. Condo owners’ insurance is necessary so personal belongings and any upgrades to a unit are protected in the event of damage or theft. These policies also provide personal liability protection as well as additional living expenses if the policyholder is unable to live in their unit following an insured loss.
While condo insurance in Toronto is not mandatory, many lenders will only issue mortgages for insured properties.
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Looking for condo insurance in Toronto? Condo insurance coverage is explained below.
Condo insurance is homeowner’s insurance by another name. It protects an individual condo unit beyond whatever the building’s coverage offers.
With a condo insurance policy, the personal belongings in a unit and upgrades to it will be protected. The policyholder will also receive liability protection as well as additional living expenses if they must leave the unit due to damage.
While condo insurance is not required by law in Toronto, most owners are comforted knowing that one of their largest assets and their personal belongings are protected.
Condo insurance coverage offers protection beyond what the condo building’s policy offers.
This includes the policyholder’s personal belongings and upgrades to the unit. They’ll also receive liability protection as well as additional living expenses if they’re forced to live elsewhere due to damage from an insured loss.
In contrast, the condo corporation’s policy will cover aspects of the building that are a part of its standard construction, including: the floor, wall coverings as well as lighting and plumbing fixtures.
Common assets including furniture and equipment are also likely to be protected. The building’s policy will also offer liability protection for property damage claims and bodily injury suffered by others.
In other words, if a unit is damaged and/or someone is injured in it, the condo owner’s policy will cover costs. If a common area is damaged and/or someone is injured in a shared space, the building’s policy will be responsible.
No. Condo owners in Toronto are not required by law to have condo insurance. However, most lenders will only offer a mortgage to condos or homes that are insured.
While condo corporations in Toronto and elsewhere have insurance that will protect the building itself and offer some liability protection, their policy will not extend to a specific, individual unit.
It’s difficult to zero in on the exact cost of insurance for any condo unit in Toronto because of how many variables go into calculating a premium.
In general, insurance providers are always trying to gauge what type of risk they’re assuming by issuing a policy.
When determining the price of a insurance policy for a condo in Toronto, they’ll also look closely at any variables having to do with the policyholder and the building itself.
If a condo is in fact a townhouse with more exposure to outside elements than a small unit in a high-rise building, the owner is likely to pay more.
If the unit is at a distance from fire services or in a Toronto neighbourhood with a high crime rate, the condo insurance premium could be higher.
When a unit has been upgraded, condo insurance premiums can go up. This is, in part, because higher quality fixtures will increase the replacement cost of a condo — how much it costs to rebuild the unit to its current state.
The amount of condominium insurance required in Toronto depends on the extent of coverage sought. In general, a condo owner is going to end up paying more for additional coverage.
While it’s difficult to pinpoint an average cost for condo insurance, in most cities in Canada, expect to pay at least $20-30/month for condo insurance.
Over and above basic coverage, condo owners in Toronto can opt for additional protection for:
To get the best condo insurance rate there are a few steps a condo owner in Toronto can take to show an insurance provider they’re a low risk.
*Based on the difference between the average lowest home insurance premium and overall average home insurance premium from our site in 2019. Excludes tenant and condo insurance.