The Best Condo Insurance Quotes in Toronto

Jump straight to...

• Average condo insurance cost in Downtown Toronto 2026
• 2026 condo insurance cost in Downtown Toronto vs. the GTA
• 2026 average condo insurance prices in Downtown Toronto by forward sortation area (FSA)
• Toronto condo insurance 101
• What condo insurance covers in Toronto
• Condo insurance add-ons in Toronto
• Factors that determine your Toronto condo insurance
• How to get cheap condo insurance in Toronto
• Frequently asked questions about Toronto condo insurance

Toronto condo insurance 101

Insurance coverage for condo/strata corporations in Toronto offers only minimal coverage for individual units. Condo owners’ insurance is necessary so that personal belongings and any upgrades to a unit are protected in the event of damage or theft. Condo insurance also provides personal liability protection as well as additional living expenses if the condo owner 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. In other words, any condo owner with a mortgage is likely to have an insurance policy that protects their unit.

What does condo insurance cover in Toronto?

Toronto condo owners looking for coverage will find the following protection included in most condo policies:

• Additional living expenses: Also known as ALE, this covers costs the policyholder may have to assume if they’re forced to live elsewhere following an insured loss. For example, if the condo unit is damaged in a fire, costs associated with having to temporarily live outside the unit will be covered.
   
• Additional protection: Offers protection for parts of the unit that are not protected by the building’s insurance such as a glass door that opens onto a balcony.
   
• Personal liability: Covers damages if someone is accidentally injured in the unit.
   
• Personal property: Protects the contents of the unit, including clothing, furniture and entertainment equipment.

Condo insurance add-ons in Toronto

If you want the greatest protection available, we encourage you to consider adding optional coverage to your policy. Add-ons worth considering include protection against all forms of flood damage, particularly as incidents of severe weather become increasingly common in Toronto.

• Additional contents: Condo owners who would like protection for personal property that’s so valuable the standard coverage limit for contents is inadequate can add a rider to their policy for additional contents. This approach is useful for any condo owner in Toronto who owns specialty sport equipment, a fine art or wine collection and/or pricey jewelry.
   
• Condo board liability: Condo owners who have been elected to their condo board can also get additional liability coverage.
   
• Unit betterments: Covers costs in the event of damage to upgrades to the unit – whether made by the current homeowner or the previous unit owner. This includes coverage for damage to hardwood floors, built-in shelves as well as upgraded light fixtures and faucets.
   
• Identity theft: Protection for policyholders whose identity is stolen and used unlawfully.
   
• Loss assessment: Covers a condo owner in Toronto financially when a liability claim is made against their condo corporation that is greater than its coverage limit.
   
• Overland water: This coverage protects against damage from water that has overflowed from a nearby waterway. Many condo owners incorrectly assume that damage from overland water is unlikely to affect their unit. However, damage from a flood can affect individual units which are not protected by the building’s policy. For example, without overland water protection the contents of a storage locker may not be covered in the event of a flood.
   
• Sewer back-up: This coverage protects against damage from water that enters a unit through an overflowing drain or toilet. Sewer back-up is common when sewers overflow following an intense rainstorm.
   
• Unit loss: Covers any difference in cost for damage to a unit that is not covered by the building’s insurance or that of another unit holder. 

Factors that determine your Toronto condo insurance

Insurance providers look at many details when determining a rate for condo insurance coverage. Factors which have a significant impact include:

• Claims history: A condo owner who has made a home insurance claim in the last 10 years is likely to pay more for coverage. Insurance providers consider past behaviour to be an indication of future behaviour.
   
• Dwelling type: A condo owner’s rate may differ for a condo building versus a townhouse. The latter will have more exposure to outdoor elements which could result in a higher premium.
   
• Location: Any risk associated with a neighbourhood can drive up a condo insurance rate. Areas known to be at high risk of flood or crime tend to have more expensive coverage. Another factor that can significantly increase a condo insurance premium is the condo building distance from a fire hydrant. If its location means it’s likely to take fire services a longer to put out a fire, an insurance provider considers the building to be higher risk and will charge more.
   
• Pets: Condo owners who also have pets may pay more for coverage – particularly if the pet is considered exotic or is banned. Owners of dogs that are illegal or known to be aggressive are likely to pay more.
   
• Rentals: Condo owners who rent out their unit may pay more for coverage. We recommend always disclosing a rental to the insurance provider to avoid having a future claim denied. Owners who rent may need specialized landlord insurance, depending on the provider.
   
• Upgrades to the unit: Condo owners who have upgraded the unit may pay more for condo insurance because the cost of replacing the upgrades will have increased.