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Affordable Condo Insurance in Toronto

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on December 3, 2024

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Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated December 3, 2024

Visit author page

10 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

Buying a condo in Toronto, whether it’s for your residence or as an investment property is a good idea. Most condos in Toronto have excellent accessibility to modern amenities for comfortable living, which means it’s more comfortable to live in and more enticing for potential renters. Toronto also has a strong job market, so many people flock to live in the city in hopes of landing promising careers.

In addition to the condo unit itself, condo buildings also offer facilities like swimming pools, gyms, terraces, and other things that make your stay more comfortable. Plus, condos are much easier to maintain than landed homes due to their relatively compact size.

Thanks to healthy economic and population growth, the price of condos in Toronto keeps growing. However, owning a condo means you’re potentially exposed to risks like injuries and property damage. That’s where condo insurance comes in. It can provide you peace of mind and fill the gaps in your condo corporation’s commercial insurance to ensure you’re well-protected. 

There’s no one “best” condo insurance policy for everyone. Learning more about condo insurance in Toronto helps you make informed decisions that can maximize your protection.

How Much Does Toronto Condo Insurance Usually Cost?

On average, condo insurance in Toronto costs $324 annually, or about $27 monthly. That said, this average may vary depending on local crime statistics, severe weather events, and many other factors.

Visit My Choice to compare the costs of condo insurance between insurers in your area. This way, you’ll get a better feel of how much condo insurance will cost you and help you find the best policy for your needs.

What Do Condos Cost to Buy in Toronto?

On average, a condo apartment in Toronto costs $705,572 as of August 2023. A Toronto condo market report from the same month showed that condo apartment prices dropped 0.8% from August 2022, but condo transactions rose by 7%, potentially reflecting another demand surge.

Condo Data in Toronto

According to the 25% sample data taken from the 2021 Census of Population, nearly one-third of Toronto’s 1,160,890 households live in condominiums. 353,215 households or 30.4% of the city’s total households are condo residents, while Toronto’s 807,670 non-condominium residents make up the remaining 69.6%.

557,970 households in Toronto, or about 48.1% – nearly half of the city are renters. This means buying a condo in Toronto to rent out may be a good idea. 

Why Do I Need Condo Insurance in Toronto?

You don’t technically “need” condominium insurance in Toronto as it isn’t mandatory. Further, your condo corporation already has commercial condo insurance for the entire building and its common areas. However, it’s a good idea to get it anyway for the following reasons:

Contingent coverage for gaps in commercial condo coverage:

Commercial condo insurance policies won’t protect your unit’s improvements from loss or damage. By getting a personal policy, you can fill in that gap in protection and ensure that you’ll be compensated for loss or damage to unit upgrades.

Protection for your personal possessions:

While commercial condo insurance covers the entire building and its upkeep and repairs, a personal condo insurance policy covers your belongings in your unit against covered risks. Without condo insurance, you’d have to replace these things out of pocket in the event of loss or damage.

Personal liability:

There may be instances where someone is accidentally injured or suffers property damage in your unit. Having personal condo insurance covers you in case you need to compensate for the injuries or damage. It also covers your legal fees in case you are sued. 

How Does Condo Insurance in Toronto Work?

Like home insurance and tenant insurance, Toronto personal condo insurance provides financial coverage in the event of damage or loss to your condo unit, personal possessions, any improvements you’ve made to your condo, and your personal liability.

Note that this type of condo insurance is different from your condo corporation’s insurance, which is also known as a commercial condo insurance policy. Here’s a simple overview of the standard coverages included in personal condo insurance, as well as additional coverage options.

The typical Toronto personal condo insurance policy will come with these types of coverage for damage, losses, and liability. Here’s a quick description of each standard inclusion:

  • Additional living expenses: In case insured loss or damage makes your unit uninhabitable, your standard policy will provide you funds to cover the cost of temporarily living elsewhere.
  • Contents of your condo: Also known as personal belongings coverage, this protects your personal property such as furniture, appliances, clothing, and electronics. Note, however, that some personal items may be excluded or exceed the value covered by a standard condo insurance policy.
  • Contingency coverage: This provides additional financial protection for your unit In the event that your condo corporation’s commercial insurance policy is insufficient or fails to cover loss or damage.
  • Improvements and betterments: This covers any upgrades that have been made to your unit, whether by yourself or by any previous owner. Examples of improvements covered by standard policies are custom closets, custom flooring, and special lighting. Even a fresh coat of paint may be considered by some insurers as a covered improvement, so talk to your condo insurance provider to see what else may be covered by your policy.
  • Loss assessments: Similar to contingency coverage, this covers your share in case your condo corporation requires its members to collectively pay for any damage to common liabilities and shared areas like walkways or the elevator.
  • Personal liability: Also known as third-party liability coverage, this covers your personal liability in case of any property damage or bodily injury caused to others in your condo unit. 

Apart from the standard coverage offered by Toronto condo insurance policies, there are other types of coverage you can purchase for extra protection for your condo. These are the most common coverage add-ons:

  • Sewer backup coverage: If sewage or wastewater comes up from a main sewer and seeps into your condo’s lower levels or lobby, you may be unable to get into your unit. This add-on provides for your additional living expenses until the backed-up water has been taken care of. It also covers damage or losses caused to any personal belongings you may be keeping in the building’s basement storage.
  • Overland water: Rainfall or thawing snow can cause nearby freshwater and wastewater sources to overflow beyond their typical levels. If you can’t get into your unit because of overland water flooding in your building’s lower levels or lobby, this add-on will provide you with additional living expenses. This add-on also covers personal belongings damaged by overland flooding in your building’s basement storage.

Who Provides Condo Insurance Quotes In Toronto?

There are different ways that you can get a condo insurance quote in Toronto. Here are the four providers that you can use or contact for condo insurance rates:

Insurance brokers:

Insurance brokers can represent you as a buyer and get quotes from multiple insurance companies, as well as advice on choosing a policy.

Direct writers:

A direct writer is an insurance company that doesn’t have independent agents offering their quotes and policies. Typically, direct writers offer their products through their official websites and/or their call centres.

Insurance agents:

Insurance agents are independent professionals who can provide quotes and policy information from the companies they work with.

Insurance aggregators:

Insurance aggregators are online platforms like My Choice that allow you to compare rates and coverage options from multiple providers. Because these allow you to input your information and receive quotes from multiple providers in one place, this can save you time and effort.

Who Regulates Condo Matters in Toronto?

Condominium matters in Toronto are regulated by the Condominium Authority of Ontario (CAO). This organization provides services, resources, and training to improve condo living in the province. It also helps resolve disputes in condos to ensure peaceful living.

Additionally, the Condominium Management Regulatory Authority of Ontario (CMRAO) regulates condo managers. This organization licences condo managers to ensure they have the skills needed to oversee daily condominium operations.

What Determines the Cost of Condo Insurance in Toronto?

The cost of condo insurance in Toronto varies depending on several considerations, such as your zip code, your property type, and even your credit score. Here are some of the different cost factors for condo insurance in Toronto:

Credit Score

The majority of Canadian provinces use your credit score to determine your condo insurance premium. This is because it’s often perceived that a bad credit score increases the risk of providing condo insurance, as it increases the odds of late or non-payment of premiums.

Internal Construction

If your condo is older, in poor condition, or needs to update systems like heating and plumbing, it may be pricier to insure. This is because older electrical, heating, and plumbing systems increase the risk of certain accidents like fires and water damage from leaks.

Location

If you live in an area prone to natural disasters like earthquakes or flooding, your premiums may be higher. Insurers also tend to charge higher premiums in areas where more condo renters have filed claims over recent years.

Replacement Cost

The replacement cost to rebuild or repair the building is generally included in commercial condo insurance. Your personal condo insurance policy is usually more concerned about the value of items in your condo. The more valuable items you have in your condo, the higher the replacement cost.

Past Claims History

Simply put, the more claims you have in a 10-year period, the higher your monthly premiums will be. As a general rule, make sure that the cost of your potential claim is higher than your policy deductible, which is the amount you have to pay before your insurer covers the rest.

Pets

Some insurance providers will ask you to disclose the number, type, and breed of any pets you may have, as some pets are considered an additional liability risk.

Property Type

Insurers evaluate your condo insurance rates differently depending on the type of dwelling. That means high-rise and bare land condos may have different rates since they have different risks.

Renovations And Improvements

Some improvements can lower or increase your condo insurance premiums. For example, converting a room into a home theatre may increase your condo’s present value, so your premiums may go up. On the other hand, improvements that increase condo safety like an alarm system may lower your premiums. Note that you should tell your condo insurer both before and after you renovate your Toronto condo.

Smoking Or Non-Smoking Policyholders

If you’re a non-smoker, an insurer may offer lower premiums as they consider it less likely that a cigarette or other smoking device will start a fire in your condo.

Special Uses

While conducting business in your condo won’t always increase your condo insurance premiums, this depends greatly on the kind of business you’re running. For example, you can expect to pay more if you’re listing your condo for short-term rentals or running a home-based catering company because there is more risk of liabilities or accidents.

Type Of Coverage You Choose

If you get a policy with a higher deductible, this will result in a lower premium. Additionally, the higher the coverage and the more risks you are protected against, the higher your premiums will be.

Your Chosen Insurer

Different insurers may offer varying quotes even for the same type of policy. Coverage costs vary between companies, so it’s important to shop around to find the best deal. 

What Is Not Included in a Typical Toronto Condo Insurance Policy?

The following are typically excluded from Toronto condo insurance policies:

Business activities:

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Criminal activities:

Condo insurance policies won’t cover you in the event that injury or property damage has been caused by criminal acts, intentional acts, or the failure to act.

Damage from tenants:

Generally, condo insurance companies require specific coverage for owners who plan to rent out their units. A standard condo insurance policy won’t include coverage if you rent your condo out and the tenant causes damage.

Earthquakes:

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your unit:

Damage or losses caused by poor unit upkeep (e.g., clogged drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flood damage:

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Mortgage or property taxes:

These are separate expenses handled by policy owners as they’re unrelated to your insurance policy.

War, insurrection, or other military hostilities:

Condo insurance policies typically exclude damage or loss due to rebellion, war, invasion, or other acts of foreign enemies.

How You Can Get Cheap Condo Insurance in Toronto

If you’re trying to save money on your preferred condo insurance coverage, here are some important steps to take:

Compare quotes:

Comparison shopping between different providers will help you find the best rate for your desired policy type. Use an insurance aggregator like MyChoice to get and examine immediate quotes from various Toronto insurers.

Increase your deductible:

You can ask your insurer if you can increase your deductible, a.k.a. the amount you pay before your insurer pays out the claim. Increasing this reduces the risk for your insurer that you’ll submit a claim, so they may offer to lower your premiums.

Bundle with auto insurance:

Some companies offer bundled condo and auto insurance at a good discount for both policies.

Buy into a newer condominium:

Because a new building’s units have updated plumbing, electrical, and heating systems, this reduces this exposure to certain risks as well as the likelihood of filing a claim.

Pay annually:

While hefty annual premium payments may be daunting, some insurance providers give you a discount in exchange as it reduces their administrative costs.

Install monitored alarms:

The safer you make your condo against thieves, the higher the chances that you’ll go claim-free. This may convince your insurer to offer lower premiums. Install monitored home security systems to deter break-ins and get immediate notifications of disturbances.

FAQs About Condo Insurance in Toronto

Is condo insurance mandatory in Toronto?

Condo insurance isn’t mandatory in Toronto, because it’s not a legal requirement from the government. However, your condo association or lender may still require you to purchase condo insurance. Additionally, protecting your investment through insurance is a good idea regardless.

How much condo insurance do I need in Toronto?

The amount of condo insurance you need in Toronto depends on your living situations. However, a good rule of thumb is that you should at least have enough condo insurance coverage to replace the contents of your unit.

How expensive is condo insurance in Toronto? 

On average, condo insurance in Toronto is $234/year or $27/month. That means it’s affordable, especially compared to home insurance.

Does my Toronto condo insurance cover fire damage?

Your Toronto condo insurance does cover fire damage. You need a personal policy to get fire damage protection, since the condo board’s insurance policy only covers the building and its common areas, not individual units.

What does condo insurance in Toronto cover?

A standard condo insurance policy in Toronto covers the following items:

– Additional living expenses
– Contingency protection
– Improvements and betterments to your unit
– Loss assessments
– Personal belongings protection
– Personal liability protection

In addition to the standard coverage, you can buy extra protection like:
– Overland water coverage
– Sewer backup coverage

What does condo insurance in Toronto not cover?

Your Toronto condo insurance won’t cover damages and expenses caused by the following:

– Business activities
– Criminal activities
– Earthquakes
– Failure to maintain the condo unit
– Floods
– Mortgage or property taxes
– Tenant activities
– War and other military hostilities

Note that you can get insurance add-ons to get coverage from things like floods, earthquakes, and damage caused by tenants.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a condo with monitored fire alarms and burglar alarms. The condo owners also have a $1,000 deductible, a $1,000,000 liability, a $40,000 personal property limit and water damage included.

Incident Profiles

We examined how rates change by evaluating incident profiles. We looked at the most common condo insurance claims in Canada: a water damage claim, a sewer backup claim, and a breaking/theft claim, comparing them to a clean record (standard).

Home Details

Quoted rates are based on a high-rise condo home constructed in 2010 or later with a valuation around or close to $750,000.

Team

MyChoice data science, MyChoice research.

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