Whether you’re a first-time buyer or own multiple properties, navigating the intricacies of condo insurance and finding the best rates can be daunting. Learn the basics of condo insurance in Canada, what factors can affect your premium rates, and how you can get the most affordable condo insurance quotes with MyChoice.
How Condo Insurance Works in Canada
Designed for unit owners, condo insurance is a form of home insurance that covers injuries and helps cover damage or loss involving both the unit and the owner’s personal belongings.
Condo and homeowner’s insurance work in similar ways, but price is one important difference. Since a condo is much smaller than a house, insuring its physical structure generally costs less.
What condo insurance covers:
Average Condo Insurance Prices in Canada by Province
Shown below is a table comparing the average cost of condo insurance per month in different provinces in Canada.
| Province | Average Monthly Insurance Premium |
|---|---|
| Ontario | $35 |
| Quebec | $28 |
| British Columbia | $38 |
| Alberta | $39 |
| Manitoba | $31 |
| Saskatchewan | $31 |
| Atlantic Provinces | $28 |
Your Condo Insurance Quote at a Glance
Several considerations influence condo insurance rates. Knowing what they are and how they affect you can support a more informed choice of policy and provider.
Is Condo Insurance the Same as Home Insurance?
Condo insurance is similar to homeowner’s insurance; however, there are a few key differences.
How to Save Money on Condo Insurance in Canada
Condo insurance doesn’t have to break the bank. There are plenty of opportunities to save on condo insurance costs. Follow these tips to find condo insurance discounts and good rates.
Shopping for Condo Insurance with MyChoice
Looking for competitive condo-owner insurance rates? Start with MyChoice’s simple condo insurance tool. Enter the insurance type, address, and requested personal details. Within minutes, you can compare prices that fit your budget and choose the policy that suits you best.
Condo Insurance FAQs
What does the average condo insurance typically cost?
The cost of condo insurance depends on several factors, including:
– The condo’s location
– Its value
– The value of the property inside the condo
– The type of policy you choose
In Canada, most people pay around $25 to $40 per month for condo insurance. The rate changes depending on how much coverage is included in the pro
Is having condo insurance in Canada mandatory?
While condo insurance is not mandatory in Canada, some condo corporations may require unit owners to have condo insurance before signing a condo contract. Also, many banks and lenders will require buyers to have condo insurance as a condition of providing a mortgage.
Is condo insurance the same as renters insurance?
Does condo insurance cover appliances?
Most condo policies include personal property protection for items and fixtures within the unit, such as appliances, plumbing, wiring, and flooring.
Do condo fees cover insurance?
Part of a condo fee may go into an insurance fund used to pay the condominium corporation's premiums. This insurance covers common areas and the furniture and equipment in them.
Is condo insurance more expensive in big cities like Toronto or Vancouver?
Condo insurance generally costs more in large cities such as Toronto and Vancouver because urban centres face greater exposure to risks such as fire, theft, and vandalism.
How to submit a condo insurance claim in Canada?
To submit a condo insurance claim, call the hotline or go on your insurer’s app to start the process.
Before making a claim, it’s important to document the damage done to your condo. Take photos and write a short report so you have enough evidence for your insurance provider. Upon calling, your insurer will walk you through the process of submitting a claim, which will involve everything from submitting initial documents to finding people to make repairs.
Do I need sewer backup insurance for my condo?
Because sewer waste can cause serious damage and create a health risk, consider adding sewer backup insurance to the condo policy. This optional coverage applies when sewage enters the unit through floor drains—most commonly in basement and ground-floor apartments—or because of plumbing and sewage-system blockages.