Condo insurance for owners in Ontario
Buy condo insurance online for your unit in Ontario.
Do you own a condo in Ontario? Get coverage that’s right for you
Whether you live in a condo in Toronto, a townhouse in Mississauga or a condo in Ottawa, you need to have the right insurance for your space. Get a
Are you renting a condo unit as a tenant? Get a quote online for
What is condo insurance?
Your condominium corporation has insurance for the building itself and its common areas. But, it doesn’t cover your things inside your unit or any condo improvements you’ve made. This is why as a condo owner, it’s important to have condo insurance that covers your stuff and more if something happens.
What does condo insurance cover in Ontario?
Although condo insurance policies can differ, here are some of the common coverages you can find. Don’t forget to review your policy to learn how you’re covered (and where you aren’t).
Standard condo insurance coverages
Protect yourself and the people in your home in case you’re sued. With personal liability coverage, you’re covered if someone gets hurt while visiting or for damage you may unintentionally cause.
Often called contents insurance, this protects anything you own that you could pack in a bag or put in a moving truck. Contents insurance in Ontario covers things like your clothing, electronics, furniture, etc. Your stuff is covered no matter where it is (whether it’s in your condo in Ontario or not). Just keep in mind, if you’re renting out your condo, only major appliances (like your fridge, stove and washing machine) are covered for theft.
If you can’t live in your condo during repairs from a claim – you’re covered. You can choose to stay in a hotel or with friends and family. We’ll help cover your extra living expenses either way. Renting out your condo at the time of loss? You’ll be covered for your net rental income until your tenants can move back in.
This includes three extra protections:
- Unit Improvements Coverage
Have you been making improvements or upgrades to your unit – like installing special lighting or customized closets? Don’t worry, they’re covered.
- Unit Contingency Coverage
This coverage protects you if your condo corporation’s insurance isn’t enough to take care of damages to your unit, that would normally be its responsibility to repair or replace.
- Property Loss Assessment Coverage
Your condo corporation could require its members to collectively pay for any damage to common areas (like the lobby or elevators). This coverage will pay for your share.
This covers you and anyone else on your policy in case your identity is stolen. We’ll reimburse you for legal fees as well as certain other costs that could happen, up to a limit. These could include lost wages if you have to take time off work to sort it out, and payment for services that help you get back to where you need to be.
Additional condo insurance coverages
This coverage can help in some smelly situations. Your unit and belongings would be covered for damage caused by sewage that backs up in your unit through a sump, septic tank or floor drain. Any belongings in your condo’s basement storage unit would also be covered. Or, if you can’t get into your condo because the lobby or lower levels are affected, you’d need Sewer Backup so that additional living expenses (like living in a hotel during repairs) are covered. Coverage offered depends on eligibility.
You’re covered for damage caused by fresh water, such as excessive rain, spring run-off and melting snow, coming in at ground level through windows and doors. If you can’t get to your unit due to an overland water flood in your condo’s lobby or lower levels, you’d need this coverage to get help with extra living expenses (like living in a hotel). It also includes belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.
How much does condo insurance cost in Ontario?
The cost of condo insurance in Ontario is based on information about you and your condo. This includes things like the location of your condo, how much coverage you need and your personal claims history. Here are some examples of the average price of condo insurance with Sonnet in Ontario:
$43/month avg.
Insurance for the average Toronto condo owner costs around the same as a monthly gym membership.
$40/month avg.
Living in Mississauga, you can get condo insurance for around the same price as a pizza, some wings and a couple of sodas.
$42/month avg.
If you live in a condo in Ottawa, the cost of insurance is comparable to what you’d pay for a night at the movies – popcorn included.
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Questions about condominium insurance? We’ve got you covered
Insuring your condo should be simple. That’s why we’ve made getting a
Wondering if your townhome needs a condo or a
- Do you have a condo corporation?
- If something were to happen to the outside of your home, such as to your roof, are you responsible for repairing it?
If you answered yes to the first question and no to the second, then a condo policy would best fit your needs.
During condo insurance calculation, insurance companies look at a complex set of factors. These will determine the likelihood of you making a claim – and how much a claim could cost. The higher the likelihood is, the higher your premium will be.
Here are some things that can impact your Ontario condo insurance premium:
Your condo’s location
Based on your postal code, an insurer can find out how many claims are made in that area – and why they happen. For example, if your area has frequent flooding or a lot of crime, there could be more claims for damage. This could cause your condo premium to be higher.
Condo age and condition
The older the building, the higher the chance of a claim. That’s because things like old wiring are a bigger risk for fire. And, old plumbing increases your risk of claims due to sudden leaks or burst pipes.
The value of your contents
Think about how much it would cost to replace your stuff after a fire or break-in. If you have a lot of items (or some very expensive ones), you’ll likely pay a bit more for condo contents insurance.
Condo security
A person living in a high-rise condo with on-site security will typically have a lower insurance rate than someone in a condo townhome that’s accessible from the street.
Number of past claims
The longer you’ve been claims-free, the lower your premium will be. If you’ve had a claim in the last year, you can expect your premium to go up at renewal.
Your age and other information about you
As you get older, your premium will tend to decrease. The fact is many insurance providers consider condo owners with more experience as less risky to insure. Some insurers could also look at your credit score.
Condo insurance isn’t just for protecting the stuff you own. It’s a good idea to understand
- Unit Improvements Coverage: If you’ve made upgrades to your unit – like hardwood flooring or fancy built-ins – these would be covered when you make a claim.
- Unit Contingency Coverage: You’re protected if your condo corporation doesn't have enough insurance to fix damage to your unit. That is, damage that would be their responsibility. For example, if a lobby fire damaged your unit.
- Property Loss Assessment Coverage: Sometimes a condo corporation makes condo owners pay to fix a shared space. Your condo policy would pay for your share of the repairs, so you don't have to worry about it.
You might want to add more coverage that isn’t included in a standard policy. We offer extra coverages like hail, sewer backup, overland water and earthquake. You can add these coverages during a condo insurance quote. It'll depend on where you live in Ontario and if you're eligible.
Already purchased? You can add on these coverages at any time through your account.
Yes. As a condo owner, your Sonnet condo insurance policy covers you, your personal property and
Heads up! Are you a tenant renting a condo from someone else? If so, your landlord’s insurance will generally cover the appliances, since they’re the owners – not you (unless you’ve bought them yourself).
Need more answers about condo insurance? Get in touch via email or chat. Our agents are always happy to help!
Condo insurance is highly recommended in Ontario. And your condo corporation might require you to have it. If you don’t have condo insurance and something happens to your place (like a fire or a leaky pipe), you’d have to pay to fix any damage on your own.
It could get quite expensive to replace all your stuff out of pocket if they get wrecked or stolen. Think of everything you own – your fridge, couch, laptop, clothes – the costs add up quickly. That’s why you need condo insurance to protect everything in your unit.
Plus, if you have a mortgage on your condo, your lender could require you to have condo insurance coverage.
No. Sonnet doesn’t cover short-term rentals through any home sharing service, including Airbnb and Vrbo. This applies to all our property policies (homeowners, condo, and landlord). Under the terms of our renters insurance, tenants also aren’t allowed to offer short-term rentals of their apartment or house – or a room in their unit – through one of these networks.
If you’re offering short-term rentals via one of these services and something happens where you need to file a claim, your claim could be denied.
Want to know more about how Sonnet covers long-term rentals? Check out our
If you
First Claim Forgiveness. This means your rate won’t increase due to your first claim. We’ll pretend it didn’t even happen.
Replacement Cost Guarantee. You’ll have the flexibility to settle claims at
Enhanced Deductible Waiver. We’ll waive your deductible for claims of $10,000 or more. Sorry, this doesn’t include claims caused by earthquakes.
Heads up! These perks cannot be added to a tenant or landlord policy.