Pull back the curtain on condo insurance
in Ontario.

Pull back the curtain on condo insurance
in Ontario.

Fast facts about home and condo insurance in Ontario

Average condo insurance rate

Average tenant insurance rate

Average home owner insurance rate

Average home insurance rate for all policy types

Average real estate price (March 2020)

Million residents

Average household income

%

Unemployment rate

Understanding condo insurance in Ontario

Ontario’s housing market has changed dramatically in the last 20 years, making condos one of the most lucrative ways to get a foothold in the property market. They’re also becoming a major “downsize” option of choice for empty nesters.

That’s especially true in Toronto, but condo communities are appearing all over Ontario.

Condo insurance has become more common in the province as a result, so it’s important that you understand how it works.

On average, it’s less expensive than home insurance and even tenant insurance in Ontario. That’s because condo units tend to be significantly smaller than detached homes on average, and the master condo policy may cover certain risks on its own.

Get your bundle on & save!

Want even cheaper insurance? Save up to 50% on home and up to 18% on car insurance when you bundle them.

Get your bundle on & save!

Want even cheaper insurance? Save up to 50% on home and up to 18% on car insurance when you bundle them.

Busting myths about condoinsurance in Ontario

Myth: Condo insurance works the same as home or tenant policies.

While many of the same principles apply to condo, tenant, and home insurance policies alike, they don’t all work exactly the same. Condo policies tend to be a bit more complex because ownership and responsibility is split between unit owners and the condo corporation.

Myth: Your condo association will cover everything.

Not necessarily. Every condo corporation could have its own unique insurance agreement with unit owners, for starters. You’re also going to be responsible for most or all of the inside of your unit, unless the damage can be linked to a maintenance responsibility of the condo corporation.

Myth: You’re not responsible for the building, since it’s a condo.

The condo corporation is usually responsible for certain parts of the building, like elevators, hallways, and other common areas. However, you’re still responsible for your own unit in most instances (especially on the inside). You could also be held legally responsible 

Myth: The condo corporation dictates everything with condo insurance.

Not true. While the condo corporation will likely require you to contribute to the master insurance policy for the common areas, you can (and should) still get a condo insurance policy for your own unit. Condo residents need coverage for contents, liability, and property damage just like everybody else.

Average annual condo insurance rates by city

This set of home insurance averages are only for tenants (renters).

Here’s what our data says.

  • Ajax: $525
  • Brampton: $392
  • Thornhill: $363
  • North York: $353
  • Scarborough: $343
  • Mississauga: $340
  • London: $330
  • Toronto: $315
  • Etobicoke: $294
  • Markham: $275
  • Richmond Hill: $247
  • Burlington: $241

Average annual home insurance rates by city (all policy types)

This includes home owner’s policies, condo policies, and tenant policies. If you only want to see home owner’s insurance policies, just jump to it below.

Here’s what our data says.

  • Val Caron: $2,280
  • St Catharines: $2,080
  • Pefferlaw: $1,621
  • Thunder Bay: $1,141
  • Woodbridge: $1,100
  • Kanata: $1,082
  • Orangeville: $1,050
  • Angus: $1,013
  • Brantford: $928
  • Newmarket: $927
  • Kingston: $898
  • Hamilton: $877
  • Kitchener: $869
  • Windsor: $863
  • Maple: $852
  • Courtice: $842
  • Markham: $828
  • Simcoe: $822
  • Brampton: $809
  • Woodstock: $804
  • Cambridge: $803
  • Oakville: $782
  • Gloucester: $755
  • Barrie: $749
  • York: $736
  • Nepean: $695
  • London: $691
  • Mississauga: $688
  • Innisfil: $686
  • Ajax: $662
  • Waterloo: $660
  • East York: $660
  • Stoney Creek: $656
  • Scarborough: $649
  • Sault Ste. Marie: $615
  • Richmond Hill: $612
  • Etobicoke: $609
  • Milton: $573
  • Whitby: $554
  • Burlington: $550
  • Oshawa: $545
  • Stouffville: $499
  • North York: $471
  • Toronto: $470
  • Ottawa: $448
  • Thornhill: $441
  • Guelph: $391
  • Niagara Falls: $362

Data from a survey of 2,800 home insurance policies across Ontario.
*See sources below

Quick tips on condo insurance in Ontario

Figure out how much risk your master condo policy covers, first.

Before choosing the deductible, coverage limits, and the scope of coverage that you want, it’s wise to know what your condo corporation will and won’t cover with its master policy. Knowing that could help you get more cost-effective coverage.

You still need liability coverage and contents coverage anyway.

Home and condo insurance aren’t just about protecting the building or unit directly. They’re also about protecting your belongings and your legal liability. People can still be injured in your home, and things can still be damaged inside your walls. Condo policies help cover that.

If you’re renting a condo, then you still need your own tenant policy.

If you find yourself renting space, then look at getting a tenant policy your stay there. Just like other kinds of home insurance, tenant policies will cover your contents and legal fees up to your policy’s designated limit in the event of a claim.

Consider additional types of coverage to protect your real estate investment.

For all their differences during the claims process, coverage for your own unit is underpinned by the same risks as other home policies. That means it’s wise to protect yourself against things like overland flooding, sewer line back-ups, and other kinds of potential damage.

Just 3 measly minutes to your marvelous rate.

Just 3 measly minutes to your marvelous rate.

How to to get the most out of tenant insurance

Bundle condo and auto policies

This is the number-one way to save money on home insurance. We offer up to 18% off on auto policies and up to 50% off on home policies, depending on the  quote. Not to brag, but it’s a pretty sweet deal.

Keep tabs on your condo's master policy

Condo corporations may need to change their coverage in the future. Keep tabs on yours to make sure that you can alter your own home policy to close any coverage gaps that might arise, just in case.

Revisit your contents coverage limit

Many of us don’t bother checking on the total value of our belongings, but this matters if you need to make a claim to replace any of it. Do a home inventory check if you’re moving into a condo (yes, even if you’re downsizing).

Check if you're on a flood plain

While Ontario is generally a safe place to live, severe weather has been growing. Wind storms and overland flooding are beginning to occur in some areas that were safe 40 years ago. Check your area in case you need coverage.

Make sure a fire hydrant is within 300 metres

Home fires happen, and insurance providers take it into account. That’s why they consider your home to be safer if it’s within 300 metres of a fire hydrant. It allows first responders to put out a fire faster, preventing further damage to your home.

Renovating the unit? It'll need coverage.

Some condo units may come with bare-minimum coverage, but we have yet to hear of a condo corporation that will cover damages to more expensive upgrades, like granite countertops or hardwood floors.

"Schedule" your really important stuff

Some things are more important to us than others: family heirlooms, engagement rings, art, or collector’s sets can warrant special coverage because of their value. You also don’t want them maxing out your contents coverage limit by themselves!

Renting out your unit? Ask for a tenant policy.

Basic home insurance doesn’t acount for overland flooding or sewer line backups, so it could still pay to look into that for yourself as a tenant—especially if you’re in a geographic area prone to those kinds of risks.

Frequently asked questions about condo insurance

What if a pipe or something else in the building damages my unit?

It depends on what’s damaged and what caused the damage in a given scenario, but it’s best to cover yourself instead of relying on another policy. Even if your condo corporation’s master policy does cover some damage, it probably won’t cover everything, and it won’t cover any upgrades you’ve made to the unit.

How do I know where my unit ends and the common areas begin?

That usually begins and ends at the walls separating your unit from the rest of the common areas. Condo corporations tend to be responsible for the outside walls of a condo apartment complex, as well as common areas. Some things, like electrical damage, might need closer scrutiny to figure out where along the line the cause of the damage started and who had the responsibility of maintaining whatever sustained damage.

What if another condo resident damages my unit while visiting?

You’ll still need to cover the damages under your own condo policy. Even though an external factor (like a another person) damaged your home or something inside of it, that damage wouldn’t be covered under anyone else’s policy because other people don’t have policies protecting your things (only theirs). 

How much does condo insurance cost, on average?

According to our policy data, the average condo insurance rate costs $345 per year in Ontario. That’s an average, however, and can’t tell you about specific factors in your area. The statistical chance of crime, severe weather damage, and other claims can all affect your condo rate, just like your proximity to a fire hydrant. Always get an accurate quote to see what it truly costs for you.

Racking up the likes, baby!

Best insurance by far.


Christina L.

I highly recommend this insurance company and if all their employees are like Andrea, their customer service is excellent!!


Kathleen G.

I am so happy to find company like this to insure my first car... Amazingly quick customers service and great prices. 100% suggest them!!!


Petra B.

Excellent service and cheapest price I have ever got.


Ratheesh T.

Excellent!… progressive!… no more pen, and paper… ALL ONLINE!!


Van J.

Great service, patient and informative representatives, full marks.


Viraj M.

Easy and can be done at your own convenience, anytime. Response to my questions was great. Best way to get insurance.


Mark R.

I completed my car insurance quote in just a few minutes - and then I could buy it right then and there. No talking to a broker. No fuss. No muss. Pretty cool really.


Gavin M.

Had a great experience calling aha for the first time and will definitely be recommending it to all of my friends.


Alexander A.

I 100% recommend aha. Hands down one of the best companies i've trusted.


Aditya P.

Great deal, cheapest insurance i got. Highly recommend. Thank you.


Christine L.

Great service, quick easy and affordable too. The associates who helped me were both very nice and polite too. Really enjoyed my experience thank you!


Alaina H.

Had the smoothest insurance experience ever, it was quick, easy, and I had my insurance set up in minutes.


Nicole M.

Affordable and easy car insurance with great customer service. Would recommend to anyone.


Tausif F.

Sources for facts about Ontario:

  • Survey of more than 2,000 home insurance policies in Ontario
  • Insurance Bureau of Canada
  • Canadian Real Estate Association, “National Price Map.”
  • Statistics Canada

 

Racking up the likes, baby!

Best insurance by far.


Christina L.

I highly recommend this insurance company and if all their employees are like Andrea, their customer service is excellent!!


Kathleen G.

I am so happy to find company like this to insure my first car... Amazingly quick customers service and great prices. 100% suggest them!!!


Petra B.

Excellent service and cheapest price I have ever got.


Ratheesh T.

Excellent!… progressive!… no more pen, and paper… ALL ONLINE!!


Van J.

Great service, patient and informative representatives, full marks.


Viraj M.

Easy and can be done at your own convenience, anytime. Response to my questions was great. Best way to get insurance.


Mark R.

I completed my car insurance quote in just a few minutes - and then I could buy it right then and there. No talking to a broker. No fuss. No muss. Pretty cool really.


Gavin M.

Had a great experience calling aha for the first time and will definitely be recommending it to all of my friends.


Alexander A.

I 100% recommend aha. Hands down one of the best companies i've trusted.


Aditya P.

Great deal, cheapest insurance i got. Highly recommend. Thank you.


Christine L.

Great service, quick easy and affordable too. The associates who helped me were both very nice and polite too. Really enjoyed my experience thank you!


Alaina H.

Had the smoothest insurance experience ever, it was quick, easy, and I had my insurance set up in minutes.


Nicole M.

Affordable and easy car insurance with great customer service. Would recommend to anyone.


Tausif F.

Sources for facts about Ontario:

  • Survey of more than 2,000 home insurance policies in Ontario
  • Insurance Bureau of Canada
  • Canadian Real Estate Association, “National Price Map.”
  • Statistics Canada

 

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