Owning a condo can be a great lifestyle choice or a good first starter home before you venture into a larger purchase. While condo corporations have their own insurance (also known as strata insurance) for structural elements or common areas, condo owners are responsible for their own units.
Things like unit improvements, repairs, loss assessments or replacement of items are your sole responsibility. While not mandatory, condo insurance in Toronto, like homeowners' insurance, not only protects you from risks, but is often required by lenders before any mortgages are approved.
Typically, Toronto condo insurance covers your possessions within your condo or storage areas. Condo insurance is cheaper than home insurance. On average, condo insurance costs between $30 and $50 per month, depending upon your coverage requirements and assets covered.
There are two types of coverage you can get with condo insurance. Basic and optional.
Basic condo insurance in Toronto usually covers:
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Of course, Toronto condo insurance will vary depending on your needs and risks, however the typical charge is $20-30/month for insurance coverage. The more items you insure or add to your policy, the more you will pay.
According to data collected by RATESDOTCA’s Insuramap tool, in 2021, the average annual cost of condo insurance in Toronto was $299. This is about 7% more expensive than the provincial average in the same year: $279.
Condo owners in cities surrounding the GTA enjoy lower insurance premiums than in the city; rates in Ajax, Whitby and Oshawa are about 4.68-9.25% lower.
Toronto condo insurance costs can vary for different reasons. Even similar units in the same building can have different rates. Here are some factors that will determine your Toronto condo insurance.
Still got questions about condo insurance in Toronto? We’ve got them answered here.
Finding the cheapest condo insurance premiums in Toronto starts with comparison shopping. Quote comparison sites like InsuranceHotline.com provide up-to-date insurance rates from the top Toronto condo insurance providers. We’ll put you in touch with brokers who can assist you in choosing the right insurance coverage for your specific needs.
If you already have insurance, it makes sense to review it around renewal time to see if you are over (or under) insured and if you can receive any discounts.
Toronto condo owners can face a myriad of risks. Theft and break-ins can occur either in storage areas or specifically, in your own unit.
Given the climate of Toronto, melting snow in the spring and water are other risks facing condo owners. Lower floor owners may face more flooding risks while top floor owners could face snow and water leakage from the roof.
Owners of older units may need to pay for upgrades that will bring the condo up to current regulatory codes for safety and construction.
It’s important to talk to your condo insurance provider before renting out your unit. If you already have insurance, creating a rental unit may void your original contract and you’d have to start from scratch, that’s because creating an income property changes the terms of your contract.
While Airbnb and Vrbo offer some forms of so-called host protection, you still need short-term rental insurance to cover things like lawsuits, litigation or loss of income.
Assess the damage yourself and see if you can come up with a ballpark amount of what should be compensated. Make an inventory or list of everything that has been damaged or stolen and take photos of as much of it as you can. If you have receipts for your items, even better.
Look at your policy and remind yourself of your deductible. In some cases, it may not make sense to start the claims process if your deductible is high.
Talk to your broker and try to make the claim by phone (or online, if possible).