Personal Insurance
Condo Insurance
Condo insurance, sometimes called unit-owner insurance, covers what your condo corporation's master policy doesn't. That includes upgrades to the unit, your belongings, your liability, the loss assessment when something goes wrong building-wide, and a deductible on the master policy that often runs into the thousands. Most condo owners are under-insured because they don't realize how much falls on them.
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Who we cover
Owners of any registered condominium unit. From a downtown studio to a townhouse condo to a luxury suite.
- Condo apartments and lofts
- Townhouse condos (POTL, Parcel of Tied Land)
- Bare-land condos
- Investment properties / rented-out units
- Vacation and short-term rental units
What's typically included
Unit-owner policies cover what's yours inside the unit, plus a few unique condo-specific coverages, improvements, contingent insurance, and loss assessment.
- Improvements and betterments to the unit
- Contents and personal belongings
- Personal liability
- Loss assessment, your share of master-policy losses
- Master-policy deductible coverage
- Additional living expenses if displaced
- Storage locker contents
This is an overview. All coverages, limits, and exclusions can only be confirmed by a licensed MyBrokers broker on a quote tailored to your specific policy.
What moves the premium
Condo insurance is usually less expensive than home insurance because the corporation handles the structure. The biggest factor is the deductible on the master policy and the condition of the building.
- Master policy deductible (higher = more risk to you)
- Building age and overall condition
- Whether the unit is owner-occupied or rented
- Coverage limit on improvements and contents
- Past claims (yours and building-wide)
- Location and postal code
Ready for a quote on condo insurance? Talk to a real broker who specializes in it.
Frequently Asked Questions
Who needs Condo Insurance?
Every condo unit owner, whether you live in the unit, rent it out, or use it as a vacation property, needs unit-owner insurance. The condo corporation's master policy covers the building, not what's inside your unit. Audiences we cover:
- Condo Apartments and Lofts
- Townhouse Condos (POTL, Parcel of Tied Land)
- Bare-Land Condos
- Investment Properties / Rented-Out Units
- Vacation and Short-Term Rental Units
How much does Condo Insurance Cost?
Condo Insurance is usually less expensive than home insurance because the corporation handles the structure. The biggest cost factors:
- The square footage of your condo living space
- The year your building was built
- The area your condo building is located
What does Condo Insurance cover?
Condo insurance protects you, your belongings, and any upgrades that aren't covered in your condo buildings master insurance policy. Coverage typically includes:
- Damage, Theft, Or Loss To Personal Belongings
- Damage or Loss to Condo Upgrades
- Fire Protection
This is an overview. All coverages, limits, and exclusions can only be confirmed by a licensed MyBrokers broker on a quote tailored to your specific policy.
Still have questions? We'll quote it, explain it, and let you decide.
How can I save money on Condo Insurance?
Condo Insurance covers you against any unexpected costs that arise when accidents occur. Condo Insurance protects you from having to pay large amounts of money in the events of any damage that could occur from an accident and more. We've insured more than hundreds of Condo Owners across Canada. Here's some ways for you to save money on your Condo Insurance:
- Bundle Your Condo + Vehicle Insurance with us to get an extra discount on your insurance policies
- Maintain a positive financial credit score
- Increase your Deductible – The higher your deductible rate the lower your month to month payments on your insurance. If you can afford a $1,000 repair for your Condo, you should consider requesting an increased deductible of $1,000 with us so that you have lower monthly payments on your insurance
- Reduce Your Exposure to Theft, Damage, and Loss – install a security system, replace outdated plumbing and electrical, etc.
- Speak with one of our insurance advisors for tips on how to save on your insurance costs
Other Insurance We Offer
We're partners with over 120 Canadian insurance providers and cover the full range of personal and commercial insurance. If you need it, we likely write it.
Business Insurance
Personal Insurance
Ready for a quote on condo insurance?
Talk to a broker who actually knows this space. We'll quote it, explain it, and let you decide.
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