Protecting your condo investment starts with the right insurance coverage. At Morison Insurance, our dedicated brokers compare quotes from dozens of Canada's leading insurers to find comprehensive protection tailored to your needs. Whether you own a high-rise unit or a townhouse-style condo, we'll ensure you get competitive rates and coverage that fits your lifestyle.
Why Morison stands out: Our team of dedicated insurance brokers works exclusively for you, not the insurance companies. We compare coverage options from multiple insurers, negotiate on your behalf, and provide ongoing support. With our in-house claims team, you'll have expert advocates when you need them most.
Understanding which type of insurance you need depends on your living situation. Here's a quick comparison:
|
Coverage Type |
What It Covers |
Who Needs It |
|
Condo Insurance |
Protects your unit, belongings, unit improvements, and includes liability protection |
Condo owners |
|
Home Insurance |
Covers homes, outbuildings, property, belongings, and liability |
Homeowners |
|
Tenant Insurance |
Covers contents and liability for renters, but not the building structure |
Renters |
An insurance representative can guide you on the best coverage based on your property and living arrangement.
Ontario condo insurance provides essential protection for unit owners. Your condo corporation's master policy covers the building structure and common areas, but it doesn't protect your personal investment.
Ontario condo insurance covers:
Your condo insurance covers upgrades and renovations you've made to your unit, from new flooring and kitchen cabinets to upgraded fixtures and fresh paint. The condo corporation's master policy doesn't cover these improvements.
A special assessment occurs when your condo board charges unit owners for major repairs not fully covered by the corporation's master insurance policy. Loss assessment coverage protects you from these unexpected out-of-pocket costs.
Your personal belongings, such as furniture, electronics, appliances, clothing, and more, are protected against covered perils. Consider creating a home inventory or video walkthrough to document your possessions for replacement purposes.
Liability coverage protects you if someone is injured in your unit or if you accidentally damage another person's property. We recommend at least $2 million in liability coverage. You can increase protection up to $10 million with an umbrella policy.
Enhance your condo insurance with optional endorsements for broader protection:
While condo insurance provides extensive protection, there are common exclusions:
Consult with an Ontario insurance representative for full details on policy exclusions.
The typical annual cost of condo insurance in Ontario ranges from $500–$1,200. The cost of your condo insurance quote will depend on various factors including:
To receive an accurate condo insurance quote based on your specific needs, contact the experts at Morison Insurance.
Average insurance rates for Ontario condominium insurance by city (based on $75,000 contents):
|
City |
Approx. Annual Premium |
|
Hamilton |
$500–$1,100 |
|
Hagersville |
$500–$1,100 |
|
Oakville |
$500–$1,100 |
|
Ottawa |
$500–$1,200 |
|
Port Dover |
$500–$1,100 |
|
Simcoe |
$500–$1,100 |
|
St. Catharines |
$500–$1,100 |
|
Tillsonburg |
$500–$1,100 |
|
Toronto |
$550–$1,200 |
Condo insurance (also called condominium insurance) protects Ontario condo owners from financial loss due to damage to their unit, personal belongings, and liability for injuries or damage to others. Unlike your condo corporation's master policy, which covers the building and common areas, your condo insurance covers your personal investment.
While not legally required, condo insurance is essential protection for your investment. If you have a mortgage, your lender will require it. Even without a mortgage, condo insurance provides peace of mind and financial protection against unexpected losses, damages, and liability claims.
Ontario law doesn't mandate condo insurance, but your mortgage lender and condo corporation likely require it. Most condo corporations include insurance requirements in their bylaws. Even if not required, condo insurance is a wise investment to protect your unit and belongings.
No. Your condo corporation's master insurance policy covers the building structure and common areas, not your personal unit, belongings, improvements, or liability. You need separate condo insurance to protect your personal investment and reduce financial exposure.
You need enough coverage to protect the value of your belongings, unit improvements, and liability exposure. Consider the replacement cost of your contents, any renovations you've made, and at least $2 million in liability coverage. An Ontario insurance representative can provide personalized advice.
Your premium depends on multiple factors: location, building age, coverage amount, deductible, security features, claims history, and available discounts. Bundling policies, installing security systems, and choosing higher deductibles can reduce costs. Contact Morison Insurance for ways to save.
A special assessment occurs when your condo board charges unit owners to cover major repair costs not fully covered by the corporation's master insurance policy. Loss assessment coverage in your condo insurance helps protect you from these unexpected expenses.
Get your condo insurance quote from Morison Insurance by calling 1-800-463-8074 or completing our online quote request. Our brokers compare quotes from top insurers, explain coverage options, and help you choose the best protection for your needs and budget.
Save money on condo insurance by bundling with auto insurance, increasing your deductible, installing security systems, maintaining a claims-free history, and asking about available discounts. Our brokers at Morison Insurance will help identify every savings opportunity available to you.
Yes, your Ontario condo insurance policy covers personal belongings including furniture, electronics, clothing, and other items. Consider creating a home inventory and ensure your coverage limits adequately reflect the replacement value of your possessions.
Protect your house and property
Coverage for personal belongings, water or fire damage, theft, personal liability, and property damage.
Peace of mind for renters
Protects your belongings and liability, with coverage for temporary accommodations after a covered loss.
Safeguard your rental properties
Covers your buildings, rental income, and liability, whether it's a duplex, apartment, or single-family home.
Coverage for your getaway
Protects your seasonal or vacation property from fire, theft, and weather-related damage, even when it's unoccupied.
Extra protection for high-value items
Insure jewellery, collectibles, or valuable equipment beyond your home's standard policy limits.
Prefer to work with a local team? Choose your community and we'll tailor options to your needs. Morison Insurance serves Ontario condo owners across the province with personalized service and local expertise.
Compare Quotes from Ontario's Leading Insurers
From full protection to flexible add-ons, our brokers compare coverage from dozens of Canada's best insurance companies to match your lifestyle and budget. We represent you not the insurance companies ensuring you get the best coverage at competitive rates.
We compare quotes for you, so you can skip the search. Talk to a Morison broker and see how affordable peace of mind can be. Get started by calling 1-800-463-8074 or by filling out the form on this page.
