Condominium living requires specialized condominium insurance to meet your needs. Morison Insurance has the industry experience and knowledge to provide you with the best possible advice on Ontario condo insurance, ensuring you get the right property coverage for your condo.
Many Ontario condominium unit owners may not realize they need their own condominium insurance policy separate from the coverage held by their condo association. Ontario condominium insurance provides personal property contents coverage and liability protection for condo owners.
Our expert insurance representatives and condo insurance brokers in Ontario will ensure you have adequate coverage for your investment.
In Ontario, condominium insurance provides protection against losses or damage to your unit, belongings, and unit improvements you have made, as well as liability protection for insured damage or injury to others while in your condo.
It also protects against risks in both low-rise apartments, high-rise apartments, and townhouses, ensuring every condo owner has the proper protection.
It's important to note that liability coverage may also be needed for common areas, such as the lobby, gym, pool, or parking lot. Loss assessment coverage can help cover costs assessed to you by your condo association if damage exceeds the building's master insurance policy limits.
It is essential to have Ontario condo insurance to protect your condo and belongings in case of a loss. Condominium insurance in Ontario covers:
If you have a mortgage, your lender will require condo insurance. Coverage protects you in the event of damage to your unit or accidental damage to others' property. Most importantly, Ontario condo insurance provides peace of mind for condo living.
While it is not legally mandatory, Ontario condo insurance may be required by your mortgage lender and condo corporation. Even without a mortgage, having condominium insurance is wise protection for your residential investment, which is likely the most significant investment many Ontarians have.
Ontario condo insurance reduces exposure to paying the costs of losses on your own.
Many people confuse condo insurance with other types of coverage. Here's the difference:
An insurance representative can guide you on the best coverage based on your property location and living arrangement.
No. The condominium corporation's master insurance policy does not cover your personal unit, your belongings, or liability. Condo owners' insurance is required for personal protection. An insurance representative at Morison Insurance can help ensure your policy meets your needs.
You need enough condominium insurance in Canada to protect the value of your belongings and your unit. Coverage should include:
An Ontario insurance representative can provide personalized advice to determine how much condo insurance you need.
Ontario condo insurance protects:
For an accurate condo insurance quote in Ontario, contact Morison Insurance.
Your condo corporation's master policy covers the building and common areas, not upgrades. Condominium insurance coverage includes unit improvements made to your unit, including renovations or simple updates like new paint.
A special assessment may be levied on condo owners if the corporation's policy is insufficient. Ontario condo insurance with loss assessment coverage helps cover these costs and prevents out-of-pocket expenses.
Coverage includes personal belongings like furniture, appliances, electronics, and clothing. Consider filming a video or keeping a home inventory for replacement purposes.
Protects you if someone is injured or property is damaged in your unit. Recommended liability coverage is at least $2 million. Adding an umbrella policy can increase protection up to $10 million.
Your condo insurance can be enhanced with optional endorsements for broader protection:
Your insurance representative can help select the proper endorsements for your condo and lifestyle.
Although condo insurance provides extensive coverages, there are some exclusions. Common items that are not typically included in a condo insurance policy include:
Consult an Ontario insurance representative for full details on exclusions.
The typical annual cost of condo insurance in Ontario ranges from $400–$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 |
$400–$1,100 |
|
Hagersville |
$400–$1,100 |
|
Oakville |
$400–$1,100 |
|
Ottawa |
$400–$1,200 |
|
Port Dover |
$400–$1,100 |
|
Simcoe |
$400–$1,100 |
|
St. Catharines |
$400–$1,100 |
|
Tillsonburg |
$400–$1,100 |
|
Toronto |
$550–$1,200 |
There are various factors that will impact the cost of condo insurance. Common factors include:
To get an accurate condo insurance quote, speak to the expert brokers at Morison Insurance. We will help ensure you get the best coverage for your specific needs.
We love to save our clients money whenever we can! Some great ways to save on condo insurance include:
Get your condominium insurance quote in Ontario from Morison Insurance. Our team compares quotes from top insurance providers to ensure the best coverage and price.
We offer flexible options, including classic coverage, standard coverage, and customizable endorsements to meet your needs. Call 1-800-463-8074 or complete our contact form to contact an insurance representative today.
Coverage depends on the value of your belongings, unit improvements, and recommended $2 million liability coverage.
Consider your belongings and risks. Ontario condo insurance covers unexpected perils, including fire, theft, and other accidents. Consider expensive items such as jewellery, art, or sports equipment. Creating a home inventory can help.
Discuss with an Ontario insurance representative for tailored coverage options that fit your lifestyle and policy wordings.
Yes, your Ontario condominium insurance policy covers furniture, electronics, clothing, and other personal items.
A special assessment is when your condo board charges unit owners to cover major repair costs not fully covered by the corporation's master policy. Condo insurance with loss assessment coverage can protect you.
The best policy depends on your unit, belongings, and liability needs. Speak to an Ontario insurance representative for a personalized quote from top insurance providers.
