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Penthouse Insurance Ontario

Rise to the top with the security and financial protection of the right penthouse insurance.
  • Sleep easily knowing you won't have to pay out of pocket if something happens to your home
  • Prevent financial loss related to legal settlements and defence fees
  • Get personalized service to ensure you have the right coverage for your needs
Complete the form or call 1-800-463-8074 to speak with a licensed broker about Penthouse Insurance today.

Insurance for Penthouse Owners in Ontario

When you choose a penthouse suite as your home, you're investing in style and substance—not to mention those views. No one wants to consider the worst-case scenario. Still, as we all know, unexpected expenses can arise throughout home ownership, and those expenses have the potential to create havoc in one's personal finances. That's particularly true for extravagant penthouse owners because your property is not freestanding and self-contained but rather part of a building structure many other homeowners share.

The best way to ensure that you are protected from financial loss in the event of property damage, loss or litigation is with the right Ontario penthouse insurance policy. The reliable brokers at Morison Insurance have plenty of experience finding the correct penthouse insurance quote for luxury penthouse owners perfectly tailored to your unique insurance needs. With our help, you can rest easy knowing if disaster strikes, you'll be able to recover quickly without suffering financial consequences.

What is Ontario Penthouse Insurance?

Ontario penthouse insurance is a type of personal condo insurance designed to meet your needs as a high-value penthouse owner and ensure that you have coverage against all the risks you are most exposed to. This coverage ensures you aren't forced to pay out of pocket for costs such as repairing fire or flood damage, settling liability claims, and replacing damaged or stolen belongings. Like other types of high-value home insurance, penthouse insurance in Ontario often includes higher coverage limits and robust coverage for contents, so you make sure your valuable possessions, from fine art to clothing, are backed with the proper insurance protection. The Morison Insurance team can answer any frequently asked questions about penthouse insurance that you may have.

Is Penthouse Insurance Necessary in Ontario?

While Ontario penthouse insurance is not legally mandatory, it is essential. It's no secret that expenses such as water damage mitigation and restoration after a fire can be very costly, not to mention replacing or repairing stolen and damaged high-value belongings. While you may be a cautious person who would never accidentally fall asleep with a candle burning or forget you're filling the bathtub and letting it overflow, you're sharing a building with many other homeowners who may not be so cautious. But there's also plenty of potential for damage or loss that isn't anyone's fault and couldn't be avoided.

With the right penthouse insurance coverage, you can sleep soundly at night, knowing you won't suffer significant financial losses if your unit or belongings are damaged, destroyed, or sued for causing bodily harm or property damage. While penthouse insurance in Ontario isn't legally required, other parties will likely require it. Most condominium corporations need unit owners to have insurance coverage. If you have a mortgage, the financial institution that holds the mortgage will require you to have at least some basic penthouse insurance coverage.

What is Covered by Penthouse Insurance?

Your luxury home, possessions and lifestyle are not exactly like anyone else's, so your Ontario penthouse insurance policy shouldn't be like everyone else's. The experienced penthouse insurance brokers at Morison Insurance will take the time to consult with you and learn about your high-end property so they can seek out the best possible coverage options for your specific needs. On a basic level, your penthouse insurance will cover your unit against damage or loss arising from fire, natural disasters, vandalism and theft. Here are some of the types of coverage you may want to consider.

Fire Damage

Fire is one of the most severe and destructive perils that could befall any property, and naturally, your penthouse is no exception. That's why fire damage protection is a standard part of any Ontario penthouse insurance policy. That includes fires caused by extreme weather, faulty electrical wiring, cooking accidents, lightning strikes, etc. Still, some exceptions may be based on your insurance provider and how your penthouse insurance policy is written. Consult the penthouse insurance brokers at Morison Insurance to learn more about what exactly is and isn't covered and where you may need to exercise caution by getting additional coverage for the perils you are likely to encounter.

Contents or Personal Property

Protecting your luxury penthouse unit is essential, but what about all the belongings? Your most valuable possessions are likely kept in your penthouse, but you also have many everyday items such as clothing, electronics and home goods. Those items may have a low individual value, but replacing everything at once would represent a substantial financial burden without financial assistance from your Ontario penthouse insurance provider. That's why it's essential to thoroughly inventory all your belongings and provide your broker with their estimated replacement cost. This ensures your contents insurance coverage limits are high enough so you are entitled to insurance compensation for the value of everything in your penthouse. A great way to find out if you have enough coverage is by completing a home inventory list. With ample contents coverage on your penthouse insurance policy, you can get your belongings repaired or replaced and get your life back to normal as soon as possible following a disaster.

Betterments and Upgrades

In most cases, your condominium corporation uses a portion of your fees to pay for insurance coverage for the building's common areas, not including your personal high-value penthouse unit. Sometimes there is some basic insurance coverage for your unit included with your condominium fees, but it's likely only for the value of your unit at the time of construction. Suppose you have renovated or upgraded your home. In that case, consider additional options for betterments and upgrades on your Ontario penthouse insurance that will cover the full, current value of your penthouse, including luxury finishes. With betterments and upgrades accounted for, you can get financial assistance to return your home to the condition it was in before the damage, not the condition it was in when it was first constructed.

Water Damage

Water can be a homeowner's worst enemy. While luxury penthouses are typically well out of range for problems related to overland flooding, they're not impervious to water damage. Concerning penthouse insurance in Ontario, how water-related issues are dealt with varies greatly depending on the insurance company and what is specified on your policy. For example, suppose your penthouse is damaged by excessive moisture from a hidden plumbing leak. In that case, it is likely covered by your standard penthouse insurance—but if the leak resulted from inadequate plumbing maintenance, it will probably not be covered. Talk to your Morison Insurance broker about your high-value property's specifics so they can determine whether you need additional coverage for certain types of water damage, such as the destruction caused by a sewer system backup. Their expertise will be able to answer any penthouse insurance questions you may have.

Additional Living Expenses

If the worst happens and your building and/or unit are damaged to the point that they're not habitable until restoration occurs, you will be forced to relocate until the damage can be mitigated. Suppose additional living expenses coverage is included with your Ontario penthouse insurance. In that case, your insurer will provide funds to cover the cost of living elsewhere, such as a hotel or rental property, during the repair work.

Personal Liability

Regarding penthouse insurance, Ontario homeowners can count on personal liability as part of the package. If someone takes legal action against you because they allege you caused third-party bodily injury or property damage, the personal liability portion of your Ontario penthouse insurance will supply funds to cover not only your legal defence costs but also the cost of settlements for medical bills and repair or replacement for damaged property. For example, a neighbour stops by, and you invite them in for coffee. However, you accidentally trip and spill scalding hot coffee all over them. Your penthouse insurance provider would support you with financial assistance to cover lawyer fees and settlement costs up to your coverage limits, so they can get the compensation they are entitled to by the court. You don't have to pay out of pocket for that unexpected expense.

What is Not Covered By Penthouse Insurance?

Typically, your condominium corporation uses a portion of resident fees to pay for common area insurance that covers the shared parts of the building, such as the lobby, elevator, stairwells, and so on. It also covers shared indoor amenity spaces, such as a gym and outdoor space on the property. It usually does not include personal property such as your penthouse unit, and your penthouse insurance does not cover the common areas of your building that have coverage under your condominium corporation's insurance policy.

That being said, there are sometimes grey areas where it needs to be made clear who covers what. For example, suppose your building features a locked elevator that opens into a vestibule that is part of your penthouse. In that case, the vestibule area may be covered by the condominium corporation's insurance rather than your Ontario penthouse insurance, even though it is technically part of your penthouse. The best course of action is to speak with a representative of your condominium corporation who can explain their common area insurance in detail and tell you precisely what is and is not covered.

Is It Necessary to Get Additional Coverage for the Building's Common Areas?

Possibly. Those parts of the building will already be covered by the common area insurance policy held by your condominium corporation, which typically includes property loss and liability. However, consider common elements of loss assessment coverage for your Ontario penthouse insurance. Suppose damage does occur to common areas of the building. In that case, a loss assessment will be necessary, and the cost of the assessment itself is likely not covered by the building's common area insurance. Each unit owner would pay a portion of the loss assessment cost. Your insurance carrier can provide funds for your portion if you have common elements of loss assessment coverage included on your penthouse insurance policy.

Additionally, it's possible that the cost of repairing the damage to common areas following an event like a fire could exceed the coverage limits on the common area insurance policy. In that case, unit owners will be obligated to pay a portion of the deductible. Common elements loss assessment insurance would cover your portion of the deductible up to the limit on your Ontario penthouse insurance policy.

What Are the Recommended Coverage Limits for Penthouse Insurance in Ontario?

The minimum amount our brokers typically recommend is $2 million, but when it comes to Ontario penthouse insurance, unit owners will likely need more than $2 million in coverage limits. Because your home is of higher value and the upscale contents likely are as well, it makes sense to increase limits so you know you have all the penthouse insurance coverage you need to get your home back to normal following a disaster.

Where Can I Get Penthouse Insurance in Ontario?

To get started on a penthouse insurance quote, give the team of brokers at Morison Insurance a call. Whether you're looking for new penthouse insurance coverage or updating existing coverage, our qualified brokers work for you, not for the insurance companies, so we keep your best interests in mind in everything we do. You can rely on us to search for the best options for your unique Ontario penthouse insurance policy. With their combined years of experience, our expert brokers can provide tips on buying a luxury property so you can have the peace of mind that comes with knowing you are informed when buying and insuring your luxury property. Contact us today by picking up the phone and calling 1-800-463-8074, or fill out the online quote form on this page. We look forward to speaking with you!


This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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