Condo & Apartment Insurance Ontario
While your condominium will have what’s known as a condo master policy, it won’t cover any of your personal belongings or anything “from the walls inward” of your condo. If something happened, you’d need to pay out-of-pocket to replace your stuff and get your condo back to what it was. Condo insurance can help you cover those costs. Plus, it offers personal liability protection and can help you cover additional expenses if you’re forced from your home due to an evacuation or covered claim.
At Sharp Insurance, we don’t offer average condo insurance in Ontario – we offer the best. We’re an independent brokerage, which means we work with a number of different Ontario condo insurance companies to find you the best coverage for the best price.
We also keep insurance as painless as possible through technology – your condo insurance should be convenient for you, whether you’re getting a quote or already a customer.
Fill out the form for a quick, free online Ontario condo insurance quote!
Do I need condo insurance in Ontario?
Can you afford to repair your condo and replace your stuff if something happened? Could you cover the expenses of a lawsuit if someone visiting your suite got hurt and sued you? If the answer is no, condo insurance is a good investment for you.
Luckily, condo insurance in Ontario is very affordable while offering a lot of protection. You won’t have to worry so much if something bad happens.
Is condo insurance required in Ontario?
Condo insurance isn’t mandatory in Ontario. Your condo corporation may require owners to carry their own condo insurance and if you have a mortgage, your lender will also require you to have a certain level of insurance.
Why do I need condo insurance in Ontario?
- It’s required by your condominium corporation in Ontario.
- It’s required by your mortgage lender.
- You couldn’t afford to repair your condo and replace all of your belongings on your own.
- You couldn’t afford the expenses of a lawsuit if your actions accidentally hurt someone or damaged their stuff or if something happens at your condo.
- You want help during a disaster.
- You want peace of mind and financial security.
What risks are covered by Ontario condo insurance?
- Electrical current
- Weight of snow (causing a roof collapse)
- Falling object
- Impact by vehicle or aircraft
- Riot, vandalism, theft, and other malicious acts
- Certain types of water damage (usually caused by plumbing or appliances)
- Sewer backup*
- Earthquake and landslides*
The risks marked with an asterisk (*) usually need to be bought as add-on protection (known as an “endorsement” in insurance lingo). Some Ontario condo insurance policies include this coverage as part of the a comprehensive condo package.
What isn’t covered by Ontario condo insurance?
Unfortunately, condo insurance doesn’t cover everything in Ontario. Here are the common risks that aren’t covered by condo insurance:
- Wear and tear
- Damage caused by insects, vermin, and animals
- Water damage from frozen plumbing if you’re away
- Any damage caused by your illegal activities
- War or terrorism
- Nuclear incidents
- If your condo is left vacant for more than 30 days in a row, you likely won’t have any protection if there is damaged
Also, if there is damaged cause by sewer backup, flooding, earthquake, or land/mudslides and you don’t have the add-on protection, you won’t be covered.
Again, exactly what’s covered will depend on your individual policy and the Ontario condo insurance company you go with. Work with one of our Ontario condo insurance brokers to ensure you’ve got the protection you need and you understand the coverage.
Ontario Condo Insurance Coverage Options
You have a lot of choices to make when you buy your condo insurance. First, you need to decide which risks you want to protect yourself and your home from. Here are the most common levels of protection:
- Named Perils or Basic – This is the most basic policy and will list the specific risks you’re protected from.
- Broad – Your condo insurance will cover more risks but may have more limited coverage in certain areas.
- Comprehensive – Covers the most risks for your home. It’s covered unless it’s specifically excluded in the policy.
An insurance company may offer all of these options or only one. The more comprehensive the condo insurance, the better your protection will be. It will also come at a slightly higher price.
There are also a number of additional coverages available for condo insurance in Ontario, including:
- Sewer Backup – covers damage caused to your condo by backup from sewer and drains.
- Flood – covers damage caused by snowmelt, overflow of lakes and rivers, and precipitation.
- Earthquake – covers damage caused by earthquake, landslides, mudslides and other earth movements.
- Identity Theft – if you’re the victim of identity theft, this coverage will help you recover it. The add-on generally extends protection and the amount you can receive to help.
- Floaters – Your condo insurance will usually have a limit on the amount that is paid out per item if you have a claim. Usually, this limit is more than enough to replace the item, but in the case of art, jewellery, collections, sports equipment, furniture and electronics, it may not be enough. A floater will extend this single item limit to better reflect the value of the item.
Different condo insurance companies in Ontario will offer different add-on coverages. Working with an Ontario condo insurance broker at Sharp will ensure you find the company that has the most offer you in terms of protection for the best price.
Ontario Condo Insurance Loss Settlement Options
Your loss settlement determines the amount you’ll receive if you have a covered claim. There are usually two options available:
- Actual Cash Value – this is the market price or purchase price minus depreciation.
- Replacement Cost – this is the cost to replace the item as it is.
For example, let’s say a small fire ruined your stove. Originally, this stove had cost $4000. If you chose actual cash value, you’d get the original price minus depreciation – or what you could’ve sold it for at the time the damage happened – so let’s say about $2000. If you had replacement cost, you’d get $4000 or whatever the cost to get a stove of similar quality and type. This could be less than $4000 or more, up to the single item limit.
Policy Limits in Ontario Condo Insurance
Every condo insurance policy in Ontario has policy limits. A policy limit is the maximum amount you’ll be paid if you have a covered claim. There is usually an overall limit as well as individual limits for different aspects of your policy. For example, personal liability could be limited to $1,000,000 of coverage while your contents protection could have a limit of $40,000.
Your condo insurance company will offer several options for policy limits. You should choose limits that will properly cover you but isn’t so high you’re paying for protection you don’t need. We generally recommend a minimum of $30,000 for contents and $1,000,000 for personal liability. But of course, these amounts vary depending on your needs.
As experienced Ontario condo insurance brokers, we can help you choose the right limits for your needs and budget.
Your Condo Insurance Deductible
In Ontario, you will have to pay your deductible if you have a covered claim. Deductibles usually range from $250 to $5000. The higher the deductible, the more you’ll have to pay if you have a claim, but your condo insurance premiums will be lower. We recommend picking the deductible that is the highest you can comfortably afford to pay out-of-pocket.
Some condo insurance companies in Ontario offer something called a “disappearing deductible.” If you stay with the same insurer and have no claims, your deductible will lower over time – all the way to $0!
How much protection should I have with condo insurance in Ontario?
How much condo insurance coverage you should have will depend on your needs and budget. You should have enough protection to cover the expense of replacing your belongings and repairing your condo.
We recommend a comprehensive condo insurance policy for Ontario residents with a contents limit of at least $30,000 and a personal liability limit of at least $1,000,000. You additional living expenses limit will depend on your needs, but $3000 is a good minimum. We also advise anyone with expensive furniture, sports equipment, electronics, art, jewellery, or a collection to ensure it’s fully protected with a specialized floater.
As knowledgeable Ontario condo insurance brokers, we can help you determine what coverage you need and find you the best coverage for the best price. We’re here to answer all of your questions and provide advice on anything insurance related.
High Risk Condo Insurance in Ontario
You may be considered high-risk by an insurance company in Ontario if you have:
- Had a lot of claims
- Been cancelled for non-payment
- Been cancelled by an insurance company for a reason other than non-payment
You’ll still be able to get condo insurance in Ontario even if you’re considered high-risk. It just might come with higher premiums, fewer payment options, and limited coverage.
The Best Condo Insurance Companies in Ontario
As an independent brokerage, we work a large number of the best condo insurance companies in Ontario. This means we can find you the best price for the coverage that suits your needs. You’ll get competition and choice in your condo insurance. We get you quotes from different condo insurance companies so you don’t have to price shop.
Currently, we’re working these insurers:
We’re always growing our network of companies – it’s another benefit of being independent!
How much does condo insurance cost in Ontario?
Condo insurance in Ontario is very affordable. While the price will depend on another of factors, on average, Ontario condo insurance is usually between $200 and $600 per year or $15 to $50 per month.
The price of condo insurance depends on:
- Your insurance and claims history
- Your credit rating
- How much it would cost to replace your stuff
- How much it would cost to repair your condo
- Your condominium’s construction material
- The age and type of your condo’s roof, plumbing, heating, and electrical systems
- If you have alarms or mitigation devices installed (like fire suppression sprinklers, burglar alarms, water alarms, sump pumps)
- How close the nearest fire station and fire station is
- The claim rate of the neighbourhood
- The crime rate of the neighbourhood
- The frequency and severity of natural disasters in your area
- How close your condo is to risks like rivers
- Which discounts you can get
- Your policy options, including your loss settlement, policy limits, deductible, and coverages
All of these factors tell an insurance company how likely it is that you’ll have a claim and how much it will cost to fix or replace everything that’s damaged. This information also tells them how good of a customer you’ll be – such as if you’ll pay your premiums on time.
While your insurance costs should be similar to your neighbour’s in a condo, they may not be exactly the same due to the individual factors.
How to Get Cheaper Condo Insurance in Ontario
While condo insurance is quite affordable in Ontario, it’s always a good idea to save money where you can. Here are a couple suggestions on how to get cheaper condo insurance in Ontario:
- Bundle your condo and auto insurance with the same company
- Raise your deductible
- Shop around for the best condo insurance quotes in Ontario
- Install security and loss alarms (like a burglar alarm or a water alarm)
- Install loss mitigation devices like a sump pump
- Pay annually rather than monthly
- Ask about discounts
- Review your insurance every year
The best way to get a good price on your condo insurance in Ontario is to work with a broker. We take care of the price shopping and get you the best condo insurance quotes in the province. We’ll also make sure you have the right coverage for your needs and get any discounts you’re eligible for.
Get an Ontario Condo Insurance Quote Online in Minutes
Want a free online Ontario condo insurance quote? Just fill out our form! If you prefer the phone, give us a call at 1-877-218-2008.
Technology is making it faster and easier to get an accurate condo insurance quote online. All we need is your Ontario address, name, and contact information!
Submitting a Condo Insurance Claim in Ontario
Submitted a claim can be a stressful time but that’s why we’re here to help.
First, if everyone is okay, you should document the damage. Write down what happened including the time of day and date. Take photos and videos if you can and get a copy of the police report if there is one.
Second, submit the claim. You can do this at any time through our mobile phone app or online web portal. You can also give us a call. Or, you can submit the claim directly through your insurance company (the phone number can be found on your policy documents or their website).
Third, if you need to leave your home thanks to the damage, keep all your receipts. Your Ontario condo insurance includes additional living expenses, so if the claim is covered you can get some help covering expenses.
Fourth, make a complete list of everything that was damaged, destroyed or stolen. It helps if you have a home inventory list or video already made.
Fifth, you’ll talk to a claims adjuster. They investigate the claim and will interview you.
Sixth, you’ll be offered a settlement. You should discuss the offer with your broker. You’ll also want to ask if you can use your own contractors (if you prefer).
Finally, your claim will be closed when you accept the settlement amount or repairs are completed. You’ll usually receive payment by cheque.
As your broker, we’re here to help you through this process including answering your questions and advocating on your behalf.
Work with the Best Ontario Condo Insurance Brokers
Sharp is a different kind of insurance brokerage. We use technology to make insurance as easy and convenient as possible for you. With us, you have the freedom to manage your own insurance whenever and wherever you want through our mobile phone app and online web portal. You can:
- View, download and print your pink cards
- Review your policy documents and coverage
- Request a change to your policy
- Submit a claim
- Find contact information for your broker and insurance company
This means you can take care of your insurance when you need to, without waiting on hold.
We’re also different because of our staff. They’re fantastic – experienced, friendly and professional Ontario condo insurance brokers who have the knowledge and customer service to make your experience a positive one.
As an independent brokerage, you can trust that we’re working for you. We work with a large number of insurance companies, giving you true choice and the best Ontario condo insurance quotes in the business. We’ll find you the best coverage for the best price.
Fill out the form or give us a call to get your Ontario condo insurance quote today!