Condo Insurance

Customized insurance solutions for your needs

Condo Insurance in Ontario

If you are looking for condo insurance in Ontario, there are a few factors that will affect your rate. This includes your location, when the condo was built, the construction of the building, how many floors the building has, the value of your possessions and the deductible you want.

Condo insurance isn’t as straightforward as home insurance. Most condominium associations will offer three types of policies:
A policy that insures only the primary building and common areas
A policy that insures your building and any items in your unit (other than personal property)
A policy that insures the building, your unit and any fixtures or improvements you make to your unit.
With the help from isure, we can go over your needs and determine which policy will be best for you.

To get a quick estimate, click here:

isure Ontario Condo Insurances Means

Loss of Use Coverage

In cases of severe damage to your unit, this coverage provides a substitute place to stay that is consistent with your standard of living.

Personal Property Coverage

Insures personal items, such as clothes and furniture. It also includes your personal items while travelling to other parts of the world.

Over and Above Loss Assessment Coverage

Covers lawsuits or damage above and beyond what the condo association’s policy covers.

Building Property Coverage

Insures items of the physical property, including any alterations, renovations or additions made.

Personal Liability Coverage

Protects you if others make a claim or bring a lawsuit against you for bodily injury or property damage for which you or a family member are responsible, either in your home or elsewhere.

Ontario Condo Insurance FAQs

Is there a difference between personal and corporation condo insurance?
Yes. The main difference between the two policies is that corporation condo insurance covers the whole building, while personal condo insurance covers your individual unit. As an example, if somebody got injured in a common area of the condo (like the lobby,) then the corporation condo insurance would cover that incident. On the other hand, if somebody got injured inside of your unit, your personal condo insurance policy would come into play.
Why do I need personal condo insurance?
Although condo insurance isn’t required by law, it is essential if you want to protect your unit and belongings. Most condo buildings will have Condo Corporation Coverage, but that will only cover the building itself and common areas like the fitness centre, elevators and lobby. When you purchase a personal condo insurance policy, you can protect the following:

● Your belongings and property
● If you make improvements to your condo unit, including upgrading your countertops, cabinets, flooring, etc.
● Personal liability if something gets damaged in another unit or if a visitor gets injured in your unit.
● Other events that cause damage to your unit or the units around you. For example, if a pipe were to burst in your unit and causes water damage to your downstairs neighbour’s unit, you could be on the hook for the condo corporation’s policy deductible.

I rent out my condo. Are there different options I should be aware of?
If you rent out your condo, there are two perils that you can consider adding to your personal condo insurance policy:

1. Unit Protection – If your occupant causes damage to your unit, it may not be covered under your current coverage. Speak with an isure broker to go over your policy to see if you require more coverage options.

2. Rental Income Protection – To help protect your monthly rental income, you can add protection for fair rental value and additional living expenses. This is a great option as it may protect your income if your unit becomes uninhabitable.

Do I need extended water damage coverage?
Did you know that the most common claim for personal condo insurance is water damage? Under your regular personal condo insurance policy, you will likely be covered for water damage caused by a leak from a tap or a burst pipe, but it won’t cover every type of water damage. If you add the extended water damage option, you will be protected from damage caused by water that enters your condo from a flood, a failed sump pump or a septic back up.

isure’s Ontario condo insurance options


isure Home-Based Business Insurance

Use in conjunction with isure renter’s insurance if you are running a business in your rental property.


Absentee/Renting Ownership

If you rent or sublease your unit most of the time, isure can make special insurance arrangements for you.

Additional Living Expenses

Covers the cost of any additional living expenses for your household to settle elsewhere.

All-perils Coverage

Covers you for common types of loss (fire, theft, etc.). The policy will clearly state where extraordinary situations are excluded.


Named Perils Coverage

Covers you for specific types of risk that are included in your coverage.

Damage to the Property of Other

Covers the cost of damage to other units not covered by your association’s policy.

Loss of Rental Income

Covers the cost of lost rent from condo unit(s) owned or subleased by the insured.

Extraordinary Costs

May pay for fire department and ambulance surcharges, debris removal, new locks, spoiled or perishable products, identity protection, first aid expenses and other items not covered by standard policies.
Get the leading insurance policies with the best personalized options you deserve.

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.