Best Condo Insurance in Canada in 2024 | Unit Protection and Personal Effects Coverage

Condo insurance can provide cover for home and condo owners. One condo insurance quote may vary among providers. Most condo insurance policy coverage includes condo unit protection and personal effects coverage.

5 Best Condo Insurance in Canada

1. RATESDOTCA

RATESDOTCA is an insurance search engine. They are partnered with more than 50 insurance providers across Canada. Millions of Canadians have purchased their insurance through RATESDOTCA.

You can find the cheapest condo insurance by comparing quotes on RATESDOTCA’s website. You will be asked a few questions about your condo. You will then be shown condo insurance quotes from multiple companies at the same time. This makes it easy to compare quotes directly. Once you have chosen your perfect policy, RATESDOTCA will connect you with the insurance provider directly.

Most condo insurance policies offer coverage for:

• Contents coverage for possessions – This covers you if your possessions are stolen or damaged.
• Improvements and upgrades you make to the condo – For example, if you install hardwood floors or expensive countertops.
• Personal liability insurance – This protects you if someone is injured in your condo. You will also be insured if there is damage to common areas or neighbouring condos.  
• Unexpected living expenses – You will receive financial assistance if there is insurable damage to your condo. This can be used for accommodation and storage expenses.

Additional coverage options can be added to your policy. This includes:

• Endorsements for higher value items
• Sewer backup coverage
• Overland water coverage
• Identity theft
• Director’s liability coverage
• Loss assessment

You can save up to 10% by purchasing your condo insurance through RATESDOTCA.

Let’s take a look at some of the pros and cons of searching for condo insurance with RATESDOTCA.

Pros

• Save up to 15% if you bundle your condo insurance with another insurance type from RATESDOTCA.
• Getting a personalized online quote is quick. The whole process should take less than 10 minutes.
• RATESDOTCA is partnered with some of Canada’s most trusted insurance providers. This includes RSA, Zenith, Square One and AVIVA.
• RATESDOTCA offers basic, broad, and comprehensive homeowner’s coverage. You can choose the coverage level that best supports your insurance needs and budget.
• RATESDOTCA also offers intuitive financial tools and calculators. They aim to help you make smart financial decisions.
• You will have access to expert news, information, and resources to help you save money and reach your financial goals.

Cons

• Your insurance policy will not be with RATESDOTCA. This means they may not be able to help you with any questions or claims you may have.
• The search filters are limited. You cannot narrow down insurance providers the deductible, interest rate, or policy limit.

2. Square One

Square One offers the only condo insurance policy in Canada that can be personalized to your needs. You can choose from a large range of coverage and deductible options. You also do not need to include any unnecessary coverage in your policy.

Square One has a great digital platform. You can get your condo insurance quote quickly and easily online, purchase your policy and even submit a claim. If you would prefer to speak to an insurance agent directly, Square One can contact you via phone or web chat.

All insurance policies are comprehensive. This is the highest level of protection available in Canada.

Making a claim is easy. There is a 24/7 personalized claims line available. You will be assigned your own dedicated adjuster who will work with you throughout the process. You can track every stage of your claim through your online account.

One of the great benefits of Square One is that you do not have to sign a contract. You can pay monthly or annually, with no fixed contract. Payments are interest-free, and you can change your payment preference at any time.

For more information visit Square One’s website today.

Pros

• It only takes 5 minutes to get your condo insurance quote on Square One’s website.
• Square One has an A+ rating with the Better Business Bureau (BBB) – the highest possible rating.
• Square One offers Condo Owner’s Protection which gives 24/7 access to a legal advice helpline. They can assist you with any condo related issues.
• You will also receive a free appraisal of your condo corporation’s insurance policy.
• Square Insurance has paid out 90% of all claims so far. 
• You do not have to sign a fixed-term contract.
• Square One guarantees a two hour response time if you make an emergency claim.

Cons

• Condo insurance is only available in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec.
• Condo insurance is significantly more expensive for owners, compared to renters.

3. Sonnet Insurance

Sonnet Insurance is an online-only Canadian insurer. Their condo insurance is available across Canada. Sonnet Insurance offers customized condo insurance at a competitive price.

It takes only 5 minutes to search for a quote and purchase your condo insurance on Sonnet Insurance’s website.

Standard condo insurance policies with Sonnet Insurance have the following coverage:

• Liability Insurance – You will be covered if someone gets hurt while visiting or for any damage you may unintentionally cause.
• Personal Belongings – This includes coverage for clothing, electronics, and furniture.
• Extra Expenses – If you cannot live in your home because of repairs, you will be covered by insurance. If you are renting out your condo at the time, you will be covered for lost rent.
• Condo Special Coverages – This includes Unit Improvements Coverage and Unit Contingency Coverage. Property Loss Assessment Coverage is also included.
• Identity Theft – Get reimbursed for any legal fees and expenses for replacing legal documents.

There are several opportunities to save on your policy with Sonnet Insurance:

1. If you have been claims free in the last 5 years.
2. Insuring more than one property can give you a Multi-Location discount.
3. Bundling your home and auto policies could give you a saving of up to 20%.

Let’s take a look at some of the pros and cons of Sonnet Insurance.

Pros

• A cancellation calculator is available. This calculates the cost if you decide to cancel your policy early to switch to Sonnet.
• The Above and Beyond coverage gives you extra perks, including First Claim Forgiveness. This means your rate won’t increase after your first claim. You will also receive a Replacement Cost Guarantee and an Enhanced Deductible Waiver.
• You will receive access to helpful information and a suite of services to simplify your life from Sonnet’s partners.
• You will also have access to discounts, promotions, and free offers.
• Sonnet Insurance has a 91% customer satisfaction score.

Cons

• Additional coverage options are quite limited. Sonnet Insurance only offers Sewer Backup or Overland Water coverage.
• As they are online-only, there is no physical branch to visit if you have any issues.

4. Intact Insurance

Intact Insurance is partnered with more than 6,000 independent insurance broker offices across Canada. They are the largest home, auto and business insurance company in the country, and have more than 4 million customers.

Intact Insurance’s condo insurance includes:

• Contents insurance.
• Personal liability coverage.
• Protection to cover upgrades to your unit.
• Loss of common elements in your building.
• Extra expenses such as maintenance fees, membership to a health club facility and storage locker fees.

You may be able to receive discounts on your condo insurance policy if:

1. If you implement preventative measures such as an alarm system, mainline backwater valves or water sensors.
2. If you perform regular maintenance on your property.
3. If you pay your premium in full, you could receive a discount of up to 10%.

Below is a list of the pros and cons of choosing Intact Insurance.

Pros

• Intact Insurance will connect you to an insurance broker in your area. The broker will help you to find the perfect coverage for your needs at the best possible price.
• All brokers are fully licensed. They will consider information about your condo and your insurance needs. They will then recommend policies that best suit you.
• You can save up to 15% if you bundle your condo and car insurance.
• You can make payments or submit a claim quickly and easily online.
• Claims reporting is available 24/7.
• You can find an insurance plan that is tailored to you.
• You can get up to date tips and information on all your condo needs.
• You can choose to pay your premium monthly or annually.

Cons

• Intact Insurance does not specify how long the claims process takes.
• Customer reviews are not consistently good. They are not BBB accredited.

5. Desjardins Insurance

Desjardins Insurance is part of the Desjardins Group. They are the largest cooperative financial group in Canada.

Condo insurance insures your personal property. They also cover any parts of your unit that aren’t covered by your condo corporation’s insurance policy.

Different coverage options are available for condo owners. This includes:

• Building Property – This covers unit improvements made by you or acquired by you at an additional expense.
• Personal Property – This protects your contents, such as furniture and clothes. Your property will also be insured away from home.
• Additional Living Expenses and Fair Rental Value ­– If an insured loss damages your unit, this will cover the necessary increase in cost to maintain your standard of living. If a part of your unit is rented to others, fair rental value will also be covered.
•  All-Risk Condo Insurance – This covers you against things such as fire, lightning, windstorms, hail, water damage and theft.

Additional coverage is available, including:

• Loss Assessment
• Liability Coverage
• Voluntary Medical Payments
• Inflation Protection
• Debris Removal
• Damage to the property of others
• Lock replacement

For more information on your coverage options, visit Desjardins’ website.

Pros

• You will be connected with your own insurance agent.
• Desjardins offers some insurance discounts. This includes claims-free history discounts and property security system discounts. You can also receive a discount if you bundle your home and auto insurance.
• You can use the website, the mobile app or contact Desjardins via phone to make any changes to your account.
• A free blog is available, providing you with insurance tips and financial information.
• The claims process is straightforward. You can track your claim online.
• Insurance products and services are offered through Certas Home and Auto Insurance Company and Desjardins Financial Security Life Assurance Company.

Cons

• Desjardins Agents are only available in Ontario, New Brunswick, and Alberta.
• Desjardins does not state their coverage limits on their website.

Do You Need Condo Insurance?

Owning a condo unit is different from having your own home. One major difference is that your ownership is on the condo alone and not the building it’s located in. The condo corporation’s insurance policy will only have coverage for the building and all common areas.

That’s why condo owners and tenants should consider getting a condo insurance policy of their own.

Insurance for condos can be similar to home insurance in some ways, but it does have differences. It can also differ depending on the province, so we bring you the posts about home insurance in British Columbia and Ontario for starters.

Similarities Between Home Insurance and Condo Insurance

Both condo and home insurance dwelling coverage guarantee costs for the repair or rebuilding of your unit or home dwelling. In the event that heavy storms, fire, and earthquakes hit, you’ll be eligible for these types of claims.

Both types may provide property coverage for the cost of repair, replacement, or for any loss or damage to your belongings. They must be stored within the unit or house.

Personal liability coverage is also one similar feature. It helps home, and condo owners pay for any legal or medical costs that arise from injuries sustained by guests while in your condominium unit or home.

Other similar coverage like additional living expenses or loss of income may apply depending on your particular insurance plan.

Differences Between Home Insurance and Condo Insurance

There is more than one difference between how these two insurance types. These mainly differ in the scope of coverage and the cost of insurance.

With regards to dwelling coverage, home insurance covers the inside and outside areas of your home. A condo corporation has its own master policy. It will be responsible for providing coverage for everything that’s outside your condominium unit.

Any needed repairs and replacement outside your unit door must be taken care of by the condo management. Meanwhile, your personal condo insurance will provide coverage for the interiors of your condo.

Liability coverage helps take care of any expenses for injuries sustained by your visitors while inside your condominium. Should they fall down the stairs and need medical attention, the condo management must take care of the matter.

What Factors Can Impact Condo Insurance Premiums?

Your condo insurance premiums will cost more or less, depending on several factors.

Your coverage limits and deductibles impact your premiums. These two are primary considerations when you take out a condo policy. You must determine how much coverage you need for your unit, belongings, and add-on benefits.

You also need to decide how much deductible you’re willing to set. Deductibles are amounts you need to cover first before your insurance company steps in to cover expenses for you. Hence, this amount must be reasonable so that you won’t be caught off guard in the event of loss or damage.

Personal belongings inside your condo impact the insurance cost. The more possessions you have, the greater cover you will need. Likewise, the more expensive your personal effects are, the greater cover you will need. These raise the cost of condo insurance premiums.

The condo building and its location impact your insurance payments. Premiums differ between cities or territories. And some questions come into play, such as, is the building reputed to be of good quality construct? Another question, is the building in proximity to areas with high crime rates? When the risks increase, so does the premium.

Additional cover impacts the cost of your condo insurance. Highly expensive assets can significantly raise the cost of your insurance if you need to add cover for them. Opting for new item replacement as a feature will also increase your premiums. Your plan must now provide new items to replace your old ones in the event of damage or loss.

Cover for additional living expenses will also impact your insurance premium. This particular cover helps pay for your expenses if you have to live somewhere else. Usually, because your condo is temporarily unlivable or being repaired.

Unit construction and upgrades also impact your monthly payments. Installing new furnishings like cabinets and hardwood floors raises the value of the coverage you need. Consequently, expect to pay a more expensive premium.

Things You Can Do to Get Cheaper Condo Insurance

Several measures enable you to get cheaper condo insurance. Below are some suggestions to consider.

Choosing Basic Coverage

The cheapest condo insurance provides basic coverage. And sometimes, that’s all you need. You just have to make a choice between higher coverage or lower insurance costs.

However, if you can strike a balance, that will be your best option. Look over different packages and bundles. Try to choose a plan that gives you the security you wish at a price that’s affordable.

Buying Multiple Policies from the Same Company

Why not purchase all your insurance products from the same company or insurance broker? Multiple policy purchases from the same provider often entitle customers to a discount. This means money back for you.

At times, insurance companies partner with different services or product companies. So be on the lookout for discounts and perks you can get by hiring a service or buying a product from partner companies. While these do not directly lower insurance costs, you still recover some amount of money in return.

Set a Higher Deductible Limit

Increasing your participation costs will lower your monthly insurance costs. Determine the amount you’re able to allow for covering initial costs. Do remember that emergencies may happen suddenly, so be sure to have funds ready for immediate spending in case a need arises.

If you do set a higher deductible limit and lower your insurance premium, why not save the deductible and keep it ready in case it’s needed.

Increase the Security Features of Your Condo

Making several improvements to the safety of your condo unit can make significant reductions to your insurance costs. Put secure locking mechanisms on the windows and doors.

Make sure to have a smoke, security, and a fire alarm that’s working well. Why not have your own fire extinguisher nearby? Also, consider fitting your appliances with surge protectors. When you lower the risks, you lower your insurance costs.

The Bottom Line

Condo insurance provides peace of mind and financial security. It’s similar to homeowner’s insurance. Dwelling coverage, liability coverage, and personal property coverage are essential to your plan. They must be present whenever you get a quote for your condo property.

It’s also important to inquire about discounts you can take advantage of, from multi-policy purchases to senior discounts.

As always, it’s important to make sure that a written policy provides all the coverage values you expect to benefit from. This way, you can make a rightful and sufficient claim when emergencies arise.