Compare and purchase Canada's best condo insurance.

Condo or townhome insurance is not legally required in Canada. However, many mortgage lenders and condo corporations require owners to carry a policy before approving financing or allowing you to move in. A personal condo insurance policy also helps protect your belongings and liability, which are not covered by the building’s master insurance policy.

A condo corporation’s master insurance policy typically covers the building structure and shared areas of the property. This can include the exterior of the building, hallways, elevators, roofs, and other common spaces used by residents. It generally does not cover personal belongings, liability, or upgrades inside individual units.

The main difference between condo insurance and home insurance is what each policy covers. Condo insurance protects the inside of your unit, your personal belongings, and your liability, while home insurance typically covers the entire house and property. Condo owners rely on the condo corporation’s master policy to insure the building structure and shared areas, while homeowners are responsible for insuring the entire property. 

Condo insurance in Canada typically costs between $30 and $50 per month. However, premiums can vary depending on your location, coverage limits, deductible, and the value of your personal belongings. 

Condo insurance typically covers the inside of your unit, your personal belongings, and your liability for certain risks and accidents.  

Most policies in Canada include:  

• Personal belongings: Covers items like furniture, electronics, and clothing against risks such as fire, theft, and vandalism. 
• Personal liability: Helps protect you if someone is injured in your unit or if you accidentally cause damage to another unit. 
• Unit improvements and interior coverage: Covers upgrades, fixtures, and features inside your unit that are not insured by the condo corporation’s master policy. 

You can lower the cost of your condo insurance by bundling policies, qualifying for discounts, and reviewing your coverage regularly. 

Common ways to save include: 

• Installing a monitored fire or security system: This may qualify you for discounts by reducing the risk of theft or damage. 
• Bundling policies: Bundling your condo insurance with auto or other policies can lead to multi-policy savings.  
• Maintaining a claims-free record: If you haven’t filed any recent insurance claims, you may be eligible for a claims-free discount. 
• Reviewing your coverage regularly: This helps ensure your policy reflects your current needs and avoids unnecessary add-ons. 

Not sure where to start? A licensed insurance advisor can help you identify available discounts and tailor coverage to fit your needs and budget. 

To start a condo insurance claim, you should report the damage or loss to your insurance provider as soon as possible. Your insurer will review the details of the claim, assess the damage, and determine what’s covered under your policy. If the claim is approved, you may receive payment for repairs, replacement of belongings, or other covered costs, depending on your coverage and deductible.