Condo Insurance CanadaRed Line

Row of condo town houses with condo insurance

Ensure Your Condo and Life...

Looking to make a move? Similar to a home insurance policy, condo insurance has certain insurance coverages soon-to-be owners need to understand.

It’s also important to know the difference between insurance for the condo association versus insurance for the condo owner. Shopping around can be overwhelming, that’s why our team of brokers is committed to helping you find the right condo coverage to protect what matters.

At Orr Insurance & Investment, we understand that your condominium is more than just a place to live; it’s valuable and one of the biggest investments and a part of your life’s journey. Condominium protection and the things that matter most to you are crucial. That’s why we offer comprehensive condo insurance solutions tailored to meet your unique insurance needs across Canada.

Why do you need condo insurance?

As a condominium owner, you may be held responsible for damage you cause to your unit, others’ units or shared common area. A condo policy can also cover aspects not adequately protected by your Condominium Association Policy. Condo Insurance Canada helps you secure your part of the building. It equips you with personal property protection to cover damages caused by accidents and disasters, and liability protection for  bodily injury and damages sustained by third parties who set foot in your unit.

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Who needs condo insurance?

Question Mark Condo Insurance Coverage Options

Not all condo insurance policies are the same, and it’s important to make sure that your policy includes all of the protection you need. When you purchase condo insurance, consider whether you need the following:

Standard Coverage

Personal Property – Protects “your stuff” and all of the contents inside your condo. Items can be anything from clothing to furniture. You should have enough coverage for your personal property value, any improvements and betterments that you have acquired or made as well as coverage for the condo corporation’s deductible at the very minimum.

Third-Party Liability – In simple terms, liability insurance covers legal matters in relation to your property. Liability coverage comes into play when you or a family member has been found partially or wholly responsible for third-party property or personal injury damages due to an accident in relation to your property. One thing that property-related personal liability does not cover is anything to do with a vehicle. It is important to ensure that your policy has enough coverage to protect all of your assets. If you have significant assets like a farm or business you may want to purchase an umbrella liability policy. If you have questions about umbrella liability please contact your broker.

Additional Living Expenses – Covers expenses like food, hotel and anything you would be forced to pay over and above the usual cost of living in your own unit when you are prohibited from returning or are unlivable as a result of insured damage. Some examples of additional living expenses are:

  • Hotel bills
  • Restaurant meals
  • Laundry
  • Rent
  • Mileage
  • Pet Boarding
  • Storage

Question Mark Unique Condo Policy Coverage

  • Improvements and betterments – Provide additional coverage for any unit improvements the owner makes over and above the standard unit as determined in the condo corporations’ bylaws. Generally, this is upgraded flooring or fixtures. However, a condo corporation bylaw may constitute a standard unit as an empty shell. In this case, the improvements and betterments should be the value of at least builders-grade construction and additional for upgraded flooring and fixtures.
  • Contingency – Provides the unit owner with additional protection for the building. This is coverage used in the event that the condo corporation doesn’t have adequate insurance. Basically, this is insurance for everything for the studs out in the event the condo corporation is underinsured. Many condo corporations will request the unit owners have this coverage.
  • Loss Assessment – Condo owners share both ownership and legal responsibility with the other individual owners for the condominium’s common areas. Loss Assessment coverage is generally included in the Liability coverage.

Payment for the Unit Owners’ share of special assessments against the Owners made necessary following direct loss to the Condominium Corporations’ property caused by an insured peril under the Unit Owner’s policy.

Payment of the Unit Owners’ share of an additional assessment where the loss or damage to the owner’s unit is the result of an act or omission of the Unit Owner. The amount will be the lesser of the cost of repairing the damage or the deductible on the Condominium Corporation’s insurance policy. Payment of the Unit Owners’ share of an additional assessment where the loss or damage to the owner’s unit is the result of a circumstance included in a by-law passed by the Condominium Corporation to deal with this issue. This means that there will be a contractual response to the additional amount added to the charge for the common expenses.

Question Mark Why Choose Condo Insurance from Orr Insurance & Investment

  • Expertise: With decades of experience in the insurance industry, we specialize in condo insurance Canada, ensuring you get the best coverage.
  • Personalized Solutions: We work closely with you to assess your specific needs and create a policy that suits you perfectly.
  • Local Knowledge: As a Canadian company, we understand the unique risks and regulations of the condominium market in Canada.
  • Trust and Reliability: Count on us for responsive, reliable assistance during times of need.

Question Mark Ways to Save More on Condo Insurance

  • Bundle Your Policies: Combine your condo insurance with other policies, such as auto policies, for potential discounts.
  • Security Measures: Putting in smoke alarms and security systems can lower your condo insurance premium.
  • Higher Deductibles: Consider a higher deductible if you’re comfortable with a bit more risk in exchange for a lower condo insurance premium.
  • Continuous Coverage: Long-term coverage with a single insurer may entitle you to loyalty discounts.

Whether you are an experienced homeowner or a first-time condo owner, Orr Insurance & Investment is your trusted partner for condo insurance in Canada. Our purpose is to safeguard your residence, personal possessions, and tranquillity. Make use of these strategies and immediately start saving money on your condo insurance.

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Family owned and operated, we live in the communities we serve and we care about our clients. Our job is to find you the best competitive
combination of price, value, and service from over 60 Canadian insurance and investment companies.

Your Orr Insurance Broker can shop the market for the policy options and price that works best for you.

Frequently asked questions

Question MarkWhat does condo insurance cover in Canada?

    Personal belongings, protection against liability, additional living expenses, renovations or unit upgrades are typically covered by condominium insurance. However, the additional coverages can vary, so it's essential to review what your policy provides and discuss it with your insurance provider.

Question MarkIs condo insurance mandatory in Canada?

    Condo insurance is not legally required by the government in Canada, but it's often a requirement set by condo associations or boards. Even if not mandatory, having condo insurance is highly recommended because it protects your personal property and provides liability coverage, which can be crucial in case of accidents or unexpected events.

Question MarkHow much does condo insurance in Canada typically cost?

    Condo insurance premiums fluctuate based on a number of variables, including the location of the condo, the full value of its contents, the coverage limits selected, and the insurance provider. The average cost of apartment insurance in Canada is between a few hundred dollars and over a thousand dollars a year. For an accurate condo insurance quote, it is advisable to communicate with insurance providers and furnish them with the requisite policy details.

Question Mark What factors affect the cost of condo insurance premiums in Canada?

    Several factors influence the cost of condo insurance premiums in Canada, including the location of your condo, the age and condition of the building, the coverage limits you choose, your deductible, and the full value of your personal belongings. Additionally, your insurance history, claims-free record and any security measures you've implemented in your condo can impact the insurance premium. If you want an estimate that is more precise, you should talk to your insurance company about your specific case.

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