The best condo insurance in Canada is TD Condo Insurance. It's available for all Canadians and offers claim forgiveness, eco-efficient result coverage, and a surprising list of opportunities for discounts.
Condo owners are required to have condo insurance, which is a type of home insurance unique to this type of dwelling. Your condo association has insurance that protects the building or structure itself as well as the common areas within, but anything within your unit isn't covered.
Instead, your condo insurance covers your personal belongings, personal liability, and any improvements you make to the unit. There are plenty of companies offering a range of coverages for this type of insurance, so you'll want to do some research to find the product that works best for you.
Key Takeaways
- TD Condo Insurance is the best condo insurance product in Canada.
- Condo insurance covers your personal property and provides personal liability coverage in case someone is injured or harmed within your unit.
- Condo corporation insurance covers a building’s common areas, but nothing inside your unit.
- Many insurers offer various discounts on condo insurance, so shop around for the best offer possible.
- The average cost of condo insurance is between $30 and $50 per month.
Best condo insurance 2025 winner – TD Condo Insurance
Our choice for the best condo insurance of 2025 is TD Condo Insurance. With customizable policies, flexible claims options, several ways to earn discounts, and a well-rated accompanying mobile app, TD Condo Insurance checks all the boxes.
How we picked the best condo insurance winner
To evaluate condo insurance, we analyze over 20 data points to generate a trustworthy Genius Rating. We consider all aspects of a condo insurance policy, including liability and belongings coverage, the premium, the variety of additional coverages, customer satisfaction, and home-sharing coverage, to assess its overall value. Then, the condo insurance policy’s features are rated based on how they stack up against other available options.
How much does condo insurance cost?
On average, condo insurance in Canada can cost anywhere between $30 and $50 per month. Factors that determine the price you pay include these and other details:
- Where you live
- Your deductible
- Whether or not your unit has upgrades
- Whether or not your unit has protective monitoring systems (intruder alarm, smoke alarm, etc.)
Do I really need condo insurance?
Yes, condo owners need to have condo insurance.
Purchasing condo insurance provides financial protection in the event that you're sued for something that happens inside your unit. It also protects your personal belongings, which are not covered under your condo corporation’s insurance.
Here are a few more reasons reasons why purchasing condo insurance is a good idea:
- Personal liability coverage: It will protect you financially if someone sues after being injured somehow within your unit
- Personal property coverage: Your condo corporation’s insurance doesn't cover the personal items within your unit, but condo insurance covers the destruction, damage, or loss of these items
- It may be required: If you're financing your condo purchase, your lender may require that you purchase condo insurance
- Additional living expenses: If your unit is damaged and unlivable for a period of time, condo insurance will cover the cost of your additional living expenses
What is condo insurance and what does it cover?
Condo insurance is a type of property insurance designed specifically for condominium owners.
It works in tandem with your condo corporation’s insurance to protect both your unit and the building’s common areas.
Like any insurance, there's a list of things your condo insurance policy will cover. In exchange for this protection, you'll pay a monthly (or annual) premium to the insurance company.
What does condo insurance cover?
Though policies differ from person to person, most condominium insurance policies cover these types of expenses:
| Coverage type | What it covers |
|---|---|
| Personal Property Insurance | Damage to the contents of your unit and storage locker, such as personal possessions, furniture, and appliances |
| Unit Improvements and Betterments | Damage to elements of your unit which are improvements, like premium flooring or kitchen renovations |
| Additional Living Expenses | Alternate accommodation and living expenses if your unit becomes uninhabitable due to an insured event. |
| Personal Liability | Claims for injury or property damage originating inside your unit |
These are some optional coverages you may be able to add to your policy, usually for some extra cost:
| Coverage type | What it covers |
|---|---|
| Loss Assessment Coverage | Helps cover your share of costs when your condo association's insurance isn't enough to pay for certain expenses |
| Green Coverage | Pays any extra costs for eco-efficient materials when making repairs after a claim |
| Contingency Coverage | Protects you and your unit when the condo association's insurance is insufficient |
What does condo insurance NOT cover?
Here are some situations where your condo corporation’s insurance, rather than your own, would foot the bill:
| Situation | Example |
|---|---|
| Damage to the common areas of the building | Hallways, elevators |
| Damage to the exterior of your unit | Windows, doors, balcony |
| Repairs needed to bring your unit back to the condition of a standard basic unit | Drywall, original floor coverings |
| Injury or property damage occurring in the common area (liability) | A pipe bursts in the ceiling/floor between units |
These are a couple more examples of what your condo insurance won't cover:
- If you're renting your unit out to a third party, you'll need to purchase landlord insurance to cover unit damages or loss of rental income
- Insurance doesn’t typically pay for normal wear and tear or maintenance
What factors go into a condo insurance quote?
Insurance premiums are based on three factors: the amount of insurance, risk level, and the company’s expense ratio (expenses not related to insurance claim payouts).
These factors mean that you can influence the cost of your insurance by:
- Staying away from risk: For lower premiums, purchase a condo away from areas threatened by natural disasters and/or high crime
- Holding back from renovations: If the unit has many upgrades above standard, the amount of insurance required goes up, as does the cost of insurance
- Adding monitoring devices: Adding monitoring devices in your unit (water detection system, smoke alarms) may help you qualify for additional discounts
- Opting for a higher deductible: Increasing your policy's deductible lowers your premiums by transferring some of the risk from the insurance company to you
- Avoiding short-term rentals: Using your condo as a short-term rental unit can raise your premiums
- Having a higher credit score: A higher credit score will result in lower condo insurance premiums
- A good claim history: If you have a history of making insurance claims, your premium will likely be higher
- Not having pets: Your furry friends (and the potential damage they cause) may cause your premium to spike
- Choosing the right insurer: A no-frills online-only insurance company may have lower rates than a commission-based full-service insurer
How to get a cheap condo insurance quote
If you've done all of the above but still want to save a bit more, there are some discounts your insurer may make available:
| Discount | When it applies |
|---|---|
| Multi-policy discount | You have your condo and car insurance (or other type) with the same company |
| Loyalty discount | You stay with the same company for a number of years |
| Claims-free discount | You haven't made a claim for a certain amount of time |
| Mature homeowner discount | You're a senior citizen |
| Mortgage-free discount | Your mortgage is paid off |
| Affinity (group) discounts | Your work, professional organization, alumni association, etc., partners with the insurance company |
Asking your insurer for any more obscure discounts that may apply to you may help you save a lot of money in the long run, so it's always worth a shot.
Condo insurance companies and example quotes
Using a fictional situation for a condo in Toronto, we received the following quotes from these top four companies:
| Condo insurance company | Monthly cost |
|---|---|
| TD Condo Insurance | $58.42 |
| Sonnet Condo Insurance | $63.58 |
| Aviva Condo Insurance | $62.64 |
| Co-Operators Condo Insurance | $29.97 |
Note: The above quotes were accessed on November 7, 2024, and are based on a condo in Toronto, Ontario. We chose the mid-range option in all cases, and the fictional homeowner was claims-free with a mortgage. These numbers are meant for demonstration only.
TD Condo Insurance
Personal Liability Coverage
Personal Belongings Coverage
Additional Living Expenses Coverage
Common Area Damage
Condos have unique insurance considerations that aren't always taken into account by a more generalized home insurance policy. TD Condo Insurance has taken these unique qualities and created an insurance product that combines the best of its home insurance features with the specific needs of condominium living. It's specially designed to cover what the condo corporation's building insurance doesn't – things like personal liability, loss assessment, and more. And it covers this gap very, very well.
Pros
- Several opportunities for discounts
- Highly customizable protection
- Flexible claims option
- Highly rated mobile app
Cons
- Customer service concerns
Provinces
ALL
Eligibility
- Canadian citizen
- Age of majority
Why You Want It
Purchase online for up to 10% off + Personalized coverage advice.
Special Features
- Family coverage for things like nursing homes
- Eco-efficient rebuild coverage
- Ability to increase coverage for high-value items
Personal Liability Coverage
Personal Belongings Coverage
Unit Improvements Coverage
Additional Living Expenses Coverage
Loss Assessment Coverage
Common Area Damage
Sewer Backup
Overland Water
Identity Theft
Earthquake Coverage
Student Property Coverage
Full Hail Coverage
Accidental Property Damage
Water Protection
Home-sharing Coverage
Home-based Business Coverage
As one of the big banks in Canada, you may feel more comfortable getting TD Condo Insurance than trusting a potentially new insurance company.
Luckily, TD Condo Insurance offers standard coverage for relatively average prices.
Like most other companies, TD will give you protection for:
- Your personal property
- Your personal liability
- Improvements and upgrades
- Liability in case of theft
Sonnet Condo Insurance
Personal Liability Coverage
Personal Belongings Coverage
Additional Living Expenses Coverage
Common Area Damage
If you need condo insurance in Canada, you have lots of different options to choose from. But which should you go with? Sonnet condo insurance promises low rates with an easy online experience. It covers most of the major expenses – like personal liability, personal belongings, and unit improvements – but may not have everything you’re looking for. On top of that, it also offers some optional coverage and several different ways to save money on your premiums.
Pros
- Most of the major coverages are included
- Ability to add extra coverage as needed
- Easy and cheap online insurance
- Several ways to get cheaper premiums
Cons
- Online-only insurance company
- History of increasing premiums
- Not the cheapest or most comprehensive
Provinces
ALL
Eligibility
- Canadian citizen
- Age of majority
Why You Want It
Get coverage whether you live in or rent the condo out + Instant quotes.
Special Features
- Coverage is the same whether you live there or rent it out
- High customer satisfaction ratings
- 1 year of free Telus 24/7 virtual health care
Personal Liability Coverage
Personal Belongings Coverage
Unit Improvements Coverage
Additional Living Expenses Coverage
Loss Assessment Coverage
Common Area Damage
Sewer Backup
Overland Water
Identity Theft
Earthquake Coverage
Student Property Coverage
Full Hail Coverage
Accidental Property Damage
Water Protection
Home-sharing Coverage
Home-based Business Coverage
Sonnet Condo Insurance comes from an online insurance company, which means they cut out a lot of overhead costs by cutting out brick-and-mortar buildings. Because of this, you can expect a combination of lower rates and an easy, quick sign-up process.
Keep in mind that with an online company, if you run into a stressful situation that requires insurance, you won't be able to meet with an agent face-to-face.
Standard coverage includes:
- Personal property
- Personal liability
- Water damage
- Hail damage
You can choose to add on the following extra coverage too:
- Sewer backup
- Overland water
- Earthquake
Aviva Condo Insurance
Personal Liability Coverage
Personal Belongings Coverage
Additional Living Expenses Coverage
Common Area Damage
If you live in a condo, think twice before thinking you don't need any sort of home insurance. Though your building is likely covered by the condo owner's insurance, your belongings and any upgrades you made probably isn't. That's where condo insurance comes in – with Aviva condo insurance being one of the most popular options available for Canadians.
Pros
Cons
Provinces
ALL
Eligibility
- Canadian citizen
- Age of majority
Why You Want It
Customize coverage for your condo + Save when you combine policies.
Special Features
- 24/7 claim service
- Mortgage-free discount
- Identity theft coverage
Personal Liability Coverage
Personal Belongings Coverage
Unit Improvements Coverage
Additional Living Expenses Coverage
Loss Assessment Coverage
Common Area Damage
Sewer Backup
Overland Water
Identity Theft
Earthquake Coverage
Student Property Coverage
Full Hail Coverage
Accidental Property Damage
Water Protection
Home-sharing Coverage
Home-based Business Coverage
Aviva Canada is one of the largest and oldest property insurance companies in Canada and now is the third-largest property insurance company in Canada in terms of market share. Aviva Condo Insurance is a comprehensive and well-rated product.
They rate highly in our review for having green coverage, which means they'll cover more eco-friendly materials when making replacements.
The standard coverage you'll receive from Aviva Condo Insurance includes the following types and more:
- Personal liability
- Water damage
- Personal property
- Additional living expenses
- Voluntary property damage
- Unit additional protection
A few of the extra types of coverage available include these:
- By-Law coverage
- Sewer backup
- Home Cyber Protection
Co-Operators Condo Insurance
Personal Liability Coverage
Personal Belongings Coverage
Additional Living Expenses Coverage
Common Area Damage
The Co-Operators condo insurance provides essential coverage for condo owners – including personal liability and your possessions. Though the building itself is likely covered by the condo complex owner's insurance – the things inside your condo are probably not.
Pros
Cons
Provinces
ALL
Eligibility
- Canadian citizen
- Age of majority
Why You Want It
Get unique coverage for condominium owners + Special insurance add-ons.
Special Features
- Dwelling and vehicle lock replacement or re-keying
- Family member's property in health care facility
Personal Liability Coverage
Personal Belongings Coverage
Unit Improvements Coverage
Additional Living Expenses Coverage
Loss Assessment Coverage
Common Area Damage
Sewer Backup
Overland Water
Identity Theft
Earthquake Coverage
Student Property Coverage
Full Hail Coverage
Accidental Property Damage
See Issuer for Details
Water Protection
Home-sharing Coverage
Home-based Business Coverage
Co-operators is another large and well established insurance company. Co-Operators Condo Insurance offered the lowest of all the quotes from the companies we reviewed here – although it also had the most difficult online quote process.
Here's a look at some of the standard coverage included with this product:
- Personal Property
- Personal Liability
- Comprehensive Water
- Loss of Use
Co-Operators Condo Insurance has some unique options not seen elsewhere, such as lock rekeying and debris removal. So if you're looking for something that's more than standard, this may be a good place to start.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
FAQ
What is condo insurance?
Condo insurance is a type of insurance that protects your belongings when you're living in a condo, similar to tenant insurance. Though the building itself is likely covered by the condo association, this doesn't include your personal belongings or liability.
Is condo insurance mandatory?
Every condo owner should have condo insurance, although it isn't required by law. It's still possible that you'll need condo insurance to qualify for financing, or that your condo association requires all members to have it.
What is covered by condo insurance?
A typical condo insurance policy covers your personal belongings from damage, theft, and various perils. Coverage for personal liability and unit improvements are also usually included, while exterior damage and injuries in public/common areas are optional coverage types.
How do I get a condo insurance quote?
To get a condo insurance quote, visit an insurance website and answer a few simple questions. It should only take a few minutes, could save you 5% on the premiums, and will give you a better idea of your options.
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