Condo Insurance for Owners in Ontario

Buy condo insurance online for your unit in Ontario.

Do you own a condo in Ontario? Get coverage that’s right for you

Whether you live in a condo in Toronto, a townhouse in Mississauga or in a condo in Ottawa, you need to have the right insurance for your condominium. You can get a condo insurance quote online in minutes. Get a customized quote, in language you can understand, at a competitive price – and do it all online. We’ve simplified getting condo insurance, so you can focus on what you love.

Are you renting a condo unit as a tenant? Get a quote online for renters insurance.

What is condo insurance?

Your Condominium Corporation has insurance for the building itself and its common areas. But, it doesn’t cover your things inside your unit or any condo improvements you’ve made. This is why as a condo owner, it’s important to have condo insurance that covers your stuff and more if something happens.

What does condo insurance cover in Ontario?

Although condo insurance policies can differ, here are some of the common coverages you can find. Don’t forget to review your policy to learn how you’re covered (and where you aren’t).

Standard condo insurance coverages

Liability Insurance

Liability protection covers you and the people in your home in case you’re sued. You’re covered if someone gets hurt while visiting or for damage you may unintentionally cause.

Personal Belongings

Often called contents insurance, this protects anything you own that you could pack in a bag or put in a moving truck. Contents insurance in Ontario covers things like your clothing, electronics, furniture, etc. Your stuff is covered no matter where it is (whether it’s in your condo in Ontario or not). Just keep in mind, if you’re renting out your condo, only major appliances (like your fridge, stove and washing machine) are covered for theft.

Extra Expenses

In case something happens and you can’t live in your home – you’re covered while your condo is being repaired. You can choose to stay in a hotel or with friends and family. We’ll provide you with the cash either way. Renting out your condo at the time of loss? You’ll be covered for your net rental income until your tenants can move back in.

Condo Special Coverages

This includes three extra protections:

  • Unit Improvements Coverage
    Have you been making improvements or betterments to your unit – like installing special lighting or customized closets? Don’t worry, they’re covered.
  • Unit Contingency Coverage
    This coverage protects you if your Condo Corporation’s insurance isn’t enough to take care of damages to your unit, that would normally be its responsibility to repair or replace.
  • Property Loss Assessment Coverage
    Your Condo Corporation could require its members to collectively pay for any damage to common areas (like the lobby or elevators). This coverage will pay for your share.
Identity Theft

This covers you and anyone else on your policy in case your identity is stolen. We’ll reimburse you for legal fees as well as certain other costs that could happen, up to a limit. These could include lost wages if you have to take time off work to sort it out, and payment for services that help you get back to where you need to be.

Additional condo insurance coverages

Sewer Backup

This coverage can help in some smelly situations. For example, if water from a sewer, sump, septic tank, or floor drain, backs up or escapes into your condo’s lobby or lower levels and you can’t get to your unit, this will help provide you with additional living expenses. It also covers belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.

Overland Water

You’re covered for damage caused by fresh water, such as excessive rain, spring run-off and melting snow, coming in at ground level through windows and doors. If you can’t get to your unit due to an overland water flood in your condo’s lobby or lower levels, this will help provide you with additional living expenses. It also covers belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.

How much does condo insurance cost in Ontario?

The cost of condo insurance in Ontario is based on information about you and your condo. This includes things like the location of your condo, how much coverage you need and your personal claims history. Here are some examples of the average price of condo insurance with Sonnet in Ontario:

$43/month avg.

Insurance for the average Toronto condo owner costs around the same as a monthly gym membership.

$40/month avg.

Living in Mississauga, you can get condo insurance for around the same price as a pizza, some wings and a couple of sodas.

$42/month avg.

If you live in a condo in Ottawa, the cost of insurance is comparable to what you’d pay for a night at the movies – popcorn included.

"My only regret is not finding you sooner. If there’s anyone out there who’s still shopping around for home / auto insurance – stop. You’ve found it, right here. Go Sonnet!" "Super easy, super customer service, super price. Almost a third of the price of other companies for house insurance. Couldn’t be happier with this company. Thanks Sonnet." “…I’ve enjoyed the easy customer service and quick responses to all of my questions. I look forward to adding home insurance in the near future.” “Just signed up for Sonnet Insurance – one of the best online experiences of my life. Cheers!” "I was talking to my friend about overpaying my insurance and couldn't change insurers because of all of the paper work. He suggested that I try Sonnet online. Quote took literally 3 to 5 minutes and the price they gave me was unbelievable."
How you can save on condo insurance in Ontario

Engineering graduates in Ontario

Whether you’re a civil, mechanical, electrical, chemical, industrial or computer engineer, you can take advantage of our engineering graduates discount.

Accounting graduates in Ontario

From strategic advice to clever ways to boost revenue, accountants are good with numbers. You’ll love seeing a lower premium with this discount.

Canadian University Alumni

More than just a piece of paper, a university degree gets you a discount on condo insurance.

More ways to save in Ontario

You could save an average of $474 with Sonnet’s group discount. It’s easy - start an online quote and search for the name of your organization or association. A few organizations that trust Sonnet:

City of Windsor

Learn more

North York General Hospital

Learn more

The Denturist Association of Ontario

Learn more

Questions about condominium insurance? We’ve got you covered

Insuring your condo should be simple. We’ve made getting a condo insurance quote quick and easy – plus, we’re here to help from start to finish. Read through our current blogs or most frequently asked questions about condominium insurance to get started.

Does my condo insurance cover appliances?

Yes. As a condo owner, your Sonnet condo insurance policy covers you, your personal property and belongings, and your liability. Because appliances fall under personal property, they’re covered by your condo policy if a covered event (like an accidental house fire) happens.

Heads up! Are you a tenant renting a condo from someone else? If so, your landlord’s insurance will generally cover the appliances, since they’re the owners – not you (unless you’ve bought them yourself).

Need more answers about condo insurance? Get in touch via email or chat. Our agents are always happy to help!

Does my Sonnet policy cover me for short-term rentals or home sharing through networks like Airbnb?

If you have a homeowner’s policy with Sonnet, you’re allowed to rent a portion of your home to a maximum of two people or a separate unit in your home to a family as long as you’re living there at the time.

If you’re not living there during the time it’s rented, or this isn’t your primary residence, then it’s not covered under your homeowner’s policy and you’ll need a landlord policy.

If you have a condo owner’s policy with Sonnet, you’re allowed to rent out your entire condo regardless of whether you’re living there or not. However, your coverage for burglary or theft is limited.

Heads up! If you have a long-term rental unit in your home and also rent out a portion on a short-term rental network, this could exceed the limitations of your policy. Please contact us if this applies to you and we’ll make sure you’ve got the right coverage.

For more information on insurance and short-term renting, check out our blog on short-term rental insurance 101.

Do I need property insurance in Canada?

Whether it’s a house or a condo, buying a new property is a big investment. But, it’s more than a piece of property, it’s your home. That’s why it’s important for every home and condo owner to buy property insurance in Canada. Without property insurance, you’d be responsible for covering the cost if something were to happen to your home or your stuff, you’d have to pay out of pocket for covering the cost.

Plus, if you have a mortgage on your house or condo, your lender will also likely require you to have home insurance coverage.

How are home insurance premiums calculated?

During home insurance calculation, insurance companies look at a complex set of factors. These will determine the likelihood of you making a claim – and how much a claim could cost. The higher the likelihood is, the higher your premium will be.

Factors that can affect your home insurance premium include:

  • Where your home is located 
    Based on your postal code, an insurer can find out how many claims are made in that area – and why they happen. For example, if your area has frequent windstorms, there could be more frequent claims for damage. This could cause your home premium to be higher than that of a house in an area that doesn’t have windstorms very often.
  • Home age and condition 
    The older the building, the higher the likelihood of a claim. That’s because things like old wiring (fuses, for example) are a bigger risk for fire. And, old plumbing increases your risk of claims due to sudden leaks or burst pipes. 
  • Heating equipment
    If your home is heated with oil (like it is in many rural areas), your premium could be higher. Oil tank leaks increase risk of damage and environmental hazards. Wood stoves are also a common source of house fires, so they could raise your payments, too. 
  • Proximity to fire support 
    If your home is close to a fire station and fire hydrants – like in an urban area – your premium could be lower than a home in a rural location, where travel distance is longer. 
  • Number of past claims 
    The longer you’ve been claims free, the lower your premium will be. If you’ve had a claim in the last year, you can expect your premium to go up at renewal. 
  • Your age and other information about you 
    As you get older, your premium will tend to decrease. The fact is, many insurance providers consider homeowners with more experience as less risky to insure. Some insurers could also look at your credit score. 
  • How you use your home 
    Do you rent out rooms or a basement unit in your house? Factors like this may also impact your premium since they can increase damage and liability risks. 
What are some extra home coverages I should know about?

Depending on where you live, additional coverages are available to add on for certain events that aren’t covered by a standard home policy. These coverages are hail, sewer back up, overland water and earthquake. All of these coverages can be added when making your quote.

Already purchased? You can add on these coverages at any time through your account.

Does my townhouse need a condo or a home policy?

Wondering if your townhome needs a condo or a homeowners policy? There are a couple of questions that help with this:

  1. Do you have a Condo Corporation?
  2. If something were to happen to the outside of your home, such as to your roof, are you responsible for repairing it?

If you answered yes to the first question and no to the second, then a condo policy would best fit your needs.

Looking for condo insurance? Live in Ontario?

Start saving now – no need to wait for renewal. It could be easier and cheaper than you think to switch your condo insurance to Sonnet.

Average monthly premiums for condo insurance in Ontario are based on current Sonnet policies as of February 2024, with assumptions made to determine demographic groups.