With over 1.3 million condominium units across Ontario and condo ownership growing rapidly in cities like Toronto, Mississauga, Markham and Ottawa, understanding what your insurance covers - and doesn’t - is more important than ever.
Many assume that condos are still the "affordable" option, but that’s changing. According to recent housing data, the average resale condo price in Toronto has reached $696,000 to $702,000, and affordability continues to decline in urban cores (wowa.ca, nesto.ca).
The #1 Misconception: “My Condo Corp Covers That”
Surveys show that 40% of Ontario condo owners mistakenly believe their condo corporation’s insurance covers everything inside their unit, including:
- Furniture, clothing, or electronics
- Custom upgrades or renovations
- Accidental damage or liability
- Repairs after a flood, fire, or sewer backup
The truth? Condo corporations’ insurance only covers the building structure and shared common areas. You’re responsible for your personal contents, your unit improvements, and any liability or damage that originates within your space.
What a Personal Condo Insurance Policy Should Cover
At a minimum, your own condo insurance should protect:
- Contents – electronics, furniture, clothing, and valuables
- Unit Improvements – hardwood floors, upgraded kitchens, etc.
- Personal Liability – for injuries or damage inside your unit
- Personal Liability – for injuries or damage inside your unit
- Loss Assessments – your share of repair costs if the condo board issues a chargeback
If you don’t have this coverage, you’re financially exposed in the event of water damage, fires, injuries or common area claims.
MIB Helps You Fill the Gaps...Easily
At My Insurance Broker, our team of experts help you:
- Review your condo corporation’s master policy
- Identify coverage gaps most owners miss
- Tailor protection that fits your lifestyle and your property value
- Avoid overpaying - or worse, being underinsured
So What Does It Cost?
Good news!!! A standard condo insurance policy in Ontario can start as low as $300 to $500 per year, depending on location, coverage and building features. That works out to about $1 per day, cheaper than a Tim Hortons coffee. This is a small investment for peace of mind and thousands in potential savings during a claim.
Final Word
Whether you’re a new condo owner, a long-time resident or a landlord, just don’t assume the condo board has you covered. You should protect what’s actually yours.
Let MIB help you review, compare, and get the right protection for your real-world needs.
Call us at 1-855-482-5001 or email us at info@myinsurancebroker.com for review your coverage and get a quote.
We make it easy ~ and yes, condo insurance can start from just $1 a day.