Compare Condo Insurance

You could save hundreds of dollars each year by getting multiple quotes on your condo insurance

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Get up to three condo insurance quotes just by answering a few questions

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How to shop for your next condo insurance policy with Hardbacon

Comparing the prices of several insurers before choosing a condo insurance policy can usually save you hundreds of dollars a year. Here are the 4 steps to follow.

Tell us where you are

The first step is to enter your postal code in the box on the left, and click on the "Compare" button. Your postal code will allow us to determine in which Canadian province you are located and redirect you to the appropriate partner.

Tell us more about yourself

The second step is to fill out our partner's form, which will begin by asking you for your contact information and other personal information that is required to obtain condo insurance quotes.

Tell us aboiut the type of coverage you want

The third step is to answer questions about the type of coverage you want. It is at this stage that you will specify the type of condo insurance, the amount of coverage, the value of your property, the amount of the deductible, etc.

Tell us more about the condo that you want to insure

The fourth and final step before you can submit your application is to answer questions about the condo you wish to insure. This is where you will indicate the size of your condo, how far away the nearest fire station is, etc.

Tips to save money on your next condo insurance policy

Take advantage of discounts

Combine your car and condo insurance, ask for a discounted price because you are a member of a professional association, or find any other discounts you are entitled to. You may be able to get a discount of 10% to 25%. Generally, it is possible to combine more than one discount. If you currently have two or more insurers, ask for new quotes from each of them, informing them of your intention to combine coverage, but don't limit yourself to their proposals. The competition may offer you a better price.

Increase your deductible

The higher your deductible, the lower your premium. The deductible is the amount you have to pay out of pocket in the event of a claim. For example, if your deductible is set at $500, you will pay that amount and your insurer will cover the balance. With good saving habits, you can assume a larger deductible, such as $1,000. This amount will not seem like a lot when you have water damage that requires thousands of dollars in repairs.

Opt for the basic protections

"Unless you have very expensive appliances, furniture, and equipment, basic insurance coverage should be sufficient to replace your belongings in the event of damage. Think about your coverage based on the specific situation of your condo. For example, if it's on the top floor of the building, you probably don't need sewer backup coverage. Water damage is common in condos, so it's still wise to purchase some protection against it."

Invest in protective technology

An alarm system, a water leak detector, and a security camera can all help you reduce the cost of your condo insurance. Insurers like security, since it reduces the risk of damage. With a well-protected condo, you are less likely to have your valuables stolen. You'll also be able to respond more effectively to fires and water leaks, which usually means less damage.

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Frequently asked questions about condo insurance

Is home insurance mandatory for a condo?

There is no legal requirement to have home insurance in Canada. The requirements vary according to the province or territory. For instance, new laws in Quebec require that you have at least civil liability insurance. This is usually acquired through home insurance. This coverage is designed to protect other co-owners in the event of damage for which you would be responsible. As for the other coverages offered by insurance companies, there is no legal obligation to subscribe to them. Your declaration of co-ownership and its by-laws may still require that each co-owner have individual insurance.

What does condo insurance cover?

Condominium insurance begins with liability coverage. This coverage, which is mandatory, must be for a minimum amount of 1 or 2 million dollars, depending on the number of units in your building. If you are at fault for a loss, the condo association can claim from you the cost of repairs to the parts it is responsible for insuring. The condo associaiton is the association of co-owners of your building, governed by a board of directors. Your insurance also protects the contents (appliances, furniture, clothing, electronics, etc.), as well as improvements made to the condo since its construction, such as renovating your kitchen. Finally, special assessments that the condo association may require in certain circumstances are also covered. In addition to these usual protections, several others can be selected à la carte, such as sewer backups.

How much is condo insurance?

Because it covers fewer items than home insurance, condo insurance is also less expensive. It is possible to find one for about $30 a month in Quebec, and as little as $20 in some Canadian provinces. The price can easily go up to $50 a month, depending on the coverage chosen and the risks associated with the location of your dwelling (for example, a neighbourhood with a lot of theft). However, in a condominium, there are two types of insurance: your individual insurance and the condo association's insurance. You pay for this second insurance through your monthly condo fees.

Do condo fees include insurance?

In addition to your individual condo insurance, your condo association is required to insure the common portions of the building, as well as the original condition of certain private areas. The condo association's source of financing is the condo fees it collects from each co-owner. A portion of these fees is used to pay for home insurance. For a condo association, purchasing this type of insurance is mandatory. The fact that you pay your share of this insurance does not exempt you from taking out an individual policy.

Do you need title insurance for a condo?

Title insurance is a different product than home insurance. It protects you against problems that could affect the title to your property, the document that certifies that you are the owner of your unit. For example, you move into your new condo and a few weeks later, a bailiff visits. You didn't know it, but your home is subject to a construction mortgage. Some work has not been paid for by the contractor and the subcontractor now wants to exercise a right on your property. Title insurance can cover your legal fees to have this legal mortgage removed.

How much condo insurance do I need?

The minimum liability coverage is $1 million for buildings with 12 units or less, and $2 million for buildings with 13 or more units. Other coverages can be chosen according to your preferences. In sum, you need to cover a few categories, mainly: personal property, improvements (such as new kitchen cabinets), pro rata distribution (for a special assessment) and living expenses (if you have to move temporarily). You can then add several additional coverages. Each category has a specific limit, such as $40,000 for personal property, which refers to the contents of your home.

How to buy condo insurance?

It is highly recommended that you compare several insurance policies using an online comparison tool before making your choice. You must fill out a questionnaire to receive quotes. It is very important to be honest at this stage. Do not lie about the property's characteristics or your past claims. The insurer may call you to validate the information. Once you have made your choice, you can pay for your insurance monthly or in a lump sum. This type of insurance renews itself every year and you have the right to change companies when the contract expires.

Is condo insurance cheaper than home insurance?

Yes, condominium insurance is cheaper. With home or cottage insurance, you are responsible for everything. This means your insurer manages more risk and charges you a higher amount. Condominium insurance that you purchase individually excludes many potential damages, including those to common areas, except in certain cases (civil liability). However, in a condominium, you also pay a second home insurance policy, the condo association's, to protect the common areas. Ask the board of directors or the manager of your building to find out the amount.

Do I need condo insurance if I rent out my condo?

Yes, it is highly recommended that you protect yourself in case your tenants cause damage. If you rent your condo, call your insurance company to inform them of the rental, since you are responsible for any impact your tenant may have on your unit or your neighbours' units. Your insurance company may impose conditions on your continued insurance coverage, such as requiring certain coverages and increasing your premium.

Does condo insurance cover fire?

Fire damage is usually included in home insurance policies. With fire, as with any type of loss, some damage may be covered by your individual insurance policy, and some by the condominium corporation's policy, depending on the areas affected (common or private). Your condo association is legally responsible for taking out an insurance policy for the building, and it usually covers fire. However, it could claim money from you if the insurer's assessment shows that you are responsible for a fire. In this case, your personal insurance may cover the amount, as it is your liability.

Does condo insurance cover water damage?

It is important to ensure that you are protected against water damage as it is a common problem in condominiums. Water damage falls into more than one category. Some are part of the basic condominium insurance coverage, while others are not. The condominium association's insurance will pay for some of the work required as a result of water damage that affects several units. However, any improvements you made to your unit, for example, will be covered by your own insurance. In addition, if you are responsible for the damage, your individual insurance will also be involved. Some water damage may not be included in your policy, but you can claim it as excess coverage, such as sewage and river overflow.

Do I need sewer backup insurance if I live in a condo?

If you live on the main or first floor of a condominium, yes, you need sewer backup insurance. On higher levels, this coverage is less important, as your chances of being a victim of such an event are lower (but not zero). As with any loss, the costs are split between insurance for the common areas (underwritten by the condo association) and the private areas (your individual policy). For example, the insulation of walls that have been soaked will probably be covered by the condo association's insurance, while your temporary move and the replacement of your furniture will be covered by your individual policy

Compare Condo Insurance

ass-condo

Get up to three condo insurance quotes just by answering a few questions

In collaboration with
Untitled-1

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