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What our users say:

March 23
very reasonable people and reliable.
I have found this out that whenever I have done or get a quote for my house or ...
bhupendra jajal
March 9
Great service
Great service. They presented me with so many options to choose from. It's great...
TONY AGBONTAEN
March 2
They were very fast and knowledgeable.
They were very fast and knowledgeable.
LaurieMartin
March 2
Talking to the representative was very…
Talking to the representative was very easy and she was easy to understand
AlvinRoss
March 2
Customer service was very quick and…
Customer service was very quick and fast. Great personality and very friendly.
krystalDavies
March 1
Got me the best home insurance in the…
Got me the best home insurance in the past 5 years
MICHAELLOSCO
February 27
Review
Agent was really helpful
ShivaMohan
February 22
They were very helpful and friendly.
They were very helpful and friendly.
Louise Smith
February 19
Best rate finder
Easy to use and gives me better deals
Sal
February 17
Quick!
Quick! Friendly!
NeilO Farrell
February 14
Many good choices of rates
Many good choices of rates
Robert AlbertRead
February 14
You have professional knowledgeable…
You have professional knowledgeable staff to asst and get you good rates. Your r...
AbdulrahmanBafakih
February 14
Good personal communication.
Good personal communication. Great Company with what I need for my protection, w...
Gilles Seguin
February 11
Shopping for a low rate insurance here…
Shopping for a low rate insurance here surely makes things easier!! Agents and b...
MouawadFakhri
February 11
Excellent
It was clear and nice explanation with all my questions 😘
Mark Dranreb Flores
February 9
Very understanding and organized!
Very understanding and organized!
SarahCHIRILENCO
February 8
Good service
Good service, and friendly.
Tuan Hoang Dang
February 5
Got a call immediately and they gave me…
Got a call immediately and they gave me great service.
ClarkRyan
February 3
Really knowledgeable and looking out…
Really knowledgeable and looking out for customers best interests
no

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Protect your condo unit with a great condo insurance policy. We’ll bring you the cheapest rates on condo insurance from the top providers — just like that.

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See how our customers save big on condo insurance.

Type of condoLocationPrevious claimsLowest rateAverage rateSaved
Quote from March 27, 2023
Type of condo
High Rise
Location
Toronto, ON
Previous claims
None
Lowest Rate
$25/mth
$301/yr
Average rate
$52/mth
$628/yr
Saved
$27/mth
52.00%
Quote from March 27, 2023
Type of condo
Low Rise
Location
North York, ON
Previous claims
None
Lowest Rate
$23/mth
$277/yr
Average rate
$61/mth
$729/yr
Saved
$38/mth
62.00%

Why compare with LowestRates.ca?

Your home insurance questions, answered.

Why do I need condo insurance?

Your condo building is insured by the condominium corporation, but the corporation’s policy doesn’t cover damages in your unit. In the unwelcome event of a break-in, flood, or an injury in your unit, or in the event of vandalism or smoke damage, you'll be responsible for the resulting costs, whether it’s repairs, replacements, or legal liabilities.

That’s why condo insurance is a must for condo owners. Condo policies cover your personal property and the interior of your unit, plus they give you liability protection for bodily injury or property damage to others. With LowestRates.ca, you can compare condo insurance plans from Canada's top providers and find the right policy.

Why should I shop for condo insurance online?

Comparing quotes online leads to big savings. After all, condo insurance prices can vary from insurer to insurer, which is why you need to compare rates to get the best deal.

The good news is that comparing is easy. No matter what kind of condominium you own, we can find you the cheapest condo insurance rates in your area.

How do I compare quotes?

Just fill out the form at the top of this page and provide a few quick details about you and your place. Then we'll find you the cheapest condo insurance rates available.

Depending on where you live, you’ll receive up to 15 quotes. Once you select a quote, an insurance broker will call to lock in your rate and help you set up your policy.

Will I have to submit to a credit check?

A credit check is optional, but it can help you score the lowest rate on your condo insurance. Insurers may use credit checks to help set rates, and a good credit score can dramatically lower the price of your plan. In fact, you'll likely only find the cheapest condo insurance rates if you get a credit check.

And, thankfully, at LowestRates.ca, we only do one credit check per application, so your credit score will remain intact anyway. Condo owners who shop around on their own for an insurance plan will usually have to submit to multiple credit checks, which can harm their credit.

What does condo insurance not cover?

Standard condo policies don’t cover high-value items, like precious stones, rare art, and so on. If you want these items included in your coverage, ask to schedule them separately on your policy.

Should I select an all-perils or named perils condo insurance plan?

It depends on how broad you want your coverage to be.

All perils coverage protects your belongings against a wide range of hazards, and any coverage exclusions will be explicitly listed in your policy.

Named perils coverage only protects your belongings against the most common types of hazards, which will be clearly listed in your policy.

All perils condo insurance costs more but gives you a much broader range of coverage. If a major disaster damages your condo, you'll be able to fall back on your all perils plan, which will replace your belongings.

Should I select an actual cash value plan or a replacement cost plan?

That depends on how much you want your policy to pay out in the event of a claim. The difference between these two types of plans can be thousands of dollars.

An actual cash value (ACV) plan reimburses you for the value of the items you claimed at the time they were damaged. But ACV plans account for depreciation, so the amount you get from a successful claim most likely won't be enough to replace your damaged belongings. For example, if your old TV is stolen, your insurer only pays what they deem the TV to be worth at the time of the theft, which is probably less than what you paid — or what it'll cost to replace.

Replacement cost plans actually pay you back for the full replacement value of your lost or damaged belongings. For example, if someone breaks into your condo and steals your old TV, your insurance provider will pay for a new one of similar make (if available) and quality. With the right replacement cost plan, you’ll be able to replace all of your belongings in the event that your condo sustains major damage or is subject to a serious theft.

How much condo insurance coverage do I need?

The amount of condo insurance coverage you take out should reflect the value of your belongings plus any improvements you’ve made to the unit. Take inventory of your belongings and estimate the cost of replacing each item.

If you’ve renovated your unit or made any other betterments, like installing a new, state-of-the-art kitchen or adding more shelving, you should make note of those changes and their costs.

How can I have a hassle-free claims experience?

Take photos of your belongings when you get a condo insurance policy. A visual record of what your unit looks like inside and what you own can expedite the claims process. And if you’ve made improvements, like adding new appliances, cabinetry, or carpeting, you should document those changes.

It’s also a good idea to keep receipts for any of the upgrades you’ve made to your unit. Credit card statements work too. Make sure you know how to access your credit card history online and keep your paper receipts in a secure place, like in a safety deposit box.

Lisa Coxon

Lisa Coxon

About the Author

Lisa is an Editor and Writer for LowestRates.ca. Her work has appeared in Reader’s Digest, Toronto Life, Canadian Living and TVO. As a child, she diligently hoarded the $50 bills that fell out of her Christmas cards. Adult Lisa is working hard to resurrect those stockpiling tendencies.

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