Condo insurance in Canada

Looking for condo insurance in Canada? You’re in the right place!
Get great deals on condo insurance and a simplified online experience with belairdirect.

Why do you need condo insurance?

A condo building will typically have a condo association in place to take care of repairs and upkeep to the building and common areas. These are the things that condo fees often pay for.

However, condo fees may not cover damage that occurs within an individual unit, which is why you need to purchase your own condo insurance. Living in a building with several units in close proximity means that damage originating from one unit could easily spill over to others.

What does condo insurance cover?

As a condo owner, it’s important to protect your unit from damage that could leave you with hefty out-of-pocket repair costs. As well as protecting your own unit, condo insurance can also cover you for accidental damage you cause to someone else's unit, protect your personal belongings or pay for additional living expenses you might have while your condo is being repaired after an incident. You can also add enhanced coverage to protect your condo from water damage.

Standard condo insurance coverage

Standard

Your personal property

Your personal property includes the things you own, wear or use. These are things like furniture, clothes, shoes and electronics. Your condo insurance policy will help ensure that you don't have to pay out of pocket to replace everything you've collected over the years.

Standard

The immovable parts of your condo

This includes things that you own but can't pack up and take with you when you move, like your countertop, your bathtub, and your sinks. This insurance provides coverage if your Condominium Corporation does not have enough coverage to pay for an incident that causes extensive damage.

Standard

Improvements you make to your condo unit

Improvements include anything you do to improve or renovate your condo unit, such as laying new floors or renovating your kitchen. Your condominium insurance policy with belairdirect will take the cost of these renovations to your unit into consideration.

Standard

Personal liability coverage for condo owners

Rest assured with the knowledge that you're covered in the event that someone accidentally gets injured on your property or if a covered incident causes damage to someone else's condominium unit or property. This coverage may include medical expenses, lawsuits and property damage. Personal liability also protects you if ever you accidentally injure or cause property damage anywhere in the world.

Standard

Additional living expenses

If, as a result of damage by an Insured Peril, your dwelling is unfit for occupancy or you have to move out while repairs of insured damage are being made, you may be eligible for financial help to cover your living expenses caused by a covered loss.

Standard

Voluntary medical payments

In the unfortunate event that someone gets injured on your property and you are not deemed responsible, voluntary medical payment coverage may pay for medical expenses the injured person may incur as a result of the covered incident.

Please refer to your policy for all terms, conditions, limits and possible exclusions.

Standard

Voluntary payments for damage to property

These are payments that can cover unintentional damages you cause to a property that you are deemed not legally responsible for.

Optional condo insurance coverage

Enhanced Water Damage Package

By adding this additional coverage to your condo insurance policy, you'll be protected if water from an external source suddenly and accidentally begins seeping into your condo unit due to an event like rain, snow or leaks. belairdirect's Enhanced Water Damage Package could protect you from:

Optional

Sewer back-ups

If water should accidentally back-up from the sewer system and begin flowing into your condo, the damages could be covered.

Optional

Overland water

If you qualify, water damages caused by overflowing from a lake, river, heavy rain or rapid snowmelt that enters your condo from above ground could be covered.

Get condo insurance coverage in a few easy steps

Buying condo insurance online has never been easier with belairdirect!

  • 1 Get a quick quote Get your condo insurance quote in a flash by doing it online. You don’t even have to talk on the phone!
  • 2 Buy the coverage you need Customize your condo insurance coverage to fit your needs and your budget, and then buy online instantly.
  • 3 Manage your condo insurance online Manage your condo insurance and submit claims online or on the belairdirect app, 24/7.

How to save on condo insurance in Canada

Here are a few tips to help you save money on your condo insurance:

Bundle car and condo insurance to save money

Try to bundle your car and condo insurance together with the same insurance company – you can save both time and money!

Group discount

It pays to be a member! You could get exclusive savings on condo insurance as a member of an eligible group with belairdirect.

Agree to a credit check

A good credit score can bring down your premium and shows the insurance company that you have a good repayment history. The higher your credit score, the lower your rates.

Winterproof your condo

Check to see that your condo’s heating and plumbing are adequate before a pipe freezes and causes it to burst.

Keep up to date on renovations

Maintain your plumbing and electrical systems and let your insurance company know about it.

Install a home alarm system.

A central monitor alarm system can reduce the risk of fire and theft.

Consider the age of the condo you're thinking of buying

Insurance companies consider newer condos less risky as they generally have less issues than older buildings.

Review your coverage options

Make sure you're not paying more than you should for coverage you don't need.

Condo insurance discounts available in Canada

Bundle car + condo

You can save up to 5% on your condo insurance when you combine both policies!

Group discount

It pays to be a member! You could get exclusive savings on condo insurance as a member of an eligible group with belairdirect.

belairdirect mobile application

Tap into simplified condo insurance with the belairdirect app

Get instant access to your condo insurance wherever you are. Managing your condo insurance policy and submitting a claim has never been this quick and easy!

Learn more about the belairdirect mobile app

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belairdirect mobile application

Tap into simplified condo insurance with the belairdirect app

Get instant access to your condo insurance wherever you are. Managing your condo insurance policy and submitting a claim has never been this quick and easy!

Learn more about the belairdirect mobile app

Frequently asked questions (FAQs) about
condo insurance in Canada

A condo building will typically have a condo association in place to take care of repairs and upkeep to the building and common areas. These are the things that condo fees often pay for.

However, condo fees may not cover damage that occurs within an individual unit, which is why you need to purchase your own condo insurance. Living in a building with several units in close proximity means that damage originating from one unit could easily spill over to others.

While condo insurance is not legally mandatory in Canada, we strongly recommend that you get condo insurance because it not only protects your unit and your personal belongings, it also gives you liability coverage in case you accidentally injure someone or damage someone's property anywhere in the world. Keep in mind that most mortgage providers will also require proof of a condo insurance policy before lending you money.

When calculating your condo insurance premium, an insurance company may use the following criteria:

  • How much it would cost to rebuild the condo unit after a covered loss
  • The deductible amount a condo owner would need to pay to make a claim
  • The neighbourhood in which the condo is located
  • The value of the contents and personal property within the condo unit
  • Any discounts that the condo unit owner is eligible for
  • The condo owner’s credit history (only applicable in certain provinces)

These criteria are all used to determine the insurance needed for sufficient coverage that protects the condo unit based on the risk factors.

One of the perks of owning your own property is the freedom to make improvements to your condo unit such as laying new floors, renovating your kitchen or upgrading your bathroom! Rest assured that your condo insurance policy with belairdirect will take the cost of these renovations to your unit into consideration, up to the coverage amount stated in your policy.

While we still encourage you to take these steps, you are no longer required to have someone check on your condo or shut off your water supply and drain your pipes, or have a monitored alarm system in place during the heating season. All you need to do is keep the heating on while you're away.

Check the terms and conditions of your policy to ensure that you have adequate coverage.

If a condo building requires extensive repairs to common areas, a condo association may request a special assessment. Contractors will evaluate the work that needs to be done and provide an estimate of the costs. In some cases, the cost of the work may exceed the monetary reserves the condominium corporation has on hand or their insurance limits, and the remainder of the costs will be solicited from the unit owners in the building.

Special assessment coverages are usually part of a personal condo insurance policy and protect the owner from a covered loss if it exceeds the condo corporation’s insurance coverage limits. Special assessments are designed to cover losses that affect the common areas of a condo building, such as hallways, parking garages, recreational areas, lounge areas, and anything that does not belong to an individual condo owner. Because condo units are built close together, damage that starts from one area can easily spread to neighbouring units and common areas.

For special assessments coverage to take effect, 3 criteria need to be fulfilled:

  • The damage or loss is caused by a peril covered by the condo owners policy.
  • The condominium corporation’s insurance coverage falls short of covering the damages from the loss.
  • The condo board issues a special assessment to meet the expenses required to repair the building.

If the condo board authorizes a special assessment, the special assessment coverage could then take effect and cover your portion of the repair costs subject to policy limits.

When getting a condo insurance quote, your insurance agent may recommend additional coverage amounts for special assessments to protect you from these rare but potentially expensive scenarios.

A condo master policy is the insurance coverage policy held by the condo corporation. Unlike a personal condo unit owners insurance policy, the condo master policy is designed to cover general liability for the condo association and property damage to common areas.

A condo master policy is paid using the condo fees collected from residents of the building. If a common area is damaged by a covered incident, the damages can be covered by the condo master policy. A condo master policy can also provide coverage in the event that someone injures themselves in a common area of the building or if the condo corporation were to be sued.

Your condo association will typically have an insurance policy in place to cover the structure of the building and all the common areas. These can include spaces such as the ground entrance and lobby, the elevators, staircases and fire escapes for the building, the roof, the courtyard and any other spaces that are used by all members of the condominium building. The condominium association master insurance policy can provide liability coverage for a covered loss in these common areas. Always refer to the condominium bylaws to get a better idea of what your condo association's insurance policy covers.

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