How Much is Condo Insurance in Ontario?

 In Blog, Condo Insurance

At Jeffery & Spence, we often hear the question, ‘how much is condo insurance in Ontario?’ 

Condominiums are different than independently owned properties, and they often have boards, rules, and other unique considerations to take into account when considering insurance. The costs of your condominium insurance will vary depending on both your specific condo building and the details of your condominium unit.

Your condo is your home, and we recommend that you protect it as you would any home, with the appropriate insurance coverage. We do not suggest cutting corners on your condo insurance coverage, as this could cause you to run into issues in the future.

Here are some factors that will influence the cost of your condo insurance in Ontario:

Your Building’s Location, Design & Age

One of the biggest factors that will influence your condo insurance rates is the location, design, and age of your condo building.

If your building is located in an area with a high risk of natural disasters, such as flooding, wildfires, or other severe weather events, it is likely to have higher insurance costs. A location in a high-crime area will have a similar effect.

The design and construction for your condo building will also impact the final cost, as this is likely to indicate whether the building is solidly-built or prone to damages. Strong building materials, high-quality safety systems, and similar features will result in lower insurance costs for you.

The Value of Your Contents

Another major factor in how much your condo insurance costs is the total value of your personal belongings, i.e. the contents of your condo unit.

If you have high-value items, such as jewellery, art, antique furniture, and other expensive items, you will likely need to increase the limits on your contents or purchase additional coverage options to insure them properly. Make sure that you conduct a thorough inventory of your condo unit, so you know the full value of your possessions and they are protected.

Upgrades & Improvements

Have you or any previous owners invested in upgrading or improving your condo unit since it was built? If you are wondering why your condo insurance is higher than your neighbour’s unit, then you should consider this factor.

Condo unit owners will need to purchase additional coverage to insure any upgrades or improvements made to their unit. For example, if you have added granite countertops, new hardwood flooring, or decorative tiling in your bathroom, all of these changes will increase the cost of your unit’s insurance, when compared to your neighbours.

The Coverage Options You Choose

When selecting your condo insurance, you have a wide range of additional coverage options available, including for replacement costs, additional living expenses, loss assessments, special assessments, and more.

While it may be a good idea to select some of these coverage options, depending on your particular situation, the number of options that you choose will increase the cost of your insurance policy.

History of Claims

Similar to home or auto insurance, any past claims you have made will affect the cost of your condo insurance. When assessing your condo insurance policy, your provider will check your claims history and decide how it will impact your final cost.

If you are interested in lowering the cost of your cond insurance, it is often possible to bundle your insurance policies to receive better rates and/or discounts — and you’ll get the peace of mind of having all your policies with the same insurance company. At Jeffery & Spence Insurance, we’re proud to provide you with condo insurance, auto insurance, cottage insurance, and more, so you’re covered for anything.

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