What kind of insurance is mandatory for condominiums?

Condo insurance is not legally required, but mortgage lenders and banks require it for properties that are not fully paid up. That said, condo insurance is essential to protect your personal belongings and get a liability insurance.

Who pays for condominium insurance?

The condo corporation's insurance policy, which covers the building and common areas, is paid for by all co-owners through their condo fees. Whereas a condo insurance policy, which covers your unit and personal belongings, is paid for individually by a co-owner.

What type of insurance should I choose for a condominium?

Condo insurance offers standard protections such as personal belongings coverage, liability insurance, additional living expenses and special coverages such as unit improvement coverage. What's more, condo insurance offers optional coverage such as identity theft and water damage. It's up to you to choose the ones that suit your needs.

What is the average price per month for condo insurance?

The average price of condo insurance varies according to several criteria, such as the location of your condominium, your claims history and the deductible you choose. The average cost of condo insurance in Quebec and Ontario is $31/month ($372/year), according to our partner YouSet.