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If you own a condo in Ontario, it is important to understand the different types of insurance coverage available and how they protect your condo. In this post, we will discuss the different kinds of condo insurance coverage available in Ontario as well as some recommendations for unit owners. 

What Is Covered By Condo Insurance?

In general, condo insurance covers the same types of things that homeowners’ insurance covers. This includes liability coverage, property coverage (including theft or vandalism), and personal property coverage. Liability coverage protects unit owners from claims made against them if something happens on their property (e.g., a guest slips and falls). Property coverage pays for damage to the building caused by fire or other natural disasters. Personal property coverage pays for damage to personal items inside the condo (e.g., furniture, electronics, clothes). 

What Is Not Covered By Condo Insurance?

Condo insurance does not cover repairs to common areas such as hallways or lobbies. These are typically covered by the condominium corporation’s master policy. It is important to note that unit owners are responsible for any damage they cause to common areas and may be liable for repair costs if they do not have adequate liability coverage on their own policy. It is also important to understand that most policies exclude damages caused by earthquake and flooding, so it is important to purchase additional riders if you live in an area prone to these types of disasters. 

Recommendations For Unit Owners:

1) Purchase enough coverage – Make sure you purchase enough coverage so that you don’t end up paying out of pocket for any damages or repairs; get an estimate from your insurer before signing up for a policy. 

2) Shop around – Don’t just go with the first insurer you find; shop around and compare quotes from multiple insurers before making a decision.

3) Get additional riders – As mentioned above, consider purchasing additional riders if your area is prone to certain natural disasters (e.g., earthquake or flooding).

4) Review your policy regularly – Make sure you review your policy every year to make sure it still meets your needs; things may have changed since you took out the policy and it’s important that you’re properly protected at all times!

5) Ask questions – If you don’t understand something about your policy or want more information about what’s covered, don’t hesitate to ask questions! Your insurer should be able to answer all of your questions quickly and easily.  


It’s important for condo owners in Ontario to understand the different types of insurance coverage available and how they can protect their assets in case of an accident or disaster. To ensure that you have adequate protection without breaking the bank, take time to compare quotes from multiple insurers, review your policy regularly, ask questions when needed, and consider purchasing additional riders depending on where you live. With proper planning and research, you can rest assured knowing that you are properly covered!

How can SPM help?

At Spearhead Property Management Ltd., we take the time to work with clients and insurance brokers to ensure the proper policy is procured, understood and activated. We utilize a network of brokerages that specialize in different property types and scenarios. We also work with brokerages to offer individual unit owner policy discounts aside from master coverage policies. This is especially important in properties with multiple units such as condo corporations. With all that buying power, it should be used to advance the interests of the residents and not the insurance companies. However, the insurance companies would definitely benefit from having a whole lot of new clients.

Create an RFP today and put us to work for you.

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