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Cost of condo insurance in Toronto per month – $21
The average cost of condo insurance in Toronto is $21 per month among YouSet users. However, your premium may be higher or lower than this average due to the variety of factors that insurers take into consideration, such as the location of your property, its size, your claims history, and the coverage limits you choose.
Cost of condo insurance in Toronto per year – $252
In Toronto, the average cost of condo insurance is $252 per year among YouSet users. This figure provides a general sense of what you might expect to pay, helping you budget for your insurance needs.
Toronto condo insurance pricing trend
The cost of condo insurance isn’t solely determined by your personal information or condo characteristics. Broader factors like inflation, higher repair costs, and evolving risk assessments can also be a factor, at least to some degree. The table below illustrates the recent fluctuations in the price of condo insurance in Toronto.
| Year | Cost per year |
| 2024 | $252 |
| 2023 | $250 |
| 2022 | $219 |
Factors impacting Toronto condo insurance premiums
When insurers say they consider your location when calculating your condo insurance premium, they don’t just mean your city or neighborhood. They examine factors such as crime rates, property age, building materials, and local risk factors. To give you a better understanding of what affects Toronto condo insurance prices, here’s a list of commonly considered factors.
Population density
With an average population density of 4,428 people per square kilometer, Toronto is the eighth most densely populated city in the country. In insurance, higher population density is linked to a greater risk of accidents, resulting in higher premiums for metropolitan areas. If you’re moving to a more densely populated city, keep this in mind when shopping around for condo insurance quotes.
Size of building
The more people living in an area, the more accidents are likely to happen, increasing the insurance premium for high-density neighborhoods. For the same reason, buildings with more condos will increase the insurance premium because of the higher population density inside that building, and higher chances of accidents, fires, and other damages.
Year and type of construction
Insurers typically view older condo buildings as higher risk, which can lead to increased premiums. While concrete buildings often have more affordable premiums due to their lower risk of fire propagation, not all new buildings are made of concrete. In fact, the world’s largest residential project made of timber is in Canada and it was completed in just 2019.
Crime severity
Toronto has a crime severity index of 58.5, which, while considered a moderate score, it’s only a few points shy of what’s considered a high score. This index tracks the severity of police-reported crimes and offers insights into local safety. Insurers may factor in this data when calculating your premium, as condo owners in areas with higher crime severity may be more prone to crime-related claims, increasing the risk for insurers.
Flood risk
Since flooding is the most costly natural hazard in Ontario, insurers in the province take this risk seriously. In Toronto, this is particularly relevant if your building is located in a flood-prone area or near Lake Ontario, where the risk of flooding is highest. In such cases, insurers will take things like the building’s elevation, drainage systems, and local flood history into account when they calculate your premium.
Distance to a fire station and hydrant
Generally, the farther your condo is from a fire station and hydrant, the higher your premium may be. This is because the increased distance raises the risk of delayed response times and fire spreading to other units. In larger condo buildings with hundreds of units, particularly in densely populated areas far from a hydrant, insurers may factor in the higher potential for extensive damage when calculating your premium.
Are you paying too much for condo insurance? It’s time to find out!
How to get cheap condo insurance in Toronto
Everyone wants cheap condo insurance without compromising on coverage, but how can you make it a reality? Use these cost-saving tips from the insurance experts at YouSet.
Shop around
Shopping around used to mean calling different insurance companies and repeating the same information over and over. Not anymore. With YouSet, we automatically compare prices from multiple insurers for you.
Bundle your home and car insurance
Do you have a car? If so, bundling your condo and car insurance policies together is one of the easiest ways to get the coverage you need for up to 15% less.
Increase your deductible
Opting for a higher deductible is a well-known way to get cheaper condo insurance. Just make sure you’re comfortable with the amount you choose, because you’ll have to pay it out-of-pocket if you ever file a claim.
Switch to annual payments
Making a lump-sum payment of your premium once a year is another great way to save some money since monthly payments usually include 2-4% interest.
Install security measures
Outfitting your condo with monitored alarms or security systems can earn you a 5% discount on insurance, so long as they’re connected to a central station.
Maintain a claim-free record
The longer you go without filing a claim, the lower your premium will be. That’s because insurers reward low-risk clients with a no-claims discount that can add up to significant savings over time.
Condo insurance from $12/month
YouSet is a digital insurance broker in Ontario whose mission is to help condo owners, just like you, save money on insurance. Through partnerships with some of Ontario‘s top insurers and our proprietary technology, we’re able to secure you the most competitive rates and apply exclusive discounts for you, resulting in savings of up to 29%.
Is condo insurance mandatory in Toronto?
Although it is not legally required, lenders in Toronto will often make it mandatory that you have condo insurance before approving you for a mortgage. Even without such a requirement, it’s highly recommended to protect your investment.
Who pays the deductible for condo insurance?
If your name is on the condo insurance policy, it’s your responsibility to pay the deductible when you file a claim. Also, if you’re in a situation where your condo association’s master insurance policy is involved, you might have to pay a share of that deductible, as well.
How much is condo insurance in Toronto?
It costs YouSet users $21 a month on average for condo insurance in Toronto. While this should give you a general idea of how much condo insurance is for condo owners in the city, prices will vary depending on your insurer, personal circumstances, and the coverage options you choose.
How do you buy condo insurance in Toronto?
To buy condo insurance in Toronto, the fastest and easiest way is to do it online through a digital insurance broker like YouSet. Not only can you get a quote in under five minutes, but once you receive your quote, you can customize your coverage limits and add-ons and proceed to checkout and purchase your policy instantly.
Making it easier to buy condo insurance online since 2017
Since 2017, YouSet has been making it easier for Canadians to buy condo insurance online. Why spend hours manually comparing quotes when our proprietary technology can do it all for you in less than 4 minutes? Not only that, but we’ll also have Canada’s top insurance providers competing for your business, ensuring you get the lowest-priced offers. With over 250,000 users and an average rating of 4.9 stars on Google and Facebook, YouSet is a trusted way to get the coverage you need for less.
