I deal with 13 different insurance companies and their rates for condo insurance in Toronto vary widely.
For comparative purposes, I entered my details into a Toronto address (218 Queens Quay W, which is at the corner of Lower Simcoe). I’m 43-years old with 3 years continuous insurance, claims-free, with a good credit score (Rates for you might vary if you change any of these inputs). Have a look at this chart that compares all of the rates from the insurance companies that I work with:
I blacked-out identifying features of insurance companies in the chart so as to not give away any market intelligence.
As you can see, condo rates at this Toronto address vary from a low of $235/year to a high of $786/year. If you’re interested, the average rate across all of the companies that I work with is $408.50/year.
Now, in most cases, you’d go with the lowest rate available (Not always, though, as we would have to take coverage amounts into account)
You also might be interested in the coverages that you get at this rate. Have a look at this coverage summary for the insurance company with the lowest quote:
This quote was based on $35,000 coverage for contents (personal property) and $1 million liability (Although, $2 million is the recommended amount for liability). As you can see, there is coverage for more than just contents and liability. The quote includes coverage for additional living expenses, voluntary medical & property payments, contingent liability, loss assessment, improvements & betterments, and sewer back-up.
Note: The quote posted here is for comparative purposes. Coverage amount needs vary for each individual and it’s one of the things that I will discuss with you when you call for a quote.
