Condo Insurance: Frequently Asked Questions

Making sure you’ve got the right coverage? Get answers to questions you might have about your condo insurance policy.

Why get a TD Insurance Condo Policy?

Personal condo insurance, like a TD Insurance Condo Policy, provides protection that goes beyond what you get with your condo corporation's coverage. A typical condo corporation's insurance policy for a condo building covers only the main structure and the common areas such as the lobby, elevators, and gym. A personal condo insurance policy is designed to fill in the gaps.

With a TD Insurance Condo Policy, you can get protection for:

  1. Your personal property and belongings
  2. Improvements and upgrades you’ve made to your unit compared to the base model, e.g.: flooring, countertops, appliances, etcetera
  3. Your personal liability in the event that you are held responsible either for damage to another unit or injury to someone visiting your unit
  4. Liability in case a break or loss starts in your unit and damages others – this is important because condo declarations often have rules stipulating that you could be held responsible for the entire condo corporation’s policy deductible in certain circumstances, e.g.: if a pipe bursts in your condo and causes damages to the units next-door and below

What’s the difference between personal condo insurance and condo corporation insurance*?

Personal condo insurance is designed to fill in gaps in coverage where your condo corporation's insurance might not offer protection. By comparing coverage included in both, see how our standard TD Insurance Condo Policy complements the typical condo corporation’s insurance policy:

Coverage Type

TD Insurance Condo Policy

Condo Corporation's Policy


Included (2nd payer)

Included (1st payer)

Condo Unit



Common Areas





Personal Liability


Included (for common areas only)

Improvements and Betterments



Loss Assessment



Additional Living Expenses



 Definitions can be found in the Insurance Coverage Glossary .

Before choosing personal condo insurance, what do I need to know about my condo corporation's policy?

Personal condo insurance is customized to fill in the gaps where your condo corporation's insurance policy doesn’t protect you, so you’ll need to determine which type of policy your condo corporation has purchased.

There are typically 2 types:

  1. This policy covers the fixtures in your condo such as the appliances, wiring, plumbing, and carpets, but does not cover personal property that you own.
  2. This policy does not cover anything contained within your walls. It may or may not cover your condo’s plumbing and electrical systems.

Be sure to carefully review your condo corporation’s policy to determine what your TD Insurance Condo Policy needs to cover.

What type of coverage do I need if I rent out my condo?

There are two important considerations if you’re renting out your condo:

  1. Protecting your rental income. If you receive rental income every month, you may want to protect this revenue by adding protection for Additional Living Expenses and Fair Rental Value. This can protect your income should your unit be unfit for occupancy.
  2. Protecting your unit . If you’re renting through a home rental network, your policy may not cover damage caused by an occupant. Speak to a TD Insurance Advisor to learn more about your current coverage and additional coverage options.

Are the contents of my storage locker covered by my condo insurance?

If you have any belongings stored inside a locker in your condo unit, your insurance policy may cover damages. If your locker is located outside your unit or building, let us know and your TD Insurance Advisor can help you find a coverage option to protect your locker and its contents.

What is the right amount of coverage for my condo?

Your condo fits your lifestyle and needs, and so should your personal condo insurance policy. That’s why we work with you to customize your policy based on the value of your personal belongings, Improvements and Betterments, Loss Assessment, and Additional Living Expenses.

A good way to start is to consider everything you own. That can help you determine the worth of your belongings to better protect them. Personal belongings can range from appliances and furniture, to clothing, jewelry, electronics and more.

If you have high-value items, such as a piece of jewelry or artwork, you may need special or additional coverage. We can insure these items separately to ensure the things you value most are protected.

 Definitions can be found in the Insurance Coverage Glossary.

What’s the most common claim?

Did you know that close to 40% of TD Insurance Home claims are due to water damage?

Repairing water damage can come at a high price. Water can wreck carpeting, floors, walls, furniture, and electronics, as well as belongings and valuables.

Our standard TD Insurance Condo Policy covers certain types of water damage, but not all. Damage caused by a sudden accidental release of water in your condo unit, like a burst pipe or a dishwasher leak, is covered, but protection against other types of water damages can be a useful add-on.

Because every property is different, talk to a TD Insurance Advisor to learn more about the coverage options for your needs.

Which coverage options can enhance my condo policy?

Extended Water Damage

This coverage protects you against sudden and accidental water damage caused by a sewer or septic back-up, or sump pump failure, ground and surface water that enters your condo below ground level (including heavy rainfalls or melting snow that enters your home) or overland flood due to the rising or overflow of a stream or body of freshwater. This protection helps to cover the cost of replacing and decontaminating personal belongings and materials, as well as additional living expenses.

Extended water damage coverage can help if:

  • You live on lower floors
  • You have a storage locker at the lower level of your condo building
  • Your building is not fit for occupancy in the event of a sewer back-up or an overland flood (even if your unit is not directly damaged)

Enhanced Additional Living Expenses

If you’re temporarily relocated because your unit is damaged due to an insured loss, we cover your additional living expenses.

Make sure the amount of insurance for Additional Living Expenses is sufficient to cover the cost of renting a temporary residence as well as your mortgage payments. This additional coverage option will help you maintain your standard of living during an extended period of time.

Identity Theft

Every year in Canada, thousands of people fall victim to identity theft. Identity theft is a form of fraud where someone pretends to be you and takes out debt (e.g. loans, credit cards, etcetera) on your behalf.

The time and cost to restore your identity and financial record after an identity theft incident can be significant. But, by including our Identity Plus coverage in your policy, you can get up to $30,000 per incident, for the help of an expert who will work on your behalf to restore your identity.

What questions will I need to answer to get a condo quote?

To get your quote faster, make sure you know the answers to the following questions:

  • In what year was your condominium building built?
  • How old is the roof on your building?
  • How is the condo heated? (Electric baseboards, central electric, central gas, central oil, hot water, or other.)
  • Does the building have a fire alarm system?
  • What is the total value of all your belongings? (Tip: Make a list and ask yourself how much it would cost to replace everything you own. Include clothing, electronics, furniture, food, dishes, etcetera.)

NOTE: When buying a condo, your lawyer or notary will usually require a proof of insurance (the condo corporation's master insurance policy) upon closing. In order to provide this, we will need the name and address of your mortgage company.

How can I save on my condo insurance premium?

You can save on your monthly insurance payments by:

  • Being an alumnus, or a member of an affiliated group or professional association
  • Having no claims history
  • Installing a remote fire detection system
  • Using an approved security system

Talk to a TD Insurance Advisor for more information on the ways you can save.

Insurance Coverage Glossary

Coverage Type



Protection that covers your belongings (including when you travel). Includes jewelry, clothes, sports items, electronics, appliances, furniture, food, wine, art, etcetera. Please note that limitations on certain items could apply.

Personal Liability

Coverage for bodily injury and property damage sustained by others for which you are legally responsible.
Example: Someone slips, falls, and breaks their leg while visiting your unit, and as a result cannot work for a period of time.

Improvements and Betterments

Protection that compensates you for damage to any upgrades you’ve made to your condominium on top of what the building originally provided for you.
Example: Your unit was originally finished with a medium-grade carpet valued at $5,000, and you upgraded it to a high-quality carpet valued at $10,000.

Loss Assessment

Coverage to compensate for losses to common condominium elements (i.e. swimming pool, lobby, elevators, gym, etcetera) when a special assessment is levied against you and other unit holders. This provides protection in the event you are assessed a portion of a loss due to the condo corporation’s deductible.

Additional Living Expenses

Coverage to pay for reasonable and necessary extra expenses (like hotel and/or rental costs) if you are forced to leave your home following an insured loss or damage.
Example: After a fire, you must relocate for 6-12 months as your unit undergoes construction to make it once again fit for occupancy.

Fair Rental Value

The amount of rent you would have received, less any expenses that do not continue as a result of the loss.