Condo Insurance Comparison Review

  • 3 min read

Much like a house, a condo needs insurance too. One of the quickest and easiest ways to shop around for quotes is by logging onto Rates.ca. After you enter some information about your condo, the website can offer a comparison of policy premium rates from condo insurance companies, which saves you the time and hassle of researching on your own. Rates.com works with about nine insurance companies, with well-known providers like Aviva, as well as smaller insurers like Wawanesa and Economical.

The entire process takes about 5 minutes to complete. Plus, the website is very user-friendly. Go to Condo Insurance by Rates.ca. Once there, hover over the “Home Insurance” option at the top of the page in the menu section. You can click on “Condo Insurance” to start your search. Choose the province you reside in, click on the “Let’s Get Started” button, and you are good to go!

The first step of the online form offers you some options. Partnering with APOLLO, the leading digital insurance provider in Canada, Rates.ca will give you access to the best rates for condo insurance. On this page, you can choose between the “Renters & Tenants” or “Home, Condo, and Investment Properties” buttons.

After you click on the “Home, Condo, and Investment Properties” option, you are transferred to an APOLLO secured page. There will be various options to choose from, so if you are a condo owner, the “condo” button/icon is the one to press.

Before entering the online form for quotes, you’ll begin with a “Let’s Get Started” page where you have to confirm a couple of things. One is that an insurance company has never denied, canceled, or non-renewed a policy of yours in the last five years (excluding non-payment for a reason). The second is that your condo is not a seasonal or vacation house. The third is that your condo isn’t part of a corporation, bare land condo, or cooperative. The fourth item that needs confirmation is that the condo in question doesn’t have an oil or solid fuel heating appliance. Lastly, you need to confirm that there is no farming operation, business, or daycare that is run from the condo. After these are confirmed, click on the red button below the statements and proceed to the next page.

The online form is comprised of nine pages in total, but most of it is information that you can easily fill out. The first page asks for personal information such as your name, email address, birthday, phone number, and gender. The second asks the address of the condo, what it is used for, and the names of the owners of the property. The next page asks questions the insurance history of your condo, and if you’ve ever needed to make a claim. The fifth page of the online form reviews potential “discount” options to help shave costs off your condo insurance. Page six outline quotes, and allows for customization of them, while pages seven and eight of the online form centres around your condo’s mortgage and ownership information. The final page is labeled as “Check Out and Pay”.

Depending on the circumstance, the online form may stop midway, and a page may pop up alerting you that no more information is required at this time. A representative may call you for more details about your condo to provide the best insurance quote possible.

For more information, or to receive an instant condo insurance quote, visit Condo Insurance by Rates.ca.

Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.