What is Penthouse Insurance?

Ontario penthouse insurance is a type of personal condo insurance designed to meet your needs as a high-value penthouse owner and ensure that you have coverage against all the risks you are most exposed to. This coverage ensures you aren't forced to pay out of pocket for costs such as repairing fire or flood damage, settling liability claims, and replacing damaged or stolen belongings. Like other types of high-value home insurance, penthouse insurance in Ontario often includes higher coverage limits and robust coverage for contents, so you make sure your valuable possessions, from fine art to clothing, are backed with the proper insurance protection. The Morison Insurance team can answer any frequently asked questions about penthouse insurance that you may have.

Is Penthouse Insurance Necessary in Ontario?

While Ontario penthouse insurance is not legally mandatory, it is essential. It's no secret that expenses such as water damage mitigation and restoration after a fire can be very costly, not to mention replacing or repairing stolen and damaged high-value belongings. While you may be a cautious person who would never accidentally fall asleep with a candle burning or forget you're filling the bathtub and letting it overflow, you're sharing a building with many other homeowners who may not be so cautious. But there's also plenty of potential for damage or loss that isn't anyone's fault and couldn't be avoided.

Where Can I Get Penthouse Insurance in Ontario?

To get started on a penthouse insurance quote, give the team of brokers at Morison Insurance a call. Whether you're looking for new penthouse insurance coverage or updating existing coverage, our qualified brokers work for you, not for the insurance companies, so we keep your best interests in mind in everything we do. You can rely on us to search for the best options for your unique Ontario penthouse insurance policy. With their combined years of experience, our expert brokers can provide tips on buying a luxury property so you can have the peace of mind that comes with knowing you are informed when buying and insuring your luxury property. Contact us today by picking up the phone and calling 1-800-463-8074, or fill out the online quote form on this page. We look forward to speaking with you!

Penthouse Insurance Ontario

Q: What is Covered by Penthouse Insurance?

Your luxury home, possessions and lifestyle are not exactly like anyone else's, so your Ontario penthouse insurance policy shouldn't be like everyone else's. The experienced penthouse insurance brokers at Morison Insurance will take the time to consult with you and learn about your high-end property so they can seek out the best possible coverage options for your specific needs. On a basic level, your penthouse insurance will cover your unit against damage or loss arising from fire, natural disasters, vandalism and theft. Here are some of the types of coverage you may want to consider: Fire Damage, Contents or Personal Property, Betterments and Upgrades, Water Damage, Additional Living Expenses, Personal Liability.

Q: What is Not Covered by Penthouse Insurance?

Typically, your condominium corporation uses a portion of resident fees to pay for common area insurance that covers the shared parts of the building, such as the lobby, elevator, stairwells, and so on. It also covers shared indoor amenity spaces, such as a gym and outdoor space on the property. It usually does not include personal property such as your penthouse unit, and your penthouse insurance does not cover the common areas of your building that have coverage under your condominium corporation's insurance policy.

Q: Is It Necessary to Get Additional Coverage for the Building's Common Areas?

Possibly. Those parts of the building will already be covered by the common area insurance policy held by your condominium corporation, which typically includes property loss and liability. However, consider common elements of loss assessment coverage for your Ontario penthouse insurance. Suppose damage does occur to common areas of the building. In that case, a loss assessment will be necessary, and the cost of the assessment itself is likely not covered by the building's common area insurance. Each unit owner would pay a portion of the loss assessment cost. Your insurance carrier can provide funds for your portion if you have common elements of loss assessment coverage included on your penthouse insurance policy.

Q: What Are the Recommended Coverage Limits for Penthouse Insurance in Ontario?

The minimum amount our brokers typically recommend is $2 million, but when it comes to Ontario penthouse insurance, unit owners will likely need more than $2 million in coverage limits. Because your home is of higher value and the upscale contents likely are as well, it makes sense to increase limits so you know you have all the penthouse insurance coverage you need to get your home back to normal following a disaster.

Rise to the top with the security and financial protection of the right penthouse insurance.

Sleep easily knowing you won't have to pay out of pocket if something happens to your home
Prevent financial loss related to legal settlements and defence fees
Get personalized service to ensure you have the right coverage for your needs

Request a quote

What is Covered by Penthouse Insurance

Your luxury home and possessions aren't like anyone else's. Standard coverage includes protection from fire, natural disasters, vandalism, and theft.

Fire Damage: Standard coverage; causes include extreme weather, faulty wiring, cooking accidents, lightning strikes. Some exceptions may apply by insurer and policy.
Contents or Personal Property: Coverage for both luxury and everyday items based on inventory and replacement cost, subject to contents insurance limits.
Betterments and Upgrades: Coverage for renovations and luxury finishes; the condo corporation's insurance covers only the original build.
Water Damage: Varies by insurer; hidden plumbing leaks are likely covered, maintenance-caused leaks likely are not. Sewer backup may be added as an endorsement.
Additional Living Expenses: Funds for a hotel or rental if your unit is uninhabitable during restoration.

Personal Liability: Covers legal defence costs and settlements for bodily injury or property damage claims.

Additional Coverage Options for Ontario People

A type of personal Condo Insurance designed for high-value penthouse owners. Covers fire, flood, liability, and stolen or damaged belongings with higher coverage limits to reflect the value of luxury units.

Condo Insurance

Coverage that protects your unit, belongings, and you from liability claims.

Learn More

High-Value Home Insurance

Protect your luxury home with higher policy limits and additional coverage.

Learn More

Bundled Home & Auto Insurance

Bundle your home and auto insurance to unlock exclusive savings and coverage options.

Learn More

Get a Penthouse Insurance Quote

Discounts vary by insurer and profile. Your Morison broker will compare options to find your best value.

What Are the Recommended Coverage Limits for Penthouse Insurance in Ontario?

A minimum of $2 million is typically recommended by Morison brokers. Given the high-value home and upscale contents involved, most penthouse owners will need more than $2 million in coverage.

Your Morison broker compares rates across multiple insurers to find you the best value, not just the lowest price.

Why Choose Morison for Your Penthouse Insurance

With access to 50+ insurers, our brokers compare rates for you so you always get the best value.

Less time for you:

We do the research and provide you with a
personalized coverage for your specific situation.

Morison represents dozens of Canada's best penthouse insurance companies

Trusted by Ontario drivers and recognized across the industry.

4900+ 5-Star
Reviews

Expert advice and service that treat you as people, not policy numbers.

Award-Winning
Team

IBAO Brokerage of the Year Finalist (2019) and multiple community Readers' Choice recognitions.

Dedicated Broker
& Local Support

Dedicated broker who provides reliable support whenever you need it

In-House
Claims Team

Claims advocacy built in-house to protect your interests and accelerate fair resolutions.

How We Help You Save on Insurance, Without Cutting Coverage

See how our brokers help clients find better coverage and long-term value.

Start Your Quote

Tell us about your insurance needs and current coverage.

Morison Compares
Top Insurers

We shop multiple trusted insurers to find coverage that fits your needs and budget.

Finalize Your Protection
& Drive Confidently

Review your options, choose what fits your needs, and get your policy started, often the same day.

Prefer to talk it through? Our licensed brokers are happy to help by phone or email

Call Us: 800-463-8074 Email Us

Serving all of Ontario

Serving all of Ontario, our brokers are available in every region. Find the closest office to you.

Oakville Kitchener King City Mississauga

London Cambridge Toronto Niagara-on-the-Lake

Don’t see your city? Call us to find
the nearest broker to you

Our licensed brokers help clients throughout Ontario — virtually, by phone, or in person.

Penthouse Insurance FAQs

Got questions? We've got the answers you need in our FAQs section, providing comprehensive guidance through every stage of your insurance journey with clarity and confidence.

Still Unsure?

Call us

What is Not Covered By Penthouse Insurance?

Condo corporations cover common areas (lobby, elevator, stairwells, gym, outdoor space). Your personal penthouse unit is not covered by the corporation policy. A grey area: a locked elevator vestibule may fall under corporation coverage even though it's technically part of the penthouse. We recommend speaking with a condo corporation representative to clarify.

Is It Necessary to Get Additional Coverage for the Building's Common Areas?

Common elements loss assessment coverage applies when damage to common areas triggers a loss assessment. The cost of the assessment is not covered by the building's common area policy; each unit owner pays a share. Your carrier provides funds for your portion with loss assessment coverage. Additionally, if damage exceeds common area policy limits, unit owners pay a share of the deductible — loss assessment coverage covers your portion of that as well.

By Property Type

Additional Options

By Vehicle Type

Additional Options

Insurance products

Who We Insure

By Activity Type

Additional Options

Penthouse Insurance Ontario

What is Covered by Penthouse Insurance

Additional Coverage Options for Ontario People

What Are the Recommended Coverage Limits for Penthouse Insurance in Ontario?

Morison represents dozens of Canada's best penthouse insurance companies

How We Help You Save on Insurance, Without Cutting Coverage

Serving all of Ontario

Penthouse Insurance FAQs

What is Not Covered By Penthouse Insurance?

Is It Necessary to Get Additional Coverage for the Building's Common Areas?

COMPANY

PRODUCTS