Condo Insurance

Similar to home insurance, condo insurance is designed to address the unique needs of condominium owners. Oegema Nicholson & Associates has generations of experience helping Canadians connect with the most valuable condo insurance policies on the market. We understand that shopping around on your own can be overwhelming. That’s why our team of licensed professionals are committed to helping you source the best coverage in the industry. And by representing your best interests, this means we work for you — not the insurance provider. Because owning a condo is different from traditional home ownership, you may be confused as to which areas fall under your jurisdiction and that of the condo association. Here’s our helpful guide on everything you need to know about condo insurance, so you can make an informed decision when choosing your policy.

What is condo insurance?

Condo insurance provides coverage for the inside of your suite. Policies will not address damage that takes place outside the unit. That’s because these external areas are the responsibility of the condominium association. As an owner, your condo insurance policy will typically take care of the following:

Your personal belongings
Interior walls
Appliances

Should someone become injured while inside your unit, condo insurance will also provide liability coverage. Any damage to heating systems, ventilation units or electrical wiring are often taken care of by the building association’s master policy.

How do I know how much coverage is needed?

With condo insurance, you’ll want to make sure you’re not doubling up on coverage. For example, there’s no point in paying extra to cover water damage to your carpets if your building already has a master policy to address that particular peril. Before committing to an insurance provider, understand what’s covered under your condo’s master policy. A building association’s master policy can be one of two types:

All-in: This master policy addresses the fixtures in your unit such as plumbing, wiring and appliances. But it will not cover your personal belongings.
Bare walls-in: This master policy does not cover anything contained inside your unit. It does not insure the fixtures, carpets or paint on the walls. Some policies may not cover your electrical or plumbing systems either.

If you live in a condo with a bare walls-in policy, you’ll likely need to purchase more insurance to cover your bases. That’s why it’s best to review your building’s master policy carefully to determine which areas your personal policy should address. Our friendly team at Oegema Nicholson can help you acquire the right amount of coverage based on your condo association’s existing plan.

Under which policy would I file a claim?

Because your condominium is essentially protected under two insurance policies, the location in which the loss occurred will often dictate where the claim is filed. If a thief entered your unit and stole your personal belongings, you’d file a claim with your insurance firm. But if the burglar destroyed an external doorway while trying to get into your suite, your condo’s master policy would likely cover the loss instead. When it doubt, it’s best to consult with your insurance advisor. At Oegema Nicholson, our services don’t just end once you commit to an insurance policy. We stand by our clients and advocate for them throughout the entire claims process.

Do I need additional coverage if I’m renting out my condo?

If your unit is being occupied by a tenant, it’s a good idea to obtain condo insurance that addresses a rental situation. Your existing policy may not cover damages caused by an occupant. Speak to an advisor at Oegema Nicholson to learn more about additional coverage options for landlords. It’s also possible to protect your rental income. Should your unit become unfit for occupancy, our brokerage can offer coverage for Fair Rental Value and Additional Living Expenses.

Why trust Oegema Nicholson?

With six office locations in eastern Ontario and western Quebec, Oegema Nicholson is well-equipped to offer you the best customer service in the region. Our mission is to connect Canadians with high-quality insurance products at affordable rates. Whether you’re seeking basic condo insurance or advanced coverage for family heirlooms, rely on our expertise to protect your most valuable assets. For more information on condo insurance, call us at 613-224-1455 or contact us here.

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