Condo Insurance That Covers What Matters Most
Owning a condo is a rewarding investment, but it also comes with its own set of insurance challenges that many owners aren’t aware of until it’s too late.
At Oegema, Nicholson & Associates we make protecting your condo easy and stress-free.
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At Oegema, Nicholson & Associates, we make protecting your condo easy and stress-free.
Whether you’re an owner-occupier, a snowbird heading south for the winter, or a landlord renting to long term tenants, our brokers will take the time to understand your needs and match you with tailored coverage that fits your lifestyle and budget.
Condo insurance protects not only the physical space inside your unit but also safeguards you against losses occurred to the overall building. From accidental damage and theft to personal liability and loss-of-use scenarios, the right policy can save you from serious out-of-pocket expenses in the event of the unexpected.
With us, you get more than just a policy; you get peace of mind knowing your condo and your investment are in good hands.
What is Condo insurance?
Condo insurance, also known as “unit owner insurance,” is designed to supplement the coverage provided by your condo building’s master policy. While the condo corporation insures the building structure, common areas, and the condo corporation from liability, it’s your responsibility to ensure the interior and contents of your individual unit.
Your condo insurance policy typically includes:
Interior walls, fixtures, and finishes
Appliances
Personal belongings
Personal liability
Understanding the Condo Master Policy and The Amount of Coverage You Need
Unlike standard home insurance, condo insurance is designed to fill the gaps left by your condo corporation’s master policy.
While the master policy may protect the building’s exterior and shared spaces, it typically doesn’t extend to the interior of your unit or your personal belongings. That means the responsibility for things like your flooring, countertops, fixtures, and even your appliances falls on you.
To understand what you need to insure, it’s important to understand what the condo corporation already covers. Most buildings carry one of two types of master policies:
- All-in (or standard unit) coverage: This typically includes coverage for standard unit finishes, such as flooring, lighting fixtures, and cabinetry, as well as common areas and the building structure.
The experienced brokers at Oegema, Nicholson & Associates can guide you through the process and help identify exactly where you’re at risk.
When and Where to File a Claim
Knowing when to file a claim with your own insurer versus the condo corporation can be confusing.
Here’s a simple breakdown to give you some idea of where to start:
- Damage inside your unit: Covered by your condo insurance policy.
- Damage to shared areas or building exteriors: Covered by the condo corporation’s master policy.
- Unclear situation?: Speak to your Oegema, Nicholson & Associates advisor. We’ll help you navigate the claim process and ensure the proper insurer steps in.
The key is acting fast. The sooner you report an incident, the quicker we can get you back to normal.
Renting Out Your Condo? You May Need Extra Coverage
If you rent your condo, even part-time, you face a different set of risks, many of which aren’t covered by standard owner-occupied condo policies.
In these cases, landlord-specific condo insurance is crucial.
This type of coverage may include:
- Tenant damage: If a renter accidentally damages your property, your insurance may help cover repairs.
- Loss of rental income: If you’re unable to rent your unit because of repairs or reconstruction, your policy can help you recover lost income.
Whether you’re a long-term landlord or occasionally rent out your condo through platforms like Airbnb, our team can help tailor coverage to fit your needs and your rental arrangements.
How Much Condo Insurance Do You Need?
The right level of coverage depends on several personal factors. Here’s what to consider:
- What does your condo corporation’s policy cover?
- How valuable are your personal belongings?
- Do you have high-end appliances, finishes, or upgrades?
- Do you rent out the unit occasionally or on a full-time basis?
- What’s your personal liability exposure?
At Oegema, Nicholson & Associates our brokers help you to make informed decisions that protect what matters most to you. By understanding your condo corporation’s master policy and your lifestyle, we can provide custom-fit protection.
Why Choose Oegema, Nicholson & Associates for Condo Insurance?
There are numerous insurance providers available, but not all of them fully comprehend the intricacies of condo insurance in Ontario and Quebec.
As a locally-owned, independent brokerage, we have been connecting condo owners and landlords to insurance coverage they need since 1961.
We are happy to answer any questions you may have about your, and we can help adjust coverages to meet changing circumstances.
Whether you’re a first-time buyer, a seasoned landlord, or looking to upgrade your coverage, we’ll take the time to understand your needs and deliver solutions that protect what matters most.
What Our Clients Are Saying
Real stories from people who trust
Oegema, Nicholson & Associates Insurance
“One call to Oegema, Nicholson & Associates is all it took. After our basement flooded, within a day or two they had a crew cleaning everything up, taking down the drywall and itemizing everything to be cleaned, thrown out or restored. They had everything in place for us in a timely manner and were extremely patient with me as they talked me through the process and waited for me to make decisions.”
Jennifer Parks, Stittsville, Ontario
“I’ve been dealing with ONA for over 20 years with my personal insurance, as well as our commercial insurance, and I know I can rely on them for great customer service, and prompt responses. I feel confident not only referring them to my employees, but to our customers as well.”
Charlene Brunet, Butler Group of Company
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