Commercial Condo Insurance Erin

For your commercial condo unit, Oracle RMS is dedicated to building the most comprehensive commercial property insurance policy. We can assist you by customizing a policy that safeguards your condo, your assets, and your way of life.

Oracle RMS is an authority when it comes to commercial insurance. For many years now, we have provided insurance to hundreds of business owners in Erin.  For all Erin business owners, we can offer a variety of commercial condo insurance rates from a number of top insurance providers. We are thrilled to provide you with the best insurance solutions thanks to our leading insurance specialists and top-notch customer service.

Oracle RMS FAQ:

Who is responsible for insuring a commercial condo property?

As the owner of a commercial condo unit, you and the condo corporation both have separate and joint responsibilities, thus requiring two insurance policies. One policy will be purchased by the condo corporation. The main structure of the building as well as any shared areas, such as front lobbies, sports facilities, and elevators, are often covered by their policy.

As your individual unit is not protected by the corporation’s insurance plan, you are liable for covering any loss, modifications, damages, personal property, as well as other expenses. Therefore, it is essential that you carry a comprehensive condo insurance policy of your own to protect your unit and the contents within.

Is commercial condo insurance required by law in Erin?

No. The province of Ontario does not require the purchase of commercial property insurance. So unless your condo corporation requires all tenants to have their own policy, business owners do not need it.

However, it is strongly advised that all businesses carry commercial condo insurance as all businesses face risks every day, and condominiums especially are at a higher risk for damage and loss. Also, if the condo organization does not possess enough insurance to cover building repairs, they could require the tenants to make up the difference.

What commercial property type has the most risk?

The most risky type of commercial property is a single-tenant, single-use building. Should the tenant leave, the building owners are left with a vacant building they need to fill and pay for until they do. Even a commercial building with only a handful of units is still risky. For example, if a tenant leaves a commercial building with four units, that immediately drops the vacancy down to 25%, meaning the owner will likely lose money by having to cover 25% of the cost until the space is filled.

What are the factors that determine a condo insurance price?

The cost of commercial condo insurance for businesses varies. Insurance rates are determined by a variety of variables, including your personal insurance claim history, the location of your condo and the size of it. In order to determine the cost of your commercial condo insurance, your insurer will consider the following factors:

• The condition of your commercial unit, including the size, location, and age.
• The number of tenants or employees in your condo unit.
• The type of business you have
• Your annual and projected revenue
• Your prior insurance claims history
• Your policy deductibles, limits and coverages

Can you insure your own commercial condo unit without the building being insured?

Yes, but as all condominiums in Ontario must carry insurance (as stated in Ontario’s Condominimum Act), your building will be insured. The condo corporation is to obtain and maintain insurance either on it’s own or on behalf of the building’s owners.