Condominium Insurance

Condominiums are becoming increasingly popular in communities across Ontario.
At the Ostic Group, we understand that condominium properties come with their own set of risks and liabilities for owners. That is why we offer insurance policies that are specifically tailored to fit the needs of condominium owners.

See below for information about the importance of condominium insurance, types of buildings covered, as well as discounts and additional coverage available.

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Personal Contents

Condominium insurance will help you to replace your personal belonging in the event of a insured loss. Fire, wind damage, lightning strike, theft, & vandalism are just some the perils you can be protected against

Improvements & Betterments

Condominium insurance will help protect your investment in the upgrades and improvements made to your unit. This insurance covers any upgrades to your unit made by you and previous owners of your unit, up to a stated limit. Examples of these improvements include custom hardwood flooring, custom counters, etc.

Condominium Contingent

Condominium insurance will insure your unit itself so that you are protected in the event your condominium corporation’s insurance is insufficient.

Loss Assessment Coverage

This coverage pays your share (up to a stated limit) to cover claims for damage to the common property of for liability claims against the Condominium Corporation due to an incident that occurred on the common property.

Additional Living Expense

Condominium insurance will help you pay for the expense of having to obtain temporary accommodation in the event that you have to be removed from your residence. This includes hotel bills and other expenses associated with being removed from your residence such as restaurant bills and moving expenses.

Personal Liability

Insurance will offer protection for claims made against you for damages to persons or property because of your negligence. This would include the cost of defending the law suit made against you.

Building Type

The type of building your condo is located in can impact the insurance coverage required. See below for the types of condominium buildings covered.

Detached Building

A detached building is a residence that is usually used to house a single family. The building materials used to build this residence include a wood frame, with brick, stone, or vinyl siding on the exterior walls.

High Rise Apartment

A high rise apartment building is a multi-unit building whose structural system are reinforced of concrete and steel. Most North American style skyscrapers have a steel frame, while residential blocks are usually constructed of concrete. Typically, there will be an elevator in this building type. Another term used in the insurance industry for this sort of building is “fire resistive”.

Multi-Unit Apartment

A multi-unit apartment encompasses any structure that contains residential apartments including a duplex, triplex, sixplex, townhouse unit or multi-story apartment buildings. The building materials used to build these apartments usually consist of a wood frame, with brick, stone, or vinyl siding on the exterior walls.

Commercial Exposure

Commercial exposure refers to any residential apartment that is in a structure that also contains any business office, retail store, restaurant or manufacturing process. Typically the cost of condominium insurance in this type structure would be higher then in the other structure types mentioned because of the inherent risk generated by the commercial exposure.

Homeowner Specific Discounts

Claims Free
Age Related Discounts
Fire & Burglar Alarm
Loyalty Discounts
Stability of Residence Discount
Renewal Discounts

Optional Coverages

Replacement Cost on Contents
Sewer Backup
Identity Theft Protection
Disappearing Deductible
Home Based Business
Extension of Liability to other Locations
Increased Limits for unscheduled items such as Jewelry & Fine Arts