Commercial Condo Insurance Niagara Falls

Oracle RMS is an expert in safeguarding the assets of your business. We have provided insurance to Niagara Falls business owners for several years. We provide our clients with a selection of commercial condo insurance quotes to choose from that we’ve gathered from several of the best insurance providers in Niagara Falls. Our certified insurance specialists at Oracle RSM proudly provide business owners like you with first-rate customer service and an insurance policy built of exceptional insurance solutions.

Oracle RMS FAQ:

Is insurance mandatory for commercial property in Niagara Falls?

No, carrying commercial property insurance is not required in Niagara Falls or anywhere in Ontario. So, business owners are not required to have it unless your condo organization mandates that each tenant obtains their own policy.

However, condominiums, in particular, are more vulnerable to damage and loss, so it is strongly advisable for any business operating out of a commercial condo unit to have commercial condo insurance. After all, all businesses encounter risks on a daily basis, but condos are even more at risk. Furthermore, a condo association may order their tenants to cover any shortfalls in the association’s insurance coverage should they find they don’t possess enough to cover damages or legal fees.

Is it legal not to have condominium building insurance?

No. All condominiums in Ontario must carry building insurance (as stated in Ontario’s Condominium Act). The condo corporation is legally required to obtain and maintain insurance on its own or on behalf of the building’s owners. 

Is condominium building insurance the same as home insurance?

No. While they both protect the building itself, condominium building insurance is a form of commercial property insurance, which protects commercial buildings, and home insurance protects residential homes. 

Are natural disasters covered under commercial insurance in Niagara Falls?

While many natural disasters, including wind or lighting damage, are covered by commercial insurance, there are a few exclusions.

Earthquakes

Since most property insurance policies do not cover earthquake damage, businesses located in earthquake-prone areas will need to either add an earthquake endorsement to their commercial property insurance policy or buy a separate earthquake insurance policy.

Floods

Most commercial insurance policies will not provide coverage for damage caused by flooding. Hence, it is essential that you obtain separate flood insurance if your business is located inside a flood plain. This is because flooding is the most expensive natural disaster, with possible damage costs exceeding millions of dollars.

Additionally, heavy rains, dam failures, and sometimes new construction can cause flooding in businesses outside flood plains. For this reason, this extra insurance may still be advantageous for any business.

Hurricanes

If your company is situated in a designated hurricane zone, it is essential to verify if your commercial property insurance policy covers property damage resulting from severe weather events, including hurricanes. This coverage will differ depending on your insurer.