Condo Insurance in Calgary

If you own a condo in the bustling city of Calgary, then the best way to protect it is with insurance. Luckily, BrokerLink is here to help you find the ideal insurance for your condo. Whether you’ve never purchased condo insurance before or you’re looking to buy a new policy that better meets your needs, keep reading to discover what you need to know about condo insurance and how BrokerLink can help you find great coverage.

Do I need to buy condo insurance in Calgary?

In terms of whether condo insurance is government-mandated in Calgary, the answer is no. Unlike auto insurance, home insurance in Calgary is not a legal requirement. That said, many insurance experts would argue that you still need condo insurance, even if it isn’t technically required.

For example, any insurance broker in Calgary will likely emphasize the importance of condominium insurance due to the protection it provides. If your condo is damaged in a fire or flood, falls victim to theft or vandalism, or someone is injured inside of it and sues you, your condo insurance policy can protect you. In contrast, without any such insurance, you would have to pay the associated costs out of pocket, and depending on the severity of the incident, you could be looking at tens of thousands of dollars in damage or more!

Beyond the protection and peace of mind that condo insurance offers to Calgary condo owners, there is another reason that you might need to purchase it and that is your mortgage. If you took out a mortgage on your Calgary condo, then chances are, your mortgage lender will require you to buy condo insurance.

Read the terms and conditions of your mortgage contract carefully. Most of the time, mortgage lenders make home insurance a stipulation of the loan agreement. This means that in order to receive your mortgage loan, you must have valid condo insurance coverage for the duration of the loan, and you will need to show proof of this to your provider.

Signing a mortgage contract that states the borrower must purchase condo insurance and then refusing to purchase it or cancelling your policy would put you in breach of your contract. This could have serious implications, including the cancellation of your mortgage and possibly even a lawsuit.

Therefore, if you have a mortgage, then you should be prepared to buy a condo insurance policy in Calgary.

Condo association insurance is not the same as Calgary condo insurance

Right off the bat, we want to make clear that condo association insurance or condominium corporation insurance is not the same as condo insurance. Although the names sound similar, the former is designed to protect your condo association and the building at large, whereas the latter is designed to cover the condo owner and their specific condo unit.

A few ways that the two types of policies differ are as follows. First, while both policies feature property damage protection, condo corporation insurance only covers damage to the common areas of the condo building, such as the hallways, elevators, entryways, and amenities. This means that any damage to your personal condo unit will not be covered by condo association insurance. Meanwhile, condo insurance can cover fire damage, water damage, theft damage, and more to your condo unit and only your condo unit.

Further, your condo corporation’s insurance policy will likely feature some form of liability coverage. However, it will only cover liability claims brought against the condo corporation or building by a tenant or resident. It will not cover liability claims brought against specific tenants by guests.

Condo insurance covers just that. If a guest or visitor injures themselves or their personal property is damaged while in your condo unit, they could file a lawsuit against you specifically. You would need to have your own condo insurance policy with personal liability coverage to be covered in this instance.

As you can see, your condominium corporation’s insurance policy is not meant to cover condo owners. You will need your own individual condo insurance policy to protect you adequately.

Condo insurance can protect your condo unit from these risks

As a condo owner, you probably want to know that your condo insurance policy will protect your unit against a variety of risks, such as water damage, theft, or fire. Below, we outline a number of ways that Calgary condo insurance coverage protects policyholders:

Your Calgary condo insurance policy can replace the personal belongings inside your condo unit

The first way that your Calgary condo insurance policy can protect you is by paying to replace your personal belongings if they are damaged due to a covered peril. Through the contents coverage portion of your policy, you can file an insurance claim and receive a payout to replace the personal items inside your condo, such as furniture, electronics, clothing, sporting equipment, and more.

The insured perils that most Calgary condo insurance policies cover include theft, fire, smoke, lightning, and more. For a complete list, be sure to review the terms of your policy carefully. You should also make sure to select your coverage limit wisely so that all the personal belongings in your home will be protected in the event of a total loss.

Your Calgary condo insurance policy can pay for you to live elsewhere if your condo becomes uninhabitable temporarily

If a worst-case scenario occurs where your condo unit becomes uninhabitable due to damage from a fire or other covered peril (to learn more about fire safety, click here), your insurance policy can pay for you to live elsewhere temporarily. For instance, if it will take several days or weeks for your condo unit to be repaired, you can be reimbursed for the cost of renting a hotel or Airbnb during this time.

Your insurance company can also reimburse you for other living expenses incurred during this period of time, such as clothing, toiletries, food, and more. Depending on the terms of your loss of use coverage, you might even be compensated for any condo fees or maintenance fees owed to your condo association while you are living outside your home.

Your Calgary condo insurance policy may pay for renovations to your condo unit

There is a specific type of coverage that you can add to your Calgary condo insurance policy if you want to be covered for certain updates, renovations, or improvements to your unit. This is known as improvements and betterments coverage. Find out more about how this type of coverage works by speaking with a BrokerLink insurance provider today.

Your Calgary condo insurance policy can pay for lawsuits that are brought against you

One final way that Calgary condo insurance is designed to protect condo owners is related to liability claims. Nearly every Calgary condo insurance plan you come across will contain third-party liability insurance. With this type of coverage, your insurance provider can pay for the cost of a lawsuit if one is brought against you. This can happen if a guest visits your home and injures themselves or their personal property suffers damage while on the premises.

If such an incident occurred, they could file a property damage or bodily injury claim against you. These types of claims can add up quickly, which is what makes having condo insurance so important. Your condo insurance policy could help pay for legal fees, medical expenses, and property damage repair bills. Insurance experts recommend adding $1,000,000 or $2,000,000 in liability coverage to condo insurance policies.

What types of coverage are included in Calgary condo insurance policies?

Not all Calgary condo insurance policies are created equal. What we mean by this is that since condo insurance isn't government-mandated in Alberta, policyholders can pick and choose between coverage types. Therefore, not all policies have the same types of coverage. That said, the three coverages outlined below are standard, which means your condo insurance policy should contain them:

Dwelling coverage

Dwelling coverage is a type of property damage coverage that is designed to protect the physical dwelling of condos. This means that if your physical unit, like the doors, windows, or walls, are damaged due to an insured peril, you can file a dwelling coverage claim with your insurance provider and receive a payout to cover the damage. Examples of insured perils include:

  • Fire
  • Lightning
  • Smoke
  • Theft
  • Wind
  • Car/aircraft impact
  • Explosion
  • Falling objects

If you want the broadest possible protection for your condo insurance policy, contact BrokerLink about adding all perils insurance to your plan.


Content(s) coverage

Contents coverage is the second type of coverage that you will likely find in your Calgary car insurance policy. This is another type of property damage coverage, but this type pertains to the personal belongings in your condo rather than the physical structure of your condo. In essence, if the belongings in your condo are lost or damaged, you can file a contents coverage claim and receive a payout to repair or replace them. The types of items that can be covered include clothing, furniture, decor, sporting equipment, and more.

Please note that certain high-value belongings might require additional coverage, such as a personal valuables rider or endorsement. Examples of high-value items include fine jewellery, musical instruments, antique furniture, original artwork, and vintage wine.

Personal liability coverage

Personal liability coverage is another staple of Calgary car insurance policies. This is the type of coverage that will protect you against lawsuits alleging bodily harm or property damage. These lawsuits usually arise if a guest visits your home and an incident occurs. For example, if they slip and fall in your kitchen and injure themselves, they could file a claim against you.

Luckily, if you have personal liability coverage in your condo insurance policy, your insurance company would step in and help pay for the associated costs. Personal liability coverage can compensate policyholders for medical expenses, legal fees, and repair bills.

What other types of condo insurance coverage are available to Calgary condo owners?

If the coverages listed above aren’t enough, there are many other types of add-ons and endorsements that you can add to your Calgary car insurance policy. If you want extra protection, ask an insurance broker about the extra coverages listed below:

Home business coverage

Do you work out of your condo several days a week? Do you operate a business out of your condo unit? If you answered yes to either of these questions, then you should seriously consider adding home business coverage to your Calgary condo insurance policy. Personal condo insurance policies in Calgary do not cover business losses; they only cover personal losses.

As such, if you want to be protected if something related to your home business goes wrong, you will need to add this type of endorsement to your home insurance policy. You could also take out a completely separate commercial insurance policy, but adding a home business coverage endorsement may be more cost-effective.

Plus, when you add this type of extra coverage to your policy, you can be covered if your business equipment or inventory is lost or stolen or if a third-party claim from a customer or client who visited your condo is filed against you.

Equipment breakdown coverage

If you want the peace of mind of knowing that your insurance provider will pay to repair or replace a piece of household equipment in your home, then you should consider adding equipment breakdown coverage to your home insurance policy.

With this type of coverage, you can be reimbursed for the cost of repairing or replacing a household appliance if it suffers an internal breakdown, such as a mechanical breakdown.

Pieces of equipment that might be covered include refrigerators, ovens, dishwashers, washing machines, dryers, air conditioners, and furnaces.

Sewer backup coverage

If you want to be protected against flooding caused by sewer backups, consider adding sewer backup coverage to your condo insurance plan.

Overland water coverage

Overland water coverage is also flooding coverage. However, this type will pay to repair water damage in your condo that is caused by a nearby lake or river overflow, heavy rain, or rapid snow melt.

How an Alberta insurance company will calculate your Calgary condo insurance premium

Factors that will ultimately determine how much you pay for Calgary condo insurance are listed below. Please note that each insurance company has its own risk-calculation formula and that they might weigh these factors differently when making their final calculation:

  • How valuable your Calgary condo is
  • How safe and desirable your neighbourhood is
  • How close your condo is located to emergency services
  • The type, age, and condition of the heating system that your Calgary condo uses (older systems like oil tanks or wood stoves may lead to higher premiums)
  • The type, age, and condition of the electrical system in your Calgary condo
  • The type, age, and condition of the plumbing system in your Calgary condo
  • Whether your Calgary condo is equipped with a home security system, and if so, what type of system it has
  • The coverages, limits, and deductibles you choose to add to your policy (you can find out more about premiums and deductibles here)
  • Your insurance claims history

For a free Calgary condo insurance quote, reach out to BrokerLink today.

Save money on your Calgary condo insurance policy

If you are looking to get the best possible price for your Calgary condo insurance policy, reach out to BrokerLink today and continue reading for a list of money-saving tips:

Only add the condo insurance coverage you need

The first way to ensure you don’t overspend on Calgary condo insurance is to add the types of coverage you need to your policy. Although there will likely be many types of condo insurance coverage available to you, not all of them will make sense for your needs. For example, if you don’t work from home, then you probably won’t need to add home business coverage to your policy. If you need help deciding what types of coverage are right for you, reach out to BrokerLink today.

Install a monitored alarm system in your Calgary condo

Installing a monitored alarm system somewhere in your Calgary condo can make you eligible for a condo insurance discount, allowing you to save money on your insurance policy.

Bundle Calgary condo and auto insurance policies

Bundling your home and auto policies in Calgary can help you save money on both policies. Many insurers like to reward customers who purchase more than one product from them.

Choose a high condo insurance deductible

Choosing a high insurance deductible is another way to save money on your policy. When you agree to a higher deductible, your insurance company will reduce your rates since they won’t have as much financial responsibility in the event of a claim.

We’re in your community

BrokerLink is an integral member of the Calgary community. We take the time to get to know our customers, and we work with them to find the best policies that are possible to meet their needs. No matter what type of policy you’re looking for, you can count on us to find you one that speaks to your risk tolerance and budget.

Get in touch with BrokerLink to discover all there is to know about Calgary condo insurance

At Calgary BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person at any of our Alberta locations. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

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Calgary condo insurance FAQs

Can I purchase Calgary condo insurance from a broker?

Yes, you can purchase Calgary condo insurance from an insurance broker near you. Insurance brokers can help you save money on insurance and decide what types of coverage are right for you.

What isn’t covered by Calgary condo insurance?

Calgary condo insurance covers a lot, but it won’t cover everything. For example, most property insurance policies do not cover damage due to wear and tear or owner neglect. If you fail to maintain your condo unit properly and it falls into a state of disrepair, which leads to damage, your insurance company will likely deny your claim.

In addition, if you don’t have extra coverage added to your policy, then you also won’t be covered for water damage, damage that occurs while the unit is vacant for 30 days or more, or damage that stems from renovations or home sharing.

If you have any questions, contact one of our local branches.