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Living in a condominium comes with many benefits, from shared spaces to your own community within your building. 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 personalized condo insurance for your budget and needs.
BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.
Condo insurance is a type of home insurance specifically designed for condo owners. In exchange for a monthly premium, your insurance company will help cover the cost of losses and damages that may arise on the premises of your property.
Condo insurance in Alberta is not legally mandated in the province, or the rest of Canada, for that matter. That said, condo insurance is still needed for many reasons. For example, if you have a mortgage on your condo, your mortgage lender may require that you have condo insurance in place as a condition of your mortgage contract.
Another reason why having a valid condo insurance policy in place is recommended is that it helps protect your finances and interests against insured losses that could otherwise put you into severe financial debt should the personal property inside your condo be damaged or a lawsuit be filed against you.
Not all Calgary condo insurance policies are created equal, allowing policyholders to pick and choose between coverage types. Therefore, not all policies have the same types of coverage. However, all standard condo insurance policies contain the following.
As a condo owner, you can fall victim to numerous potential risks. For added peace of mind when you purchase Calgary condo insurance, you may want to consider adding extra coverage to your plan. Common add-ons include:
Dwelling coverage
Content(s) coverage
Personal liability coverage
Additional living expenses
Identity theft condo insurance
Overland flooding condo insurance
Special assessment 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, is 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:
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.
Note that certain high-value belongings, like jewellery, artwork, musical instruments, and more, might require additional coverage, such as a personal valuables rider or endorsement.
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 protection 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.
If your condo unit is damaged by a covered peril to the extent that it is no longer safe to live in, additional living expenses insurance will cover the cost of accommodations, meals, and other associated expenses until you can move back into your condo unit safely.
If your condo unit is broken into and the personal belongings inside your unit are stolen, such as your driver's licence, banking information, birth certificate, or other items, identity theft condo insurance will cover the costs associated with replacing these documents.
According to Calgary Police Services, condo break-ins rose 8% in 2022. Protecting against identity theft after a burglary is more important than ever.
If you live on the bottom floor of your condo unit and your condominium building is located near a body of water, you could be at risk of water damage caused by overland flooding, which is where this condo insurance kicks into gear. Should your unit and personal property inside your unit be damaged, this insurance provides you with financial protection by covering the costs of repairs or replacements needed following the flood.
After the 2013 Calgary floods, many downtown and Mission-area condo owners faced costly water damage. Overland flooding coverage is especially important if you live near the Bow or Elbow River.
After a significant loss or injury happens in a condo building's common areas, condo corporations are required to perform a special assessment to determine how much it will cost to remedy the circumstances at hand. While most of the time, the condominium corporation's insurance policy can cover these costs, if the expenses are significant and the reserve fund doesn't have enough money in it, the condo board may require owners to pay out of pocket for these expenses.
With special assessment coverage, you'll have protection up to your coverage limits, ensuring you don't have to pay thousands of dollars out of your own pocket should a special assessment occur.
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We get it--home insurance can be expensive. Luckily, there are ways you can purchase condo insurance in Calgary while acquiring lower premiums. Here's how you can save on your condo insurance in Calgary:
Bundling home and auto policies in Calgary with the same insurance company can help you save money on both policies. Many insurers like to reward customers who purchase more than one product from them.
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 it won’t have as much financial responsibility in the event of a claim.
What a lot of condo owners in Calgary don't know is that there are often numerous insurance discounts available to them through their providers that they qualify for. Beyond bundling your policies, you can also receive a discount for installing security systems like cameras, remaining claims-free, and more.
So, when purchasing insurance for your condo unit, make sure to ask your insurance agent or broker whether you qualify for any additional savings that can make your insurance premium even more affordable!
If you're able to afford to do so, consider paying for your Calgary condo insurance coverage upfront, rather than on a monthly basis. Home insurance companies add monthly fees because it costs them money to process your payments each month. To avoid these additional costs, pay in one lump sum for your condo insurance instead.
Because property insurance isn't mandatory, condo owners are able to shop around and compare condo insurance quotes from different home insurance companies. By doing so, you can find the best coverage available for condo insurance in Calgary without sacrificing your level of protection.
Insurance brokers work independently from insurance providers in Alberta. Because of this, brokers can help you get personalized condo insurance quotes, answer your questions, help you unlock discounts, and provide unbiased advice depending on your needs. The best part of working with an insurance broker is that their services are free of cost!
When purchasing a condo insurance policy for your Calgary condo, an insurance provider will consider the following factors when determining your condo insurance rates:
While condo insurance protects owners from numerous insured losses by covering the repair and replacement of their personal property, structural damage, and living expenses, some scenarios are not covered by a standard home insurance policy. This includes:
To ensure you don't violate the terms and conditions of your condo insurance in Calgary, read through your policy extensively. This will give you a better idea about what is and isn't covered, along with potential consequences that could occur as a result of breaking your insurance contract.
BrokerLink’s Calgary team knows the local condo market inside and out. With offices in downtown Calgary, Crowfoot, and South Trail, we’re ready to help you find tailored coverage no matter what part of the city you live in. Beyond condo insurance, BrokerLink can also help with:
Get a condo insurance quote using our online quote tool!
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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Have questions? Our FAQ section has the answers you're looking for. Find helpful information to guide you through your options.
Unfortunately, no. Your condo corporation's coverage does not extend to Calgary condo owners' units. The condo corporation's insurance only covers the shared common areas and common property within the building and the surrounding property. For example, any amenities, lobbies, hallways, elevators, and outdoor spaces shared and owned by the unit owners are covered under this policy and are typically maintained throughout the year with your monthly condo fees.
Yes—Calgary condo insurance typically covers fire damage, but claims may depend on the origin of the fire and the condo board’s policy. For example, a 2021 fire in a downtown Calgary condo building required both the unit owner’s and condo board’s insurance to coordinate payouts.
Unfortunately, condo insurance policies are only available in year-long terms. However, you can pay your premium monthly or upfront. You may have the option of cancelling your coverage at the six-month mark. However, your insurance provider will likely charge you a cancellation fee. Additionally, if you continue to cancel your policy before the end of your term, you may have difficulty purchasing coverage in the future.
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.
The terms condo and apartment are often used interchangeably. However, there are some distinct differences between the two that you should be aware of. Mainly, the difference between apartment vs. condo lies in the ownership and how the surrounding property is managed. As a condo owner, you own your condo unit within the condominium building and have shares of any common spaces and amenities as well. On the other hand, apartment complexes are usually controlled by one company, such as a corporation or a real estate management business. Instead of having separate owners, the property's apartments are rented out.
Your claims history plays a major role in how your insurance premiums are calculated. As a unit owner, if you filed a claim under your insurance policy, you can expect the claim to remain on your history for at least five years. However, this can vary between insurance companies and the severity of the damages or losses involved in your claim.
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