Condo Insurance in Calgary

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.