Condo Insurance in Edmonton

Finding the right insurance policy for your condo doesn’t have to be difficult. In fact, when you enlist the help of an insurance broker at BrokerLink, it’s easy! We specialize in finding personalized home insurance coverage for all of our customers. Continue reading to find out what you need to know about condominium insurance, including how it protects you and how you can save money on your Edmonton condo insurance plan.

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

Wondering what types of coverage are included in your Edmonton condo insurance policy? Since condo insurance isn’t mandated by the Alberta government, policies can vary between insurance companies and individual policyholders. That said, three types of basic condo insurance coverage are included in nearly every policy, and they are as follows:

Dwelling coverage

Dwelling coverage is a type of property damage coverage that will pay for your condo to be repaired if it suffers physical damage. For example, if the doors, walls, or windows are damaged due to an insured peril listed in your policy, you can submit a claim to your condo insurance company and receive a payout to cover the damage. Examples of insured perils that are commonly found in Edmonton condo insurance plans are:

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

If you want even broader dwelling coverage protection, ask a BrokerLink insurance advisor about all perils insurance.

Content(s) coverage

Contents coverage is a second type of property damage coverage that can be found in most Edmonton condo insurance policies. It is designed to cover you if the personal belongings inside your condo are damaged. For example, if a fire breaks out in your condo and your furniture, clothing, and electronics are all ruined, you would file a contents coverage claim with your provider. From there, your provider would issue a payout, less your deductible, to pay for the cost of replacing the damaged items. Please note that if you have lots of high-value items in your condo, you may need to purchase a separate rider or endorsement for these items.

Personal liability coverage

Personal liability coverage is the third type of coverage that you can expect to find in an Edmonton condo insurance policy. With this type of coverage, you will be financially protected should a third party claim be filed against you. For instance, if someone visits your home and injures themselves or their personal property is damaged while on the premises, they could sue you. Thankfully, with personal liability coverage, your insurer will help cover the costs associated with the claim, ranging from legal fees and medical expenses to damage repair bills.

Can I buy extra insurance coverage to protect my Edmonton condo unit?

Yes, you certainly can! The three coverages listed above are not the only coverage types available to you. Most insurance companies in Alberta offer additional coverage to policyholders. The coverages listed below offer greater protection, which can give you peace of mind. Learn more about how extra insurance coverage can protect your Edmonton condo unit below:

Home business coverage

If you work out of your condo regularly or you own a business that you run out of your condo, you should think carefully about adding home business coverage to your policy. This type of coverage will protect you should damage occur to your condo as a result of your business activities. For example, if a thief steals valuable inventory or business equipment or a customer visits your condo and injures themselves, your home business coverage would protect you. However, if you did not have this type of coverage as part of your condo insurance plan, then your insurance company may not approve your claim. This is because basic condo insurance only covers personal losses, not business losses.

Equipment breakdown coverage

Equipment breakdown coverage might be a wise choice to add to your Edmonton condo insurance policy if you don’t want to be on the hook for buying a brand-new home appliance if one breaks. With this type of coverage, your insurer will pay to repair or replace a piece of household equipment in your home if it breaks down to an internal failure. For example, if your oven suffers a mechanical failure, you can file an equipment breakdown coverage claim and your insurance company will reimburse you for the cost of repairing or replacing it. Specific types of appliances and equipment that equipment breakdown insurance may cover include refrigerators, dishwashers, washing machines, dryers, ovens, air conditioners, and furnaces. Please note that equipment breakdown coverage will not pay for damage that results from general wear and tear.

Sewer backup coverage

Sewer backup coverage is a form of flood insurance that will pay for the cost of water damage if sewage or wastewater backs up and floods your condo.

Overland water coverage

Overland water coverage can also pay for water damage repairs if your condo is flooded due to a nearby lake or river, overflow, heavy rain, or rapid snow melt.

How premiums for Edmonton condo insurance policies are calculated

You might be surprised to learn just how many factors are considered when an insurance company calculates your Edmonton condo insurance premium. For instance, more than where your home is located or its age are considered. Many other factors, including factors about you as a policyholder, will also be taken into account. For a comprehensive list of details that come into play when an insurer determines your Edmonton condo insurance premium, keep reading.

  • How valuable your Edmonton condo is.
  • The year your condo was built.
  • 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 Edmonton 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 Edmonton condo.
  • The type, age, and condition of the plumbing system in your Edmonton condo.
  • Whether your Edmonton condo is equipped with a home security system, and if so, what type of system it has.
  • Whether or not your condo is equipped with monitor fire or flood alarms.
  • 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.

Since so many factors are considered when setting premiums, it can be difficult to provide an accurate estimate as to how much an Edmonton condo insurance policy will cost you. For this reason, your best bet is to reach out to BrokerLink and request a free condo insurance quote. A BrokerLink insurance advisor will ask you a few questions and once answered, they will calculate a reliable and accurate quote, completely free of charge.

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How to find cheap condo insurance in Edmonton

Find cheap condo insurance in Edmonton by following the broker-approved tips below:

Do not purchase condo insurance coverage you don’t need

Although it can be tempting to purchase as much coverage as possible, this likely isn’t a smart choice. Why? Not all types of condo insurance coverage will apply to you. For example, if you don’t work from home, then home-based business insurance won’t make sense for you. On top of this, the more coverage you add to your policy, the more expensive it will be. If you need help determining what types of coverage make sense for your needs, have a licensed insurance broker at BrokerLink offer a professional opinion.

Install a home security system in your Alberta condo

Some insurance companies in Alberta offer home insurance discounts to those who install home security systems in their condos. For example, by adding a monitored burglar alarm system to your condo, an insurance company may be willing to reduce your premium since your odds of having to file a theft claim may be lower.

Bundle your Edmonton condo and auto insurance policies together

Another money-saving tip for Edmonton customers is to bundle your home and auto policies together. By purchasing an insurance bundle or package, you can become eligible for a discount on both policies. So if you also have a car, ask a BrokerLink insurance advisor about which insurance companies offer home and auto bundles.

Select a high condo insurance deductible instead of a low one

If you can afford to pay more in the event of a claim, selecting a high deductible will result in lower upfront insurance fees. How? Since the deductible you choose determines your level of financial responsibility in the event of a loss, an insurance company will reward you with a cheaper premium if you agree to a higher deductible.

Is condo insurance required in Edmonton, Alberta?

No, condo insurance is not legally required, no matter the province. Simply put, the government of Alberta does not require condo owners to purchase condo insurance. However, this doesn’t mean that you don’t need condo insurance.

Not only is condo insurance essential if you want to protect yourself financially against the risks of owning a condo but you might also be contractually obligated to purchase condo insurance if you buy your condo with a mortgage.

Most homeowners in Alberta buy their homes with a mortgage. Until your mortgage is paid off, your lender will likely require you to have a valid property insurance policy. This means that if you still have a mortgage on your Edmonton condo, then you likely need to maintain valid condo insurance coverage. Your mortgage lender will let you know of this stipulation before you sign the contract.

In addition, the terms of the loan, including the fact that you need to buy condo insurance, if applicable, will be laid out in your mortgage contract. To find out if you are obligated to purchase condo insurance in Edmonton, review the terms of your mortgage agreement carefully.

Signing a contract and refusing to abide by it, such as cancelling your condo insurance policy or letting it expire before your mortgage loan term is up, can result in a lawsuit or the cancellation of your mortgage.

When deciding whether to purchase condo insurance in Edmonton, find out if you are contractually obligated first. If your lender does not require you to purchase it, you should consider buying it, given that condo insurance covers fire damage, liability claims, and much more. Contact an insurance broker in Edmonton to learn more about how you can buy a condo insurance plan.

Do not assume that your condo corporation insurance covers you

One mistake that condo owners in Edmonton often make is assuming that the condo corporation’s insurance will cover them. Although it’s true that your condominium corporation or condo association likely has an insurance policy of its own, it is not designed to protect residents, such as condo owners. Rather, it is designed to protect the building as a whole against damage.

Condominium association insurance policies typically only cover physical damage to the building’s common areas, like the entryways, hallways, elevators, and amenity rooms. It will also cover liability claims brought by tenants or residents.

In contrast, condo insurance policies in Edmonton specifically cover damage to the owner’s unit. If a fire breaks out in your unit and damages the walls, windows, and furniture, your condo insurance claim will cover you (learn more about fire safety here). The condo corporation insurance policy would not cover you. The same goes for if you had a guest visiting you and they injured themselves while in your unit. If they decided to file a lawsuit against you, the condo corporation insurance wouldn’t cover it. Instead, you would need your own personal liability coverage through your own condo insurance policy if you wanted to be covered.

At the end of the day, you should never assume that condominium corporation insurance is sufficient. In nearly all cases, you will need your own condo insurance policy if you want to be protected against risk as a condo owner in Edmonton.

What risks does Edmonton condo insurance cover?

If you’re purchasing Edmonton condo insurance for the protection it provides, then you’re in luck. With this type of policy, you can be safeguarded against all kinds of worst-case scenarios, like water damage, theft, fire, and more. A few examples of the ways that an Edmonton condo insurance policy can cover you are listed here:

Your Edmonton condo insurance policy can replace your personal property

First, an Edmonton condo insurance policy can protect you by paying to replace your personal property if it is damaged or stolen. Most condo insurance plans include contents coverage or personal property coverage, which will pay for you to buy new belongings if yours are damaged due to an insured peril. Examples of insured perils include theft, fire, and vandalism. So long as the damage to your personal items is caused by one of these perils, you can file a claim with your insurance provider. When selecting a coverage limit for your condo insurance policy, try to add up the value of the items inside your home and pick a limit that reflects that so that you will be covered if you suffer a total loss.

Your Edmonton condo insurance policy can pay for your living expenses if you have to relocate temporarily

Next, your Edmonton condo insurance plan can pay for your living expenses if you are forced to relocate temporarily. For example, if a fire breaks out and damages your condo, your insurance provider might pay for you to live in a hotel or rent an Airbnb until the damage to your condo has been repaired, and you can move back in. Other living expenses that your condo insurance policy may cover include food and meals, clothing, toiletries, and condo or maintenance fees owed during this time.

Your Edmonton condo insurance policy can cover upgrades and renovations

If you add a type of condo insurance coverage known as improvements and betterments coverage to your Edmonton condo insurance plan, you might be covered for the cost of renovations to your unit. In the event of a total loss, your condo insurance would offer coverage to cover the additional costs of your loss.

Your Edmonton condo insurance policy will cover you against third-party liability claims

The last risk that your Edmonton condo insurance policy can cover you for is lawsuits. More specifically, if your policy features third-party liability insurance, which nearly all do, you will be covered should someone file a third-party claim against you.

For example, if a guest visits you and injures themselves while inside your condo unit, they could file a bodily injury claim against you. Thankfully, with personal liability insurance as part of your condo insurance policy, your insurance provider would cover the cost of the lawsuit, as well as any medical expenses incurred.

Similarly, if a property damage claim were filed against you, your insurer would also cover the cost of the repair bills, less your deductible. If you need help deciding how much liability insurance to add to your Edmonton condo insurance policy, reach out to BrokerLink. A licensed broker can recommend a limit of $1,000,000 or $2,000,000 based on your risk tolerance and budget.

We’re in your community

BrokerLink is a customer-first insurance brokerage, meaning we get to know our customers’ needs and find policies to meet them. When you get in touch with us, you will be treated like family. At the end of the day, all we want to do is find you the ideal policy for your needs, risk tolerance, and budget. Find out more about the insurance services we offer by calling BrokerLink now.

Give BrokerLink a call to learn more about condo insurance in Edmonton

At Edmonton 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.

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

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Edmonton condo insurance FAQs

Where can I buy Edmonton condo insurance?

Edmonton condo insurance policies can be purchased through insurance brokers or insurance companies in Alberta.

What isn’t covered by Edmonton condo insurance?

Edmonton condo insurance typically does not cover damage caused by general wear and tear, damage intentionally inflicted by the policyholder, or damage resulting from a failure to maintain or neglect. Further, unless you add a specific type of endorsement or rider to your Edmonton condo insurance policy, you also won’t be covered for any damage that occurs due to renovations. In contrast, the condo is empty for 30 consecutive days or more while your condo is rented out via a home-sharing platform or if your condo suffers water damage or flooding.