Save up to 25% on condo insurance in Alberta
Alberta is one of Canada's most beautiful western provinces, home to one of the world’s biggest shopping malls (West Edmonton Mall) two National Hockey teams + Banff National Park! Alberta's sweeping landscape is comprised of mountains, prairies, desert badlands, and vast coniferous forests and has more than 600 lakes. The top 5 cities to live in Alberta are St. Albert, Calgary, Strathcona County, Canmore, and Medicine Hat!
Condos are a popular choice among people who either want to downsize, who don't want a lot of yard work and house maintenance, and who like the amenities that a condo building provides! It gives people the opportunity to embrace homeownership without the hassle of menial tasks such as yard work, snow removal, or home repairs - you just have to worry about your own living space.
This provides coverage for loss and damage to your property and/or any assets.
This would provide protection against claims resulting from injuries, and damage to people and/or property.
A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.
These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding
This allows for the protection of your “claims free discount” in the event of your first claim.
Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.
When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.
When you purchase broad home coverage, it limits your contents coverage to only specific coverages, (ie. theft, fire, water damage, etc.)
Condo Insurance in Alberta - What You Need to Know
No, condo, home, or tenant insurance is not mandatory in Canada, although the condo association, or the owner of the condo, may require you to have to move in. You also need insurance to secure a mortgage to purchase a home or condo. So, even though it is not legally required to have, there are other outlets that may require the homeowner to purchase it.
If you own a condo or rent a house or apartment, some landlords may require tenants to have tenant insurance before moving in and condo corporations and lenders may require condo unit owners to show proof of insurance before moving in as well.
Condo insurance protects the units within a condo building. You would get it to protect your contents such as appliances, clothing and furniture (and would also cover items stored in a locker).
It would also provide additional living expenses in the event of an insured loss (if you had to temporarily move out) as well as the condo owner's liability for any bodily injury or property damage that was unintentionally caused by others in the building.
Condo building insurance is different. This is purchased by the condo corporation to cover damage to the building and the common areas and liability on the property. This is usually included in the monthly condo maintenance fees.
There are a few factors that determine your monthly condo fees, they include:
- The size of the building (a larger building has more owners to share the cost)
- The age of the building (newer buildings may have lower fees)
- The amenities
- The neighbourhood
It all depends on where you live. Older buildings usually have higher condo fees because they require more maintenance and smaller buildings also tend to have higher fees because the costs are shared between fewer owners. Newer developments with an all-inclusive list of amenities have higher fees because of upkeep costs.
No, you cannot negotiate condo fees. And, they are never optional. Even though you move into a building with a pool, but never expect to use it, you still need to pay for its upkeep.
- Moraine Lake
- Fairmont Banff Springs
- Lake Louise
- Banff National Park
- Jasper National Park
- Waterton Lakes National Park
- Rouge
- Eden
- Cucina
Have questions? We’ve got answers:
It’s challenging to know an exact calculation as many factors play a role in determining your monthly condo fees.
With a few exceptions in Toronto, every condo apportions maintenance fees based on the square footage of the interior of the unit. The exterior of the unit, ie. balconies or terraces, is considered “exclusive use, common elements,” and these do not apply.
Landlord insurance differs from condo insurance as it protects the property owner from various unique landlord-related risks, like lost rental income.
Rental income coverage: This coverage ensures that if there is a loss-related reason that their tenants cannot stay living in the condo, like fire or water damage, then Rental Income coverage will pay the condo owner their rent money until the tenant can move back in.
Damages coverage: If your tenant causes damages to your condo, the policy will extend to cover the cost of the repairs. For example, if the tenant drops a towel on a hot stove and it catches fire doing damage to the kitchen, for insurance to respond the condo-owner would need to make sure that they had a Landlord Condo insurance policy. If the condo wasn't insured properly on the Landlord form, the insurance policy would not respond and the condo owner would be required to pay for the damages themselves.
Liability Coverage: If your tenant causes damages to the building itself -exterior or interior common spaces - the condo corporation will come back against the owner of the condo to pay for the damages. The condo-owners policy will only respond if it is insured on a Landlord form.
If you own a condo unit and are planning on renting it out, you should chat with your Surex insurance advisor about purchasing a landlord insurance policy
There are many advantages to living in a condo! Here are a few:
- Flexible living, you can just lock up and go
- More affordable than single-family homes
- Cheaper insurance
- Great sense of community in the building with your neighbours
- Living in the heart of the city gives you proximity to entertainment & business districts (closer to your work)
- Top-notch amenities, such as gyms, pools, party rooms etc.....
- Appliances included
- Covered maintenance in your condo fees - building maintenance and cleaning of communal areas
You can reduce the cost of your condo insurance without increasing your deductible. Minimizing the probability of accidents from occurring is a clever way to reduce the cost of insurance. For instance, installing a fire alarm system and security system ultimately reduces the chances of fire-related accidents and theft. Note: This has to be a centrally monitored alarm with a valid certificate to qualify for the discount in BC.
These questions may seem complicated especially for a first-time homebuyer. To ensure you get your condo insurance needs right, always work with a reputable insurance provider or agent.
Most insurers provide coverage for pets if notified beforehand. However, there are limitations on the type and breeds of pets that will be insured. While most insurers provide coverage for dogs, there are limitations based on the type of breeds. Pit bulls, for instance, may be difficult to insure given the perceived higher risk of bites. Also, most insurance providers have limitations on the type of pets that can be insured.
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