Condo Insurance Calgary

In Alberta, the minimum personal property limit is   If you believe that the total value of your belongings is equal to or less than this amount, it may be a suitable option.

However, we caution you to crunch the numbers first. The cost of replacing your everyday items adds up fast. You don’t want to find out that your condo unit is uninsured when it’s too late. To give you a clearer idea of your options, we can provide you with an online quote.

This answer varies from building to building. We suggest contacting your condo corporation directly or reading through the bylaws for your building.

When you own a conventional condo unit, your ownership is limited to the interior of that unit. You don’t need to insure any common elements in the building, like the pool or fitness area. All you’re responsible for is the unit itself.

A bare land condo is a larger plot of land. Ownership includes things outside of the property itself, so you have a bit more responsibility. Depending on your lot, that may include a garage, trees, and other parts of the landscape.

One advantage to this type of ownership is that you usually pay lower condo fees. However, you are responsible for more of the outdoor space.

Many condo owners mistakenly believe that their condo corporation’s insurance also covers their unit. But this is not the case.

Your condo corporation does not insure your individual unit or the contents of it. Condo corporation insurance is intended to protect the building itself. To cover incidents like theft, personal liability issues, and your belongings, you need personal condo insurance.

Don’t we all want to pay less for our monthly expenses? Your personal condo policy is affected by things like:

• Your credit score. Depending on your credit score, you may be eligible for lower condo insurance premiums.
• Condition of the building. Is the building made of sturdy, new materials? That’s great for your insurance. But if the condo complex needs repairs, your policy may be pricier.
• Home improvements. Have you invested money into upgrading your unit? As the value increases, so does your policy premium. It might seem tempting to undervalue your condo for less expensive pricing options, but this won’t pay off if you have a loss.
• Claims history. Each time you make a claim, your insurance premiums go up. But if you have no history of claims, you may be eligible for a discount.
• The type of building. Your insurance rate will vary based on the type of condo you own, whether it’s a townhouse, bare land condo, or a high-rise building.
• Your location. Do you live in an area with lower crime rates? If your property is considered to be a low-risk building, your insurance policy will reflect that.

By making note of these factors, you can potentially save on your property insurance rates.

If you’ve rented an apartment in the past, then you’re probably familiar with how most landlords require you to buy tenant insurance. Even if your building doesn’t require condo insurance, you should still consider it. Why? To list a few reasons, condo insurance can:

• Prevent you from debt. As we get older, we tend to accumulate more and more stuff. In the event of a fire or other peril, all of your belongings could go up in flames. The cost of replacing them might be enough to put you in debt.
• Maintain your routine. Can you imagine if you lost everything? How would you go to work? Get ready for your day? Or prepare meals? Not only would it be a major expense, but the inconvenience of it would cost you time and productivity.
• Protect yourself from liability. We think of our homes as safe spaces. But when we invite guests over, accidents may occur. They could slip on a rug or injure themselves in your kitchen. And what might happen if you leave a sink running, which causes water damage to your neighbours below? Condo insurance offers personal liability coverage for these unexpected incidents.