Condo Insurance Calgary
Your home is more than a place to rest your head at night. It’s where you go to eat and recharge. It’s a safe place for all your valuable personal belongings. And it’s a private area where you can unwind at the end of a long day.
When you own a condo, you get all the perks of homeownership without the maintenance associated with it. It’s a pretty sweet deal—as long as your condo is properly insured.
As serene as our homes are, accidents can and do happen. From water damage to vandalism, any number of condo-related issues can arise. Prepare for the unexpected with personal condo insurance.
Some new condo owners think that their condo fees include insurance, but this is not the case. Insurance is a separate cost from your monthly maintenance expenses.
As an insurance brokerage, we know how to protect your condo. We’re going to share what we’ve learned from our years in the insurance industry. Here’s a bit more information about condo insurance policies.
What Does Condo Insurance Cover?
If you own a condo, you can’t buy standard house insurance for it; you need a policy tailored to your particular ownership situation. Let’s start by defining what this coverage is intended for:
Condo insurance is designed to protect all the contents and upgrades within your unit. Without it, you’ll need to pay out of pocket for damage that might be completely beyond your control.
Owning a condo is a bit different than owning a house. As such, the insurance policy will be different, too.
So, what are you getting out of your personal condo policy? Here’s a brief overview:
- Contents coverage. Your condo insurance policy covers everything inside your unit; that includes all your personal property, like your jewelry, electronics, and clothing. In the event that your belongings are damaged, simply file a claim to be reimbursed for the replacement costs.
- Renovations. Each time you upgrade your property, it adds more value to your condo. Your condo policy covers home improvements made by you or the prior owner. These might be anything from new countertops to hardwood floors.
- Additional living expenses. If your condo needs repairs due to an insured loss, your insurance will cover the cost of additional living expenses (like booking a hotel).
- Third-party liability. Calgary condo insurance will also cover personal liability. If someone is injured in your condo unit, or their property is damaged, this insurance will cover those expenses. And if someone decides to sue you for damages incurred at your property, this insurance will cover the costs.
- Theft. Even if your building has a security system in place, it’s worthwhile to invest in theft insurance. It grants you peace of mind to know that if your condo were ever broken into, you could afford to repair and replace your property.
What Does It Not Cover?
Depending on your insurance provider, your condo insurance policy will vary. However, in general, the following things are not included in your condo policy:
- Building repairs. Does your condo building need a new roof? Is it time to upgrade the electrical system? Expenses like these tend to arise as the building ages. To pay for these costs, your condo corporation may issue a special levy.
Seeking additional coverage? We can help with that. Get in touch with us to discuss your specific needs.
Coverage Options for Insurance
What kind of insurance policy are you looking for? Do you need additional coverage for high-value belongings? Maybe you want to make sure you’re protected from any extreme weather events including flooding. We can offer additional coverage options that include home-based business insurance, glass breakage, and more.
Condo Insurance FAQ
Whether you’re a first-time homebuyer or you’ve swapped your home for a condo, you might have a few questions about insurance. We’ve got answers. Here’s what you should know:
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.
Get an Online Quote for Condo Insurance Today
A condo is one of the biggest investments that you’ll make in your life. Naturally, you want your condo in Calgary to be protected.
As a condo owner, you know that your home is one of your most important possessions. Protecting your condo should be your top priority. After an accident, many condo owners realize they were underinsured. Don’t let it happen to you.
As one of the top property insurance providers in Calgary, we can help with that.
We know that buying insurance can be complicated, especially when you own a condo. We aim to simplify that process. Our brokers make it easier to find insurance that meets your lifestyle and your budget.
Ready to connect with a broker near you? We serve the following locations in Calgary:
Do you have questions about your condo insurance coverage? Need assistance finding the right condo insurance policy? At Westland Insurance, we’ll provide you with a personalized condo insurance quote. Contact us today!
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