Condo Insurance In Edmonton
You love your new condo. It’s spacious, low-maintenance, and located near your most-frequented destinations. What more could you possibly need?
There’s just one thing missing: insurance. Now that you own a condo, it’s time to protect your unit for years to come. For that, you’ll need a condo insurance policy designed to meet your needs.
Just like Edmonton home insurance, condominium insurance isn’t always straightforward. There are plenty of misconceptions about it. At Westland Insurance, we’re here to clear up any confusion. Here’s what you need to know about insuring condos in Edmonton, Alberta.
Why Choose Westland Insurance for Your Edmonton Condo?
There’s no one-size-fits-all insurance policy. At Westland Insurance, we tailor your insurance coverage based on your lifestyle, budget, and needs. It’s our goal to find you the best coverage for the right price.
You should feel confident about your insurance. We aim to make it as simple as possible to understand, purchase, and adjust your insurance. Whenever you have questions about your policy, our expert insurance advisors are just a phone call away.
Condo Insurance Explained
Even though condominium insurance isn’t mandatory at every building, it’s something you should definitely consider purchasing. Doing so can save you from financial hardship in the event of a fire, water leak, or burglary.
Here’s a common misconception about condo ownership: Your monthly condo fees include all of your insurance. But that is not the case.
Condo fees are collected to pay for the maintenance and insurance for common areas, amenities, and parking lots. They do not cover anything inside your unit.
On the other hand, your condominium insurance protects your personal belongings and the interior of your unit. A few risks that an insurance policy will cover include:
- Liability coverage. What will happen if a guest in your home is injured on your personal property? For example, they could trip on your floor and break their arm. With personal liability insurance, you will be covered against claims and lawsuits that may result from an incident in Edmonton. As well, you’ll be covered for any damage to your neighbour’s property (ex: if you have a water leak that affects their unit).
- Additional living expenses. If your condo is inhabitable due to repairs or ongoing construction, how will you afford to pay for extra housing? Your insurance will cover the cost of additional living expenses, allowing you to temporarily live at a hotel or apartment in Edmonton.
- Personal property. Think of all the valuable belongings inside your unit. Can you cover the cost of replacing everything? You need condo insurance for the protection of your clothes, furniture, and electronics.
- Unit improvements. Have you made upgrades to the interior of your unit, including the floors, countertops, or light fixtures? Our insurance brokers will help you protect your investment.
- Loss assessment. Your condo association’s policy is intended to cover common elements; however, it may not cover damages completely, which leaves you liable for those costs. This coverage will shield you from having to pay for a special assessment.
Even though condominium insurance isn’t mandatory at every building, it’s something you should definitely consider purchasing. Doing so can save you from financial hardship in the event of a fire, water leak, or burglary.
What is the condominium deductible assessment?
In Alberta, many of our clients are curious about the recent change in the Condominium Deductible Assessment. Condo boards can now subrogate against an individual condo unit owner for recovery of their deductible.
This change costs unit owners a very high deductible, which keeps the condo board’s premiums down. At Westland Insurance, we offer coverage that will ensure a unit owner is never left to cover this cost out of pocket.
What Factors Determine the Cost of Condo Insurance?
The cost of your insurance coverage will vary depending on a few things, including:
- The building itself. Is the building made of sturdy, well-maintained materials? Or does it look worse for wear? Buildings that are newer and made of more durable materials may be less expensive to insure. The type of building will also affect the cost of your policy.
- The location. If you live in an area with frequent break-ins, or that’s prone to flooding, you may need to pay more for insurance.
- Your claims history. A claims-free history could mean that you’re eligible for a discount on your insurance.
- Your credit score. Do you have a good credit score? You could apply for a discount, which will require a soft touch credit check.
Coverage Options for Condo Insurance
At Westland Insurance, our advisors will give you several packages to choose from. Based on our discussions with you, we’ll identify which types of condominium insurance will benefit you most. Then, we’ll customize your options based on your needs and budget in Edmonton.
Ways To Save on Condo Insurance in Alberta
You know how important insurance is, but you want to make sure it fits your budget. Here are a few ways that you can save on your insurance:
Local or Monitored Alarm
Having a security system puts your condo at a lower risk for security issues. When you’re lower-risk, insurance companies are more likely to offer you a lower rate. That’s why it’s worth it to invest in a monitored alarm system: you can protect your home and save money on insurance.
Claims-Free
After you make a claim, it will cost more to insure your personal property. Try to make fewer claims to avoid rising rates.
Mature Client
Depending on your age, you may be eligible for a mature client discount.
Optional Protection Available to Enhance Your Coverage
Certain perils fall outside the coverage of a typical condo insurance package. You can purchase these additional packages to provide protection when you need it most:
Glass Breakage
This policy offers coverage for glass windows, doors, decorative displays, and signs.
Home-Based Business
If you run a business out of your home, and clients visit your property for business purposes, then you require a different type of personal liability coverage. You also need separate coverage for your business supplies and high-value equipment.
Earthquake Coverage
If you’re concerned that an extreme weather event could damage your property, you can choose an earthquake coverage add-on.
Claims Example
What sorts of incidents will require an insurance claim? At Westland Insurance, we often see water damage and fire claims.
Condo owners can’t predict when disaster will strike. That’s what personal condo insurance is there for. It has your back when the unexpected happens.
FAQs
We’ve put together a few answers to the most commonly asked questions about insurance:
As a condo owner, you already pay a lot of monthly fees. Should you purchase the minimum insurance to cut costs? We don’t recommend this option for several reasons. Keep in mind that it’s easy to underestimate the cost of your belongings. Talk to one of our insurance brokers today to make sure you have sufficient coverage.
You know that insurance claims increase your rates, but for how long? On average, your insurance policy will be affected for 5 years.
A bare land condo puts more responsibility in the hands of the unit owner. Typically, you need to insure more area outside your unit with bare land condos. You’re responsible for insuring more than the inside of the building, which may be a side-by-side or stand-alone home. With a bare land condo, less of the lot is covered by the condo corporation.
To take this action, you need written or verbal consent from your spouse. For more information, contact one of our brokers today.
Request an Online Quote
Want to learn more about Edmonton condo insurance for your property? We’ll provide you with a free quote to help you get started.
Locations we serve in Alberta include:
Leave the paperwork to us, so you can focus on what’s important. Contact Westland Insurance today!
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Whether you’re looking for insurance for your first home or wanting to discuss your existing policy, our team is ready to help. Connect with us today.
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