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Purchasing a condo is a big decision that requires a lot of work, worry, and effort. But becoming a homeowner is worth it. That’s why Alberta’s provincial government has recently put new rules and regulations into effect that help protect condo buyers during the process of finding a home.

At MBS Insurance Brokers Ltd., we also are in the business of helping to protect Edmonton homeowners. We help connect you with a range of condo insurance options that let you know that your Edmonton property will be covered, no matter what happens. So you know exactly what your rights as a buyer and owner of a condo are, here are the most important points you should know about the changes that have been made to Alberta’s Condominium Property Amendment Act.

  • Better protection for buyers.
    Some unlucky prospective condo buyers in the past put down deposits on condos in the process of being made, only to find out later that the construction company went bankrupt and they would get neither the condo nor their deposit back. To protect consumers from these kinds of tragedies, new rules have been put in place that guarantee the return of your deposit in these circumstances. You will also be able to cancel or renegotiate contracts if the condo hasn’t been built by the promised date.
  • The government has more power to investigate and penalize violations.
    To find and regulate more effectively those condo builders who don’t play by the rules, the new act expands the government’s ability to investigate and penalize violations.
  • Establishes clearer jurisdiction for condo dispute tribunals.
    Being in a condo is all about cooperation. But by what mechanisms will the communal property be governed? The new act also helps establish clearer rules for how condo meetings are to be run, how suites are to be rented out, and how reserve funds are to be managed. These rules will also help distinguish who should repair units and who should be paying for the insurance.
  • Requires realistic estimates for condo fees and more.
    To make sure condo buyers get what they agreed upon, it will be required in the future that sellers supply more realistic estimates on future condo fees, floor plans, finishes, etc. so no one moves into a strange, new condo and find themselves paying far more than they had planned.

Moving on to the next step of your life is a great feeling and buying a condo shouldn’t be a gamble. When it comes time to find the right condo insurance for your new investment, contact us at MBS Insurance Brokers Ltd. in Edmonton. Whether you want to insure your rental unitcar, or home, we can help you make sure that your investment is protected no matter what the future brings.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.