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Buying a condo rather than house is often a smart decision. You get all the benefits of owning a property but don’t have the extensive maintenance costs of owning a yard, central heating system, and other things that come with a house. At the same time, there are aspects of owning a condo that are just as complicated as owning a house.

When it comes to condo insurance, first-time buyers can understandably be unsure exactly what their responsibilities are. We at MBS Insurance Brokers Ltd. in Edmonton are here to walk you through the process of insuring your condo so you’re covered in case of a loss. Exactly what counts as common property is slightly different for each condo corporation but there are some general guidelines we can let you know about.

What is typically covered by the condo corporation’s insurance?

The exact responsibilities of your condo board should be specified in the condo corporation’s by-laws (this is a legal requirement in Edmonton). Be sure to read and fully understand these rules before buying a condo. Typical responsibilities of the condo corporation include:

  • The building’s structure (walls, floors, etc.)
  • Pools or other recreational facilities open to everyone
  • Parking lots
  • Hallways and other common property

What is included in my own condo insurance?

Unless you’re buying a brand-new condo, you’ll probably be inheriting property that’s had work done on it already. It’s a good idea to inquire what possible improvements have been done to the condo and to thoroughly document your own possessions and roughly how much they’re worth. Such a list can be a great help in the event that a loss does occur and you have to make a claim. Things that are covered in condo owner’s insurance include:

  • Content insurance to cover your personal belongings including fridge, stove, washer and dryer.
  • Personal liability, in case your actions caused a loss (an example would be leaving a pot on the stove and catching the building on fire).
  • Improvements and betterments to cover any improvements or betterments done to your unit since the original construction of the condo (an example would be upgraded countertops or flooring).

If you need condo insurance in the Edmonton area, don’t hesitate to contact us at MBS Insurance Brokers Ltd. today. We’re here to help you protect your property no matter what happens.

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.