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Owning a home or owning a condo both come with their own unique sets of responsibilities and risks, which make for different insurance needs. While homeowners need home insurancecondo insurance is required for condo owners. At MBS Insurance Brokers Ltd., we provide both home insurance and condo insurance in Edmonton. Our Edmonton insurance brokers are here to help you understand the key differences between the two.

Quick Recap: What is Home Insurance?

Home insurance protects your entire property, including the inside of your home, the outside of your home, and detached private structures like garages and sheds. Condo insurance, on the other hand, is designed to protect your individual unit within the condo building structure and any improvements and betterments to the condo unit. The outside of the building, the land around the building, and any of the building’s common areas are typically insured by the condo board’s insurance policy.

What Types of Coverage Does Condo Insurance Provide?

A condo insurance policy provided by insurance brokers in Edmonton will typically include:

– Personal property coverage: Protects your personal belongings, including but not limited to clothing, furniture, and electronics. The value of your possessions and any improvements and betterments to the condo is the main determining factor in how much condo insurance you need.

– Personal liability coverage: Protects you against legal liability arising out of your personal actions anywhere in the world or legal liability arising out of your ownership, use or occupancy of your premises.

– Improvements and betterment coverage: Protects the improvements or betterments that you have made inside of your condo, such as new flooring or countertops. Your condo board’s insurance will only cover the original construction.

– Loss assessment coverage: Protection for claims against you involving the condo building’s common areas. While your condo board insurance policy is intended to protect common areas, certain circumstances may require you to pay a special assessment.

– Additional condo coverage: Additional coverage for any damage to the structure of your unit in case the condo board insurance policy covering the building structure is inadequate.

– Difference in deductibles coverage: Protects you in the event an assessment is made necessary by a deductible in the insurance policy of the Condo Corporation.

Get a Free Quote on Condo Insurance in Edmonton today!

Owning any kind of home is a major investment – an investment that you need to protect with the right type of insurance. You can trust the Edmonton insurance brokers at MBS Insurance Brokers Ltd. to help you figure out whether you need home or condo insurance and to decide on what specific types of coverage are right for you.

To get a free, no-obligation quote on condo insurance in Edmonton, just contact MBS Insurance Brokers Ltd. today.

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.