Condo Insurance in Edmonton
If you own a condo, contact MBS Insurance today to learn about our condo insurance options in Edmonton. Purchasing a condo is one of the most important financial decisions you can make, and protecting it is a must. You need to make sure you have the right insurance coverage. Count on the experienced brokers at MBS Insurance to find you a policy that is customized to meet your unique needs at the most affordable price possible.
What Is Condo Insurance?
Condo insurance covers owners for a variety of different kinds of losses, including damage to your belongings and to any upgrades you add to your unit. It also includes liability coverage for lawsuits brought against the policyholder if they accidentally injure another person or damage someone’s personal property.
Condo Insurance vs. Tenants Insurance: Know the Difference
Condo insurance differs from tenant’s insurance and homeowner’s insurance in that it reflects the unique relationship between the condo owner and the condo corporation. Condo buildings are insured by a master policy, which covers the building itself as well as the standard features of the individual units, including flooring, counters, and wall coverings (basically, anything the owner didn’t bring into or add to the apartment). A condo insurance policy covers the owner for losses that do not fall under the umbrella of the building’s master policy.
Edmonton Condo Insurance customized, so You Only Pay for What You Need.
We often get asked what a Condo Insurance Policy includes. Below is a breakdown of the various types of coverages included in a standard condo insurance policy.
Contents Coverage assists in replacing the items in your condo after an insured loss. Coverage includes losses due to theft, water damage, or fire. Additionally, it provides coverage for your belongings when temporarily removed from your condo, such as when you are travelling.
Protects you in case of a lawsuit for having injured another person or damaged another person’s personal property. As with contents coverage, your liability coverage follows you wherever you go.
Covers upgrades or additions to your unit, such as upgraded flooring, countertops, or kitchen cabinets. The condo corporation’s insurance policy will not cover these kinds of improvements, even when a previous owner made them. In the case of bare land condominiums, the condo corporation may require you to insure the part of the structure you occupy. These complexes may look more like neighbourhoods of single-family homes, but they operate in the same manner as a conventional condominium.
Loss assessment is insurance coverage for condo owners that protects situations when you, as an owner of a shared property, like a condominium or co-op, are held financially responsible for a portion of the costs for deductibles or damage to the building or the shared areas of the property.
In cases where your condominium corporation has no insurance on your unit, the insurance is not sufficient, or the insurance does not cover the peril that has occurred. Your policy also includes unit additional protection coverage, which is generally 250% of your insured contents limit.
Important Updates to Deductibles Coverage
Recent Provincial Legislation, which came into effect on January 1, 2020, has allowed condo corporations the ability to seek recovery of the deductible portion, up to a maximum of $50,000 from a unit owner for any damage that originates in their suite. If something should happen in your unit (water loss, water damage goes through floors below, etc.), you are now responsible for paying the corporation’s deductible, regardless of negligence up to $50,000. You can purchase additional coverage under your condo policy to cover you for an assessment made necessary as the result of a deductible up to $50,000.
Get Comprehensive Condo Insurance in Edmonton
If you would like to learn more about the condo insurance options that are available to you in Edmonton and surrounding areas of Alberta, click here for a no-obligation quote or give us a call at 780-436-7880.