How does Edmonton condo insurance work?
Much like Alberta homeowners insurance, condo insurance in Edmonton helps you protect your investment. Whether you have a unit in a high-rise downtown or have a semi-detached unit in the suburbs, you need to protect it. Edmonton has about 5.4% of all condos in the country. This is over 90,000 units, and this number only continues to increase year over year.
Condo insurance is a similar product to home insurance in Edmonton. It works pretty much the same but there is a main difference. Your insurance will cover your unit (everything from the walls inward) while a homeowners policy covers everything, including the building structure. Your building’s common areas, systems and structures are protected under the condo corporation’s Master Policy.
In terms of regulation, Condo coverage is regulated by the Alberta Superintendent of Insurance (SOI).
What is included in Edmonton condo insurance?
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Condo insurance provides you with multiple types of protection for you, your unit, and your belongings. You have protection against damage, theft, vandalism, and liability claims against you. Here is what is typically included in your plan:
Personal contents
Contents insurance gives you protection for your stuff that is inside your unit or in your storage locker within the condo building. This includes your clothing, furniture, décor items, and other common household items.
You may need to take out additional coverage for high-value or specialized items such as collectables, art, watches, jewellery, and other expensive items.
For example, you can get jewellery insurance to protect your valuables.
Third party liability
This protects you from liability and negligence claims against you. You have protection if someone is injured in your condo or if you accidentally cause damage affecting another person’s unit. This includes compensation for legal fees.
If you require additional liability coverage, consider umbrella insurance.
Special insurance assessments
This is a particularly important form of protection. You will have protection when a condo corporation finds you to be the source of damage to shared areas or other units. They will seek compensation from you as a unit owner. You can have protection against these assessments by including this protection in your policy.
Additional living expenses
Your unit can be uninhabitable after an insured loss. Additional living expenses will provide you with compensation for accommodations while your home is under repair.
Betterment upgrades
Get coverage for improvements to your unit. This can include countertops, cabinets, flooring, and other parts of your unit. Some condo corporations have passed the responsibility of these to unit owners.
