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Alberta Condo Insurance
As Alberta continues to grow and expand there has been an increased need for a better understanding of Condo Insurance, and types of Condos being purchased. As a Condo owner in Alberta there are many things to consider when you’re purchasing your individual policy.
If you have purchased a Condo with a corporation in standing, you will have a primary policy through the Condo board or the Condo association. This primary policy will insure the building to its original construction. Some coverage’s and things to consider are:
- Improvements and betterments – Does your Condo have upgraded cabinetry or flooring? If so, these are the unit owners’ responsibility to insure.
- General Assessment Coverage – Are you in a larger building that may have common areas? You as a unit owner need to make sure you have Condominium Insurance coverage in place for if the Condo board generally assesses you for a portion of a loss to common area.
- Deductible coverage – When a Condo has a primary or main policy for the building, you as a unit owner can purchase coverage for the Condo boards deductible, as if you are deemed negligent in a loss this deductible may be your responsibility, and typically these deductibles can run you upwards of +$25,000.
We Simplify The Intricacies Of Condo Insurance
Yes! Agreed, the above may be confusing, but at Leibel Insurance Group it is our job to make sure you understand the special and unique coverage you may need as a new modern day condo owner.
The other type of Condo that you may have purchase is called a “Bare land.” If this is the type of condo you have purchased please see our Homeowners insurance page, as you will require what we call a “Hybrid” policy, a perfect mix of Home Insurance and the above-noted condo policy.
Worried about costs? Don’t be – Alberta Condominium Insurance is very affordable!
Contact Leibel Insurance Group today to get a no-risk quote and use our expertise to your benefit.
Call Us at (780) 484-8880
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