Condo Insurance Quotes
Reliable Condo Insurance for Complete Protection
Rest Easy Knowing Your Condominium is Protected with Condo Insurance! Get Your Free Alberta Condo Insurance quote from Leibel Insurance Group today!
- Cover Yourself Against Losses Caused by Neighbouring Units.
- Be Covered in Case of General or Special Assessments.
- Secure All of Your Prized Possessions with Replacement Cost Coverage.
- Protect Your Condo with Unit Improvement Coverage.
Call us now to speak directly with an Insurance Specialist about Condo Insurance Quotes or complete a no-pressure no-obligation quote request form.
Get the best Condo Insurance in Alberta & Ontario
Condo insurance in Ontario and Alberta continues to become even more popular as people educate themselves about the need for protecting their newly purchased homes. There are several things to consider when purchasing an individual condo policy.
The demand for housing and particular condos is increasing steadily as even more people relocate to cities. Condo buildings benefit from housing hundreds of people in well-planned units, while minimizing space in crowded metros such as Toronto.
What does Condo Insurance Cover?
While each Condominium structure is different, Condo Unit insurance coverage covers the unit along with your personal liability. On the other hand, coverage for common areas such as lobby, elevators, and the building itself is through the main condo corporation’s insurance. Learn more about some of the most common condo insurance claims.
Standard Condominium Insurance Coverage
Generally speaking, a standard comprehensive condo policy has the following covered:
Content Coverage
This extends to your personal property within the confines of your unit or a dedicated onsite storage unit. In such cases, content insurance protects things such as your furniture, flooring, clothing, among other items, up to a particular amount.
Liability
Personal coverage covers your liability. For example, if someone injures themselves in your unit or you damage someone else’s property. This coverage will cover medical bills and other expenses up to a specified amount that is mentioned in your policy.
Additional Living Expenses
This coverage also pays for relocation after an insured loss, temporarily. For example, damage to one’s unit or surrounding units makes it unsafe to be in the condo building.
Understanding Condo Insurance & Your Coverage
Having purchased a condo with a corporation, your primary policy will be through the condo board or the condo association. The primary policy will insure the building to its original construction. Condo owners are jointly responsible for their insurance through the condo corporation. For example, when a visitor to your building injures themselves in a common or shared area such as a parking lot, the main condo corporation insurance would be used and not your own insurance.
Enhanced Optional Condo Insurance Coverage
This protects policyholders from financial loss due to earthquake damage. It covers repairs to the unit’s interior, personal belongings, and temporary living expenses if the condo becomes uninhabitable.
Identity theft coverage protects policyholders from financial harm caused by having their identity stolen. It covers expenses related to restoring their identity, such as legal fees.
Overland flooding coverage covers water damage to your unit caused by rain, snowmelt, and other flood sources. It includes repairs to the unit, replacement of lost belongings, and additional living expenses if you temporarily cannot access your condo as a result of a claim.
Sewer backup coverage covers damages and expenses from water backing up in pipes, causing unit damage or flooding. It includes repairs, replacement of damaged belongings, and additional living expenses if you need temporary housing.
Here are some things to consider when dealing with coverages:
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Unit Upgrades:
Does your condo have pgraded cabinets or flooring? These are the responsibility of the unit owners to insure. - General or Special Assessment Coverage: Does your condo feature more common areas? As a condo owner, you need to make sure you have condominium insurance coverage if the condo board assesses you for a portion of a loss to a common area.
- Deductible coverage: When a condo has a primary policy for the building, you can purchase coverage for the condo board’s deductible as a unit owner. If you are deemed negligent in a loss, this deductible may be your responsibility, and typically these deductibles can run upwards of $25,000 or more.
Discounts Available for Condominium Coverage
Here are some different ways you can save on your condo coverage premiums:
Offered to policyholders who have been with the insurance company for a certain amount of time without any claims.
Available for condos equipped with security systems such as burglar alarms, fire alarms, or smoke detectors. Save money on insurance while also protecting your condo.
Discounts offered to elderly policyholders, typically aged 55 and above, as they may be perceived as lower risk and least likely to make a claim.
Discounts for bundling Condo Insurance with other insurance policies like auto insurance with the same provider. Learn more here.
Available to policyholders who are members of certain associations or organizations affiliated with the insurance company. Leibel Insurance works with various membership organizations include: AHS, AUPE and CUPE Alberta.
Discounts for newly constructed condos, as they may have modern safety features and lower risk of maintenance issues.
Factors that determine your condo insurance premiums
- Bundling Insurance: Bundling multiple insurance policies, such as condo and auto, with one company often lowers premiums. Insurers offer discounts for bundling, reducing overall costs and providing convenient, unified management of your insurance needs.
- Location of your Condo: Condo insurance costs rise in areas prone to break-ins or natural disasters like flooding. Higher risks in such locations lead to increased premiums to cover potential damages and losses.
- The Building: The building’s type, construction materials, and age can factor into your insurance premiums. Newer buildings typically have lower premiums due to improved safety and sturdiness. High-quality materials and robust construction can reduce risks of damage, leading to lower insurance costs.
- Alarms and Home Security Systems: Equipping your condo with home security systems and alarms for fires and flooding can lower insurance premiums. These safety measures reduce the risk of theft and damage, making your unit less risky to insure, thus lowering costs.
- Your Deductible: Your insurance deductible, the amount you pay upfront for a claim, affects your premium. A higher deductible lowers your premium, but you’ll pay more out-of-pocket during a claim, balancing upfront savings with potential future costs.
- Claims History: Your claim history affects condo insurance premiums; frequent claims signal higher risk to insurers, leading to increased premiums for those with multiple past claims.
FAQs
A bare land condo, also known as a vacant land condominium, is a unique type of condominium ownership that is growing in popularity in Alberta. This is where individual owners own the land upon which their unit is built, as well as a share of common areas such as roads, sidewalks, and green spaces. In contrast to traditional condominiums where owners typically own only the interior of their unit, bare land condo owners have ownership over the land surrounding their unit as well. When it comes to Condo Insurance, the distinction between a bare land condo and a traditional condo is significant. In a bare land condo, owners are responsible for insuring not only the interior of their unit but also the exterior and any additional structures on their property. This includes structures such as garages, sheds, fences, and landscaping features like trees and gardens.
While your condo corporation’s insurance covers common areas like elevators, hallways, and amenities, it doesn’t extend to your personal belongings or the interior of your unit. Condo Insurance provides coverage for your belongings, interior fixtures, and liability protection, ensuring you’re protected against losses or damages within your unit that aren’t covered by the condo corporation’s policy. Learn more about the consequences of not having proper condo insurance
To determine what your Condo Corporation is responsible for versus your own responsibilities, reach out to your condo administration for clarification. They can provide detailed information about maintenance responsibilities, common area coverage, and what falls under your unit’s jurisdiction. It’s crucial to gain a full understanding to ensure you’re adequately informed about your obligations as a condo owner.
Condo Insurance is typically not mandatory by law, but it’s highly advised to get it, especially if you hold a mortgage. It protects your belongings and provides liability coverage, making it easier to recover if your unit is damaged or if you’re held responsible for damages or injuries within your condo.
Condo insurance typically does not cover damages due to wear and tear or damages caused by neglect. It also excludes coverage for vacant properties, generally units unoccupied for more than 30 days. Additionally, optional insurance coverages not included in your policy, such as earthquake, overland flooding, or sewer backup insurance, are not covered. For comprehensive protection, consider adding these optional coverages to your policy.
Condo insurance is designed for condo owners, protecting the unit itself, personal belongings, and covering additional living expenses if the unit becomes uninhabitable. Depending on the condo, it includes coverage for interior structures, like walls and fixtures. In contrast, Tenant Insurance is for renters, focusing on protecting their personal belongings and covering living expenses if the rented unit becomes uninhabitable. Tenant Insurance does not cover the physical structure of the rental unit, as this is the landlord’s responsibility. Both still cover you for liability exposures.
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