Alberta Condo Insurance: Get Free Quotes with Link Insurance
In Alberta, a quarter of residents live in condo units and are required to carry a personal condo insurance policy.
The average cost to insure a condo varies depending on where you live and what content limits you carry. Adequate protection is key to a stress-free condo lifestyle.
Condo Insurance Options
Personal Liability: if someone is injured in your condo unit or personal property is damaged, liability coverage protects you from claims and lawsuits.
All Risks: this covers your contents and structural items within your unit in the event of a loss, except any exclusions mentioned in your insurance policy.
Additional Living Expenses: if you’re required to move out of your condo unit temporarily for an insured loss, (renovation or repair) additional living expenses will pay for the cost of renting a home or apartment while you wait.
Unit Coverage: covers structural items within your particular unit that you as the owner are responsible for. For example, a lot of master condo policies exclude windows and doors. But you would have coverage for your windows and doors (if this applied to you) from your unit coverage. Unit coverage will also help to contribute to rebuild the condo if the master condo policy does not have enough coverage.
Unit Improvements: any upgrades you, or a previous owner, make to your condo unit (granite counter tops, etc.), will be protected under this coverage.
Loss Assessment: your portion of the costs (deductible or damage) that your condo corporation assesses based on an insured loss in the condo. Protection against losses that occur in the common areas of the condo building, include pools and hallways.