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.
Loss Assessment Changes in Alberta – effective January 1, 2020
On January 1, 2020, Alberta passed legislation that enables a condo board’s master insurance policy to charge a Loss Assessment Deductible maximum of $50,000 per unit owner. In other words, if there was an insured loss, the maximum amount your condo board could ask from each unit owner to cover the master policy deductible has now been legally set at $50,000 per unit owner. All condo policies provide a limit for the master condo policy deductible and each insurance company handles these limits differently. Commonly, you can see a range from $10,000 to $100,000 or no limit at all.
Condo owners should request to review their condo board’s policy to ensure they’re adequately covered.
We advise condo owners on everything from loss assessment, personal liability, and content limits.
Condo Insurance Benefits
Protection of your Belongings
Most condo owners don’t have enough money to replace their items after a loss. We help you find the best protection based on your living situation, so you don’t land in debt.
In the event of an unexpected insured loss that damages the building or the common areas, loss assessment protects condo owners from paying above a set amount.
If someone slips and falls in your unit or their personal property is damaged, they may sue you. To have protection against liability claims and lawsuits, we guide you on personal liability coverage options.
Find a Link Broker
We help you when it’s convenient for you. Get in touch with one of our mobile brokers, or visit us at one of our 9 locations in Alberta.
Our Insurance Providers
We treat you like family. Since 1983, Link Insurance has partnered with multiple Canadian insurance companies to give you first-hand access to competitive rates and great customer service. Our skilled brokers will walk you through your insurance policy documents and translate the often-complicated insurance lingo.
How Condo Owners Can Prevent Loss
Inspect your wood burning fireplace
Every year, inspect and clean your wood burning fireplace to reduce the risk of fire in your unit.
Keep thermostat on while away
If there is no heat or insufficient heat while you leave the house for more than four days, your pipes could freeze, leading to water damage in your unit and/or your neighbors’ unit.