The housing market in the city has seen condo sales rising lately. The next step for these new condo homeowners is to find insurance companies in Calgary to secure their homes from potential losses or damages.
However, condo insurance is vastly different from a house’s insurance coverage and its price. If you’re a recent condo homeowner, read on to find out what you can expect to pay for condo insurance and what its coverage entails.
Finding Condo Coverage from Insurance Companies in Calgary
Why Have Condo Insurance?
You might be asking yourself: “Why do I need coverage when I pay condo fees? Doesn’t condo fees act as a form of insurance coverage?” The short answer to that question is yes and no.
Your condo fees provide some insurance coverage, but it’s technically meant to help cover any losses, damages, or liability claims to public spaces in the condo building. For example, the condo’s insurance would cover any instances that occur within common areas like the elevator or on-site gym. In essence, their coverage is mainly focused on the collective – where it goes toward the building as a whole.
Depending on the condo, they can cover certain parts of your unit that are core to the building (e.g. windows & light fixtures). However, they don’t cover liability cases, damages, or losses within your condo unit. For instance, if someone broke into your unit and stole any valuables from you. According to how a condo works, that’s considered your responsibility to handle.
In these scenarios, finding the right insurance companies in Calgary for personal condo insurance comes in handy.
What Types of Condo Insurance Exist?
Like any insurance, not all coverage is the same. Depending on your preferences for coverage, you want to see what insurance brokers in Calgary offer for insurance policies.
For the most part, you can expect personal condo insurance to commonly cover the following:
- Personal liability
- Personal property
- Unit improvements
- Additional protection for contingency scenarios
- Loss assessment
- Loss of unit
- Other living expenses
If you’re looking for more from your condo insurance policy, there are other options available such as:
- Directors & officers’ liability
- Overland water
- Sewer backup
- Identity theft
What’s the Cost of Condo Insurance?
As you recall, insurance plans all have varying degrees of coverage. In turn, it can affect how much you need to pay for your condo insurance. Naturally, the more coverage you want, the more it will cost you. Meanwhile, the less coverage, the less you will have to pay each month.
Plus, that’s not accounting for other factors such as:
- Property type
- Credit score
- Replacement cost
- Internal construction
- Claims history
- Special use
However, if you need substantial numbers, the average cost of condo insurance in Calgary is between $30 to $50 per month (around $400 to $600 per year). These monthly payments aren’t too bad – and there are ways you can further lower your condo insurance. Either way, it’s a reasonable price for personal peace of mind as a condo unit owner.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].