There are various forms of insurance that you can get. When it comes to your home, you can easily find insurance brokers in Calgary that can provide home insurance. However, did you know that you can also get condo insurance?
If you’re a condo owner, it might be in your best interest to consider looking into condo insurance and see if the cost of coverage is worth your dime!
Encapsulating the Cost of Condo Insurance in Calgary
What is Condo Insurance?
So what exactly is condo insurance? And what does it cover? Condo insurance is mainly regulated to coverage in your unit. These include the possessions in your unit, storage locker, and any possible personal liability claims in case someone is injured at your place.
Here is additional coverage that condo insurance provides in the case of any loss or damage to the following:
- Personal belongings
- The inside of your condo unit
- Possible theft
- Unit renovations from you or previous owners
- Common spaces (i.e. hallways & elevators) resulting from an accident within your unit
- Additional living expenses
Why Get Condo Insurance?
Many might wonder why condo insurance is even necessary. After all, the whole point of you owning a unit is that the condo fees can handle what needs to be covered. However, a condo corporation’s building insurance policy can vary in what is covered for the building and individual unit owners.
When it comes to a condo corporation, they ensure the building’s insurance coverage through the condo fees that you pay monthly. Yet, the thing about condo fees is that it’s regulated to only the building – not your unit. The condo fees you pay go towards the building’s upkeep through snow removal, utilities, lawn care, parking garages, and repairs to the building’s common spaces.
In essence, a condo building’s insurance policy doesn’t fully cover damages and losses for individual unit owners, but more so for communal coverage that extends to the building’s common areas. But with condo insurance, you can rest assured that if anything were to occur in your unit, it would be covered. You won’t risk assuming your building’s insurance will cover anything and be surprised by unexpected expenses.
That’s why it’s important to review a condo building’s insurance policy when comparing condo insurance coverage and whether you’re considering moving into a condo.
What’s the Cost of Condo Insurance?
Currently, in Calgary, condo corporations have higher insurance policy rates, resulting in increased condo fees for unit owners. As a result, condo insurance rates have been steadily climbing since 2021. The reason is from recently damaging hailstorms. The June 2020 hailstorm in Calgary saw a whopping $1.2B in insurance claims.
Despite the increase in condo fees, condo insurance has remained relatively steady in rates. In Calgary, you can expect the average cost of condo insurance to be between $30-$50 per month or $400 to $600 annually. The prices will vary depending on the location, building age, and risks. Compared to home insurance in Calgary, paying for condo insurance is more affordable.
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].