Alberta Insurance Policies Suited to You
There is more to Condo insurance than you might think and it is important to find out a few details before calling.
Bare Land vs Standard
Know what type of Condo you are purchasing. A standard or conventional condo is the most common type of condo and it typically refers to a unit that is located within a building. The boundaries are identified by referring to floors, wall and ceilings and condo owners have full ownership of everything inside the unit.
A Bare land condo unit is a plot of land and owners have full ownership of everything within the unit’s land boundaries which may include a house, garage, trees and shrubs. Bare land condos require coverage similar to a homeowner’s policy with additional protection for common property. If you are unsure what type of Condo you own ask your Condo board, property manager or realtor.
Unit Improvement and Betterments
Unit improvements or betterments are anything installed, put down, or upgraded by a unit-owner (eg: higher grade carpeting, wood or tile floors, shelving, upgraded kitchens and bathrooms, or wall coverings). This coverage is included in your standard condo owner’s policy, but the limits vary between companies. If you are unsure about the original construction details of your unit, speak with your condo board or property manager to help you determine the value of your improvements.
Loss Assessment Protection
If you own a condo you could be assessed a portion of the cost to repair common elements or you could be assessed a portion of the deductible from the Condo Corporations policy. Unit owner’s condo policies include this coverage but each insurer has different limits and amounts available. Ask your Condo Board about the deductible in their insurance policy and about what common elements could be exposed to a loss and a subsequent loss assessment.
Get to Know Your Insurance Broker
Our dedicated brokers work flexible hours and will get to know you on a first-name business. Dyck Insurance Agency believes you deserve personalized service on something as important as your insurance coverage. We look forward to serving you from our offices in Wetaskiwin, Thorsby and Calmar. We also operate a motor vehicle registry office in Thorsby.