Condo 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 Coverage vs Standard Coverage
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, walls, 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 insurance coverage similar to a homeowner’s insurance 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 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 condo unit, speak with your condo board or property manager to help you determine the value of your improvements.
Loss Assessment Protection Insurance
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.
Insurance Coverage that Cares
For over 30 years, Dyck insurance company Ltd. has worked to provide our clients with expert insurance advice. We offer complete insurance to fit all your condo needs. Our family owned business is not affiliated with any other Alberta insurance firms so we work with you, placing your interests as our top priority.
Our condo insurance covers you, and what you hold dear in the comfort of your home. We work with you to create a premium that you feel safe and satisfied about. Our trained professionals understand the law, insurance, and work to give you the best possible outcome. For example,we work with you so you can understand what it means for your insurance if you rent out your condo to others or if you use it to operate a business.
Please feel free to contact us if you have any questions at any of our three locations in: WETASKIWIN (5105 47 Avenue) Phone: 1.780.352.9222, THORSBY (Box 530 4905 Hankin Street) Phone: 1.780.789.2424, or CALMAR (Box 870 4915 50 Ave)Phone:1.780.985.3650. We look forward to hearing from you.
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 condo 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.