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.
Condominium insurance is meant to cover owned property, much like a house. Therefore, a condo insurance policy covers not only persons and contents but also physical damage to the building structure itself, whereas rental insurance does not. Premiums for condo insurance are a bit higher than for renter’s insurance, but much lower than for detached homes. The type of condo insurance needed also depends on whether the condo is part of or located within a larger building or complex. Read on to discover how the coverage differs for each property type.
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 in Edmonton, Calgary, and central Alberta 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.
Protecting Personal Property and Giving You Peace of Mind
Your condo insurance policy covers you as well as the contents of your home or condo. This includes your personal possessions, your building or unit structure, and contents.
We work with you to create a premium that you feel safe and satisfied with. 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.
Get an Insurance Quote Today
Working with an insurance broker means they can find you the best coverage and rates for your unique condo insurance needs because they have access to not just one, but multiple insurance underwriters. Dyck Insurance is not affiliated with any other Alberta insurance firms and will give you unbiased and objective insurance advice tailored to you.
Condo insurance is different from renters insurance because when you buy a condo you own it, and are considered a homeowner. Renters (or tenant) insurance is for those who pay rent to an owner or landlord of the property. Because you own a condo, a condo insurance policy covers damage to the physical structure of the building, much the same as if you owned a house. Renters insurance only covers what's inside the rental property or unit.
As with other insurance claims, it’s important to contact your insurance broker as soon after the incident as possible, even if it’s in the middle of the night. We have after-hours emergency claim numbers to call specifically for this purpose. When you do call us to file a claim, a dedicated broker will be assigned to you, one that is familiar with your policy, saving you valuable time. Rest assured that Dyck Insurance will get hard at work to resolve your claim in a timely manner.