Calgary Condo Insurance

Calgary condo insurance: What you need to know

Whether you live in a historic brick loft on the Beltline or a new high-rise in East Village or Chinatown, if you have a condo, you need condo insurance in Calgary.

As a condo owner, your condominium corporation will have insurance that covers the overall structure and designated public areas. However, to protect your individual unit – the interior of your condo and your personal belongings – you will need condo insurance.

Calgary Condo Insurance Coverages

Our condo insurance policies include the following:

Physical damage

Condo insurance provides coverage against physical damage to the interior of your property, which have occurred due to situations outside of your control. Some common examples include damage that resulted from theft, vandalism, explosion, fire, and smoke.

Contents coverage

This type of protection covers your personal belongings in the event of an insured claim and is subject to specific policy limits. If you have valuable electronics, jewellery, art or other collections, you may need additional coverage to ensure these items are fully covered.

Improvements and betterment protection

If upgrades were made to your unit, this policy inclusion covers you for these improvements, whether they were completed by a previous owner or yourself.

Personal liability insurance

Condo insurance offers personal liability coverage for policyholders. This means if someone injures themself while at your residence and decides to sue, your legal expenses would be covered.

Loss assessment coverage

This protects you when claims arise involving your condo building or any of its common areas, providing they are due to an insured peril. In scenarios where you are required to share responsibility for costs related to property damage and/or injury, loss assessment coverage can help.

Deductible assessment coverage

By law, condominium corporations are required to have insurance for the condominium property. If an insurable loss occurs, a unit owner may be required to pay the deductible of the condo corporation’s policy, depending on the circumstances related to the loss. If this happens, deductible assessment coverage would ensure your insurance would pay for the deductible, which can sometimes be thousands of dollars.

Contingent coverage

If your condominium corporation’s policy fails to protect your or is insufficient to cover an insured loss, your contingent coverage provides additional protection for your condo unit.

Additional living expenses

If you are forced to leave or evacuate your condo as a result of an insurable event, you would be eligible to receive additional living expenses through your condo insurance. Your policy covers extra costs for accommodation, transportation, and food, while you are away from your home.

Condo Insurance Rates and Calgary

Finding the most affordable coverage for your needs

The cost of condo insurance in Calgary is based on several factors that are unique to your location, your building, and your own unique history or circumstance. This means the amount you can expect to pay will differ between cities, and even specific neighbourhoods within the same city.

Here are the key factors which contribute to the cost of condo insurance in Calgary:

• Building details
  • Building type / classification
  • Building materials used
  • Age and type of electrical, heating and plumbing
• Neighbourhood specifics
  • Crime rates of your neighbourhood
  • Claim rate of your neighbourhood
  • Location, and proximity to hazards, such as rivers
• Personal details
  • Your age
  • Your credit rating
  • Your insurance and claims history
  • Replacement value of personal belongings
• Policy specifics
  • Your deductible
  • Your policy limits
  • Additional coverages

While almost all insurance companies will look at similar factors, how they weigh each factor to determine premiums may vary. That is where a knowledgeable insurance broker can help. Our Calgary condo insurance specialists search the market to the find the most cost-effective insurance solutions for you and your individual needs.

Talk to a broker today to see if you are paying more than you should for your condo insurance.

Why choose Acera Insurance as your Calgary condo insurance broker?

We are the largest independent, employee-owned insurance brokerage in Canada. Our advisors are also Calgarians too, which means we have a deep understanding of the local market and can use this knowledge to better advise you.

With access to an extensive network of insurers and contacts, we pride ourselves in going above and beyond to find attractive rates and exclusive deals. This means you can rest easy knowing you have the best condo insurance coverage in Calgary for your specific unit and needs. Get a free condo insurance quote to get started.