Edmonton Condo Insurance

Trust us to protect your property with condo insurance in Edmonton

Purchasing a condo is a massive life decision that we know is not made lightly. Your new home is not just a place to lay your head, but also an investment that needs to be protected.

As a new property owner in Edmonton, condo insurance should be a high priority to ensure safety and protection while giving you some well-needed peace of mind. While insurance for the entire structure of your condominium complex is not your responsibility, you need your own insurance to cover your personal property and liability.

Just like any home, you want to feel protected in the case of emergency or accident, so make sure you get the proper coverage for your new place in Edmonton. Condo insurance is essential and simple, but it requires some understanding to ensure that you are sufficiently safe and sound. We work with top insurance companies to find comprehensive insurance coverage for your individual unit, so you can have peace of mind knowing you are properly covered.

Why do I need condo insurance for my Edmonton unit?

By getting condo insurance you automatically cover your personal property, any improvements you personally make to the condo, and coverage for loss assessments made by the condominium corporation. Accidents can happen. Perhaps someone gets injured or has their property damaged in your vicinity – condo coverage will ensure that your personal liability is covered. It’s quite simple – anything that happens within your unit is your responsibility.

Stay covered from whatever life throws at you

Quite often the insurance coverage your condominium corporation has will not cover any improvements you make after the original construction. No matter how new or old, your unit might need some improvements, even if it’s just a matter of taste. This could include anything from replacement flooring, renovating a room, adding kitchen cabinets, or refinishing of any kind. Once you have identified the exact coverage needed, you are safe to customize your condo to your heart’s content.

Without coverage, you may find yourself involved in your condo corporation’s claims involving the building itself or common areas. Often they will have their own form of insurance in place, but certain assessments may go over the policy limits. In these rare scenarios your loss assessment coverage will keep you safe. Just because it is rare, doesn’t mean it can’t happen to you.

Often to save money on premiums, condominium boards will arrange for higher deductibles ranging from $5,000 on up to $50,000. Or perhaps the board will instate bylaws to make owners individuals responsible for any damages to their units. But regardless of what decisions are made, our coverage will leave you protected in the event where the balance is not in your favour.

What does condo insurance include?

Our condo policies include the following:

Understanding key Edmonton condo insurance protections

Condo insurance helps ease the burden of physical damage expenses

This form of coverage is what most people associate with condo insurance. It safeguards you against physical damage that occurs within your individual unit, as long as the incidents are accidental or beyond your control.

Typically, condo insurance protects against physical damage caused by:

• Theft
• Vandalism
• Fire

Condo insurance protects you with personal liability coverage

Condo insurance also offers important legal protection that many people may not be aware of. For instance, if a guest is injured in your home and decides to take legal action against you, your condo insurance can help cover associated legal costs.

Condo insurance supports additional living expenses

Having to repair your condo after an insured loss can be a stressful experience, especially when it comes to finding somewhere to stay during the repairs. Fortunately, if your claim is approved, condo insurance can assist with the cost of temporary living expenses while you’re unable to stay in your unit. This may include accommodation, transportation, and even meals.

If I own a condo unit and rent it out to a tenant, am I still required to have condo insurance?

If you own a condo unit and choose to rent it out, you still need to maintain condo insurance. Ownership means that you are responsible for protecting your property, whether you live there or have tenants. Having condo insurance ensures your unit is covered against a range of insured risks.

If you’re using your condo as a rental or income property, it’s also a good idea to speak with your broker about adding rental income coverage to your policy. This type of coverage helps protect your rental income if a covered event makes the condo uninhabitable for tenants. Rental income coverage provides a financial safety net, ensuring you don’t lose income if your tenants are unable to stay due to an insured loss.

How much does condo insurance cost in Edmonton?

Insurance rates for condominiums in Edmonton are unique to you, your building and multiple factors.

Below we’ve outlined some key information on what influences condo insurance rates:

• Building details
  • Building type / classification
  • Building materials used
  • Age and type of electrical, heating and plumbing
• Neighbourhood specifics
  • Crime rate 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

Other items, which relate specifically to policy options, will also determine your premium. These include your deductible, policy limit and any additional coverages you have selected.

Advantages of working with our Edmonton condo insurance brokers

Our team is truly local — we live and work right here in Edmonton. As experienced condo insurance specialists, we use our in-depth knowledge of the city and the insurance market to secure the most competitive rates and coverage for you. Because we operate as an independent insurance brokerage, our loyalty is to you, not the insurance companies. You can trust that we are always acting in your best interest.

We take the time to understand your unique situation, ensuring that your coverage matches your specific needs. By comparing options from a wide range of insurance providers, we find the best policy to suit your lifestyle and budget. Throughout the process, we offer free expert advice and guidance, making sure you feel confident every step of the way.

Connect with a dedicated Edmonton condo insurance broker today and experience the difference of personalized, professional service.