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Written By Alexandra Bosanac

Updated

Calgary condo insurance 101 

Condo insurance provides financial protection for the interior of your unit, the contents you store within it, and your storage locker. It safeguards what's likely your largest investment — your home — and your peace of mind.  

If you’re new to home insurance, the first thing to do is get acquainted with the different plans available: basic, broad and comprehensive. They share much in common, though they differ in the coverage they provide. 

While you can opt for any policy type, it’s worthwhile considering the best coverage for perils unique to your neighbourhood. In Calgary, that's likely to mean getting a policy and adding protections for hazards like flooding. 

Another important element of having condo insurance in Calgary is the liability protection that comes with it. For example, you'll be financially protected if someone is injured at your condo. This is handy if you have to defend yourself against a legal claim.  

Regarding the cost of home insurance, it’s a lot like car insurance: the type of coverage you select will significantly impact the price. However, unlike car insurance, condo insurance rates aren't regulated by the provincial government, meaning companies charge what they want. Insurance companies aren't mandated by law to provide insurance to anyone who wants it, so they can afford to be pickier about who they extend coverage to. 


Is condo insurance mandatory in Calgary? 

Condo insurance, which is simply home insurance for condos, is optional by law everywhere in Canada. 

However, you’ll likely have difficulty securing a mortgage if you don't have it. Many lenders require it as a condition of financing. Plus, your condo board might make having it a requirement. 

Your condo management has insurance that covers the cost of repairing or replacing building elements such as a shared common space. Your condo insurance policy will only protect against damage that occurs within your unit. 

Most condo insurance policyholders conclude that the month-over-month costs of condo insurance are minimal compared to how much they would spend to cover damage out-of-pocket. 


Types of condo insurance in Calgary 

Standard Calgary condo insurance comprises two main parts: property and liability coverage. Here's a breakdown of each one. 

Condo insurance coverage: 

  • Personal property: Protects the contents of the unit. Included are clothing, furniture, entertainment, and more.  
  • Unit betterments: Covers damage made to upgrades in the unit – whether by the current homeowner or the previous one.  
  • Additional protection: Covers damage to the parts of the unit that aren’t protected by the building’s insurance, like a sliding glass door that opens to a property.  
  • Additional living expenses (ALE): If you’re forced to decamp due to an insured loss, like a fire, ALE will help pay for your food and shelter. 

Liability coverage: 


Condo insurance plans in Calgary 

There are three categories of home insurance plans to choose from.  

Basic home insurance:  

This is sometimes called ‘limited’ insurance because it offers the least coverage for your house and contents. You’re only covered against perils that you explicitly name in your policy. If it isn’t in your policy, you’re not protected against it.  

Broad home insurance: 

This plan provides more coverage than a limited policy but less than a comprehensive one (we’ll go over that one next). A broad home insurance policy provides coverage against all perils to your home’s structure.  

Your contents, however, are only protected against the perils you name. This plan is also sometimes referred to as a ‘standard’ policy.  

Comprehensive insurance:  

The most inclusive plan available (it’s also the costliest). With comprehensive home insurance, you have coverage against all perils for your condo and its contents. Comprehensive plans represent the most coverage you can buy before adding optional coverages, called endorsements or riders. This plan is sometimes called an ‘all perils’ policy.  


Add-ons to Calgary condo insurance  

Some types of protection are only available when you opt for additional coverage. 

Some common additional coverage includes: 

  • Condo board – Additional liability protection if you're a condo board member and are sued. 
  • Earthquake – Covers loss or damage caused to a home and its contents by the earth-shaking. 
  • Identity theft – Protection for policyholders whose identity is stolen and used unlawfully. 
  • Overland flooding – Refers to protection from damage caused by overflowing water from a nearby river or lake. 
  • Personal property – While the contents of your unit, including belongings like clothing, furniture and entertainment equipment, will be protected by most comprehensive policies, you can get additional protection for items that 
  • Sewer backup – Refers to protection against damage caused by sewage seeping into the home after the water table is overwhelmed. Homes on a floodplain are particularly vulnerable to sewer backup
  • Unit betterments – Covers you for any upgrades you, or the previous owner, have made to your condo unit. It includes coverage for damage to things like your floors, built-in shelves, upgraded light fixtures, and faucets. 
  • Unit loss - Protects you financially, up to a limit, for any charges you receive for damage not covered by other insurance – the building’s or another unitholder’s. 

Recent condo insurance quotes in Calgary

Recent Condo Insurance Quote from Calgary, AB
Townhouse
May 22, 2024
Cheapest Quote
$ 34 / month
$408 / year
Average Quote
$ 56 / month
$672 / year
Savings
$ 22 / month
$264 / year
or
39.00 %
Recent Condo Insurance Quote from Calgary, AB
Low Rise
May 21, 2024
Cheapest Quote
$ 72 / month
$864 / year
Average Quote
$ 85 / month
$1,020 / year
Savings
$ 13 / month
$156 / year
or
15.00 %
Recent Condo Insurance Quote from Calgary, AB
Townhouse
May 21, 2024
Cheapest Quote
$ 26 / month
$312 / year
Average Quote
$ 33 / month
$396 / year
Savings
$ 7 / month
$84 / year
or
20.00 %
Condo insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

How much is condo insurance in Calgary?

The cost of any insurance coverage in Calgary depends on many factors, each of which varies between policyholders.

However, according to RATESDOTCA data, Calgarians can expect to pay at least $21 per month, or $257 annually, for condo insurance.

Insurance companies use postal codes to group their customers. Below are the average premiums for Calgary postal codes based on RATESDOTCA data.

Calgary postal code Avg. 2022 premium
T2G $286
T3Z $277
T2E, T2K, T2M, T2R, T3E $276
T2B $270
T2L, T2N, T2P, T2S, T2T, T2V, T3C, T3H $264
T2H $263
T2Z $262
T2W $257
T3A $256
T2C, T3S $255
T3N $254
T2A, T2X $253
T2J $252
T1Y $249
T3J, T3R $248
T3L $246
T3B $245
T3G, T3K $244
T2Y $243
T3M $241
T3P $238

The most significant factors influencing Calgary condo insurance costs include the following:

  • Type of coverage
  • Amount of coverage
  • Location of the condo
  • Claims history of the policyholder

When you use RATESDOTCA to compare quotes from insurance providers nationwide, you’ll be asked to characterize the condo, including building materials, storeys, heating and safety elements.

Depending on the level of risk the condo presents, you may pay more.

For example, rates may be higher for a unit in a stucco-covered high-rise built in the 1970s than for a unit in a new building. Higher costs result when an insurance provider considers the risks associated with a building to be significant.

Which Calgary postal code has the cheapest condo insurance? 

The T3P postal code has Calgary’s cheapest condo insurance premium, according to RATESDOTCA data. Premiums here are $238 per year or $19.83 per month.

Located in Northwest Calgary, a large portion of the T3P area is rural, but the southernmost tip includes the suburban neighbourhood of Evanstown.

The T2G area in Southeastern Calgary has the highest average condo insurance premium. At $286 per year, condo insurance is 20% more expensive than in northern Calgary.

How does Calgary’s average condo insurance premium compare to other cities in Alberta?

The average premium for condo insurance in Alberta is $253 per year, according to RATESDOTCA data.

At $257 per year, Calgary’s average aligns with the provincial average.

The highest premiums were found in Fort McMurray ($290), the site of wildfires that razed the town and generated $5.96 billion in damage.

Even as the site of Canada's costliest severe weather event in history, there's still only a $33 difference between Calgary and Fort McMurray's annual premium, which amounts to $2.75 a month.

It underscores the fact condo insurance is affordable and worth having, considering the damage that Alberta’s summer storms have produced in recent years.

Rank City Avg. 2022 premium Difference from Calgary
1 Fort McMurray $290 13%
2 Lacombe $279 9%
3 Airdrie $277 8%
4 Red Deer County $275 7%
5 Lethbridge $274 7%
6 Innisfail $272 6%
7 Camrose $267 4%
8 Rocky Mountain House $265 3%
9 Chestermere, Cochrane $264 3%
10 Vermilion $262 2%
11 Medicine Hat, Barrhead, Strathmore $260 1%
12 Sylvan Lake, Banff, Acadia Valley $259 1%
13 Canmore, Peace River, Olds, Hinton $258 0%
14 Calgary $257 0%

Factors that determine your Calgary condo insurance  

There are a lot of factors that go into calculating a premium. Here are the ones that have the most significant impact.  

Claims history: If you’ve made a claim in the last 10 years, you’re likely paying a higher rate than if you hadn’t. Your insurance provider might offer claims forgiveness, an optional product you can add to your policy. It guarantees your first claim won’t go on your insurance history.  

Condo type: The type of condo you own makes a difference. For instance, if you live in a townhouse versus a high-rise, you may pay more since you’re at street level and are more exposed.  

Location: The location of your condo matters, too. If your neighbourhood has an elevated risk of a break-in or flooding, you’re likely to pay more than someone who lives in a safer area. Your distance to a fire hydrant or station matters, too. The longer it takes for a fire crew to put out a fire, the more risk your unit presents to insurance companies. This will also result in a higher premium. 

Pets: Condo owners with pets may pay more for insurance, especially if they have an exotic one. Certain dog breeds labelled as aggressive are also penalized.  

Upgrades to the unit:  Upgrades to your unit could also jack up your premium, as you’ve increased your condo's replacement or repair costs.

How to get the cheapest condo insurance in Calgary 

Condo insurance is cheaper than home insurance (largely because there’s less square footage and less coverage is required). However, you can still use many tactics to find cheap insurance — and keep it low.

  • Bundling: Bundling your home and auto insurance with the same insurance company usually gets you a discount of up to 15%.
  • Comparison shop: Compare quotes from multiple condo insurance providers before you buy a policy. The more, the better. Rates comparison sites like ours make it easy to do this. Enter some information about your unit, and we’ll scan 50+ Canadian insurance providers and bring the list of your best offers, starting with the lowest one. See for yourself what insurance companies can offer you without any middlemen.
  • Claims history: If you’ve never made a claim, you’ll pay less insurance than someone who has. You can buy claims forgiveness to ensure your first claim doesn’t impact your record.
  • Credit score: With your permission, a condo insurance company can do a ‘soft’ check on your credit score (meaning it won’t impact your score). You could get a discount on your premium if you have a good score. Insurers also can’t use your score to deny you insurance.
  • Don't smoke: Smoking is considered a fire hazard by insurers. You will pay less for insurance if you’re a non-smoker.
  • Stay loyal: Some insurance providers offer discounts to policyholders who’ve been long-time customers.
  • Buy new: Coverage for newly built condos typically costs less than for older buildings.
  • Stay safe:  Installing alarms that detect burglars, smoke, and carbon monoxide may lower premiums.
  • Other lesser-known factors that can lower your insurance:
  • Age: Retirees often get seniors' discounts.
  • Being mortgage-free: Homeowners who are mortgage-free pay less, too.

How to get your Calgary condo insurance quotes on RATESDOTCA

1

Tell us about your condo

Answer a few basic questions about your condo. It won’t take long.

2

Compare your quotes

See condo insurance quotes from multiple companies, side by side.

3

Pick your policy

Compare coverages and find the right protection for your possessions.

Get covered

Connect with the provider and secure your rate.

What people say about our quotes

Frequently asked questions about Calgary condo insurance

Still have questions about getting insurance for your Calgary condo? We’ve got answers.

What does condo insurance protect against?

For condo insurance in Calgary, you’ll choose between two policy types: Comprehensive (all-perils) or named perils.

The former offers more coverage, whereas the latter covers only perils that are specifically named in the policy.

Common perils that are covered by comprehensive and all-perils insurance include:

  • Broken windows
  • Electrical current
  • Explosion
  • Falling objects (depending on the cause)
  • Fire
  • Hail
  • Lightning
  • Smoke damage (except from your fireplace)
  • Theft
  • Vandalism
  • Water damage
  • Wind damage

Does condo insurance include protection against flooding?

Condo owners in Calgary should be aware of the limits associated with water damage protection in their policy.

Most insurance plans cover water damage from an unexpected event such as a burst pipe.

But for flood protection, which is increasingly common in many parts of Canada, including Calgary, you will need to buy additional insurance.

There are different types of flood coverage; the two most relevant to Calgary condo owners are overland flooding and sewer backup.

Overland flooding refers to water entering a home from a nearby river or lake.

Sewer backup refers to sewage overflowing into the home when a water management system is overwhelmed.

A historic flood in Calgary in 2013, which caused more than $3.5 billion in damages, was deemed to have caused overland and sewer backup flooding.

The catastrophic losses inspired significant changes to the type of flood coverage insurance carriers offer. It also showed governments that flooding is an insurance risk that must be taken seriously.

How much is condo insurance in Calgary?

The amount of condominium insurance you need for your Calgary condo depends on your risk tolerance and the requirements of your mortgage lender or condo board. In general, a condo owner will pay more for additional coverage.

In most cities in Canada, condo owners should expect to pay at least $20-$30 per month for condo insurance.

How can I reduce the cost of my condo insurance?

You can try plenty of tactics to lower the cost of condo insurance. However, the main one is to compare quotes. And don’t just take our word for it: The Financial Consumer Protection Agency of Canada, the country’s consumer watchdog, says that the best way to ensure you’re getting the lowest rate

A bunch of factors are in play when insurers calculate someone's rate, which is why premiums often vary between insurance providers. Some are willing to take on risks that others aren’t. You’ll know which one wants your business because it will be the company offering you the cheapest rate.

*Shoppers in Alberta who obtained a condo insurance quote on RATESDOTCA from January to December 2023 saved an average amount of $125. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes home and tenant insurance.

Alexandra Bosanac ,
Content Manager

Alexandra Bosanac has been a content manager for RATESDOTCA since 2021, specializing in auto insurance. She began covering auto insurance in 2017. Alexandra has a bachelor's degree in journalism from Toronto Metropolitan University. Before joining the RATESDOTCA editorial team, she reported for the Canadian Business, the Toronto Star, the National Post, and the CBC.

Experience
  • Car Insurance
Education
  • Bachelor of Journalism, Toronto Metropolitan University
Featured in
  • Investigative researcher at CBC
  • Breaking news reporter at Toronto Star
  • General assignment reporter at National Post
  • Business and general assignment reporter at The Canadian Press
  • Writer at Canadian Business

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