Compare Quotes for the Best Condo Insurance in Calgary

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: 

• Personal liability: Covers damage if someone is accidentally injured in your unit.  

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. 

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.