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The cost of condo insurance has been steadily increasing across Canada.
There are several reasons for this. Each underlines the value of comparison shopping for the best available rate.
No. Condo insurance, which is simply home insurance for condos, isn’t required by law anywhere in Canada.
However, if you don’t have it, you’re likely to have a difficult time securing a mortgage because many lenders require it as a condition of financing.
In the event of needing to make a claim, most policyholders conclude that the month-over-month costs of condo insurance are minimal compared to how much they would spend to cover a claim out-of-pocket, on their own.
Most forms of home insurance, whether you live in a house, condo, townhouse or rental unit in Calgary, also include liability protection. This comes in handy if you have to defend yourself against a legal claim.
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 a comprehensive or all perils condo insurance policy covers include:
Condo owners in Calgary should be aware of the limits associated with any water damage protection in their policy which refers to water damage from an unexpected event such as a burst pipe.
For protection from flooding, which is increasingly common in many parts of Canada, including Calgary, policyholders will need additional flood protection.
While there are different types of flood coverage, the two most relevant to Calgary condo owners are overland flooding and sewer back-up.
Overland flooding refers to water entering a home from a nearby river or lake.
Sewer back-up refers to sewage backing up 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 both overland and sewer back-up flooding.
The catastrophic losses inspired significant changes to the type of flood coverage that insurance carriers offer and also made clear to governments that flooding is an insurance risk that needs to be taken seriously.
The cost of any insurance coverage in Calgary depends on number of factors, each of which vary between policyholders.
In many Canadian cities, you can expect to pay at least $25-35/month for condo insurance.
The most significant factors influencing cost include:
When you use our online tool to compare quotes from insurance providers across the country, you’ll be asked to characterize the condo, including building materials, storeys, heating and safety elements.
You may end up paying more depending on the level of risk that certain elements of the condo bring with it.
For example, rates may be greater 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 there to be greater risks associated with a building.
In general, if you’d like to reduce how much you pay for insurance coverage, you can do so by:
You may also be eligible for discounts through memberships such as CAA or Costco as well as those offered by an alma mater.
Insurance for your condo in Calgary is customizable.
Some types of protection are only available when you opt for additional coverage.
Some common additional coverage includes:
Yes, we strongly encourage you to get coverage beyond any that your building has.
While their insurance will cover the cost of repairing or replacing elements of the building such as a shared common space, any damage to your specific unit will only be protected by your condo insurance policy.
Another important element of having condo insurance in Calgary is the liability protection that comes with it. For example, you’ll be protected financially if someone is injured while at your home.