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Condo insurance is simply home insurance for a condominium unit.
While Canadian law doesn’t require you to have it, most lenders consider it a prerequisite. Even though condo buildings have insurance policies themselves, they protect shared spaces rather than individual units. A condo board is likely to insist that the unit owners all have coverage, as well as anyone they rent the unit to.
Like most home policies, condo insurance in Edmonton will offer protection against damage to your home and belongings, while also providing liability protection and additional living expenses if you’re unable to stay home following an insured loss.
You’ll be glad you have it if something bad happens to your home.
In general terms, condo insurance offers protection to your specific unit and its contents. This means that if your condo is damaged following an insured loss, it will be repaired or replaced — depending on the terms of your policy and limits of your coverage.
The amount of protection you receive depends on the type of policy you have, and what perils are covered under the policy.
Many policies include protection against water damage, broken windows, fire, hail, wind, theft and vandalism.
However, there are also several perils that are often excluded, such as:
When you’re securing an insurance policy for your condo in Edmonton, make sure you clearly understand which perils are insured, as well as any exclusions.
Other add-ons you can consider when insuring of your Edmonton condo include:
Home insurance rates have been going up across the country, with condo insurance rates specifically increasing dramatically in some provinces.
Some of the key reasons for the increase:
No, condo insurance isn’t a legal requirement in any province. However, the condo building where you have a unit may require it. And, it’s likely that you will only be able to secure a mortgage if you have a home insurance policy.
Beyond these logistical considerations, you’ll be relieved to have protection if your condo in Edmonton and and/or your contents are damaged.
Most policies also offer liability protection, which means you’ll be protected if you or a guest are injured in your home.
Finally, a policy will provide additional living expenses if you’re forced to leave your home following an insured loss. For example, if a water pipe bursts and damages your condo, a policy will cover the cost of repairing your unit and also cover the cost of accommodation during repairs.
According to RATESDOTCA data in 2020, the average annual cost of condo insurance in Edmonton was $372.29. This works out to about $30/month.
When you add coverage to any policy, you can expect your home insurance costs to increase.
Regardless of what type of home you live in, you’ll have to make some decisions around the policy type, as well as coverage amount and any additional coverage you select.
When you opt for a comprehensive, or all perils, policy, you’ll be protected against common perils such as water damage, broken windows, fire, hail, wind, theft and vandalism.
Your policy, however, is likely to have exclusions for things like floods and earthquakes. For protection against such perils, you’ll need additional coverage, which is also known as an endorsement or a rider.
For the contents insurance and liability protection your home insurance policy, you’ll have to decide on limits. Most home insurance policies assume a contents value of about $30,000.
If your belongings are more valuable than that, you can add an endorsement to your policy ensuring that they’re protected. This is common among condo owners who may also have expensive sports equipment, jewelry or other valuable collections.
While some home insurance policies assume a limit of $1 million on liability protection, we recommend that you increase it to $2 million. Any medical and legal fees easily add up if someone successfully sues you.
The best way to save on insurance costs is to comparison shop.
Another effective savings tactic is bundling your policies so both are held by a single provider. For example, one company will hold both policies for your home in Edmonton, as well as your car.
Other tactics for bringing down your insurance costs include:
Yes, we encourage you to get coverage beyond what your building has.
While the building’s coverage will cover the cost of repairing or replacing shared common spaces, any damage to your specific unit will only be protected by your own personal condo insurance policy. This is especially relevant if you’ve updated your unit. Most policies are designed to cover units in their original construction rather than any unit betterments.
The liability protection included in most condo insurance policies will also protect you financially if you or a guest are injured.