Although they sound similar on the surface, a condo corporation policy and condo owners’ insurance are very different. Individual unit owners will most likely have condo owners’ insurance for their individual condominium units. This will cover their specific unit and their personal property within the unit. However, this type of insurance doesn’t cover the common areas of the condo building. That’s one reason why condo corporation insurance policies are so important.
The key benefit of condo corporation insurance is that damages and liabilities that have a direct impact on all common areas of the building are covered. If insured perils such as fire or water leakage affect all the individual units and the common property, a condo corporation insurance policy will cover any damages caused. Although there are sometimes overlaps between condo owners’ insurance and condo corporation insurance, both are necessary to insure against risks.
Choosing The Best Condo Corporation Insurance
To obtain premiums, a full assessment of the building is done by an experienced condo corporation insurance broker. We will assess individual factors to determine a cost for condo corporation insurance. Factors may include construction, loss history, location, potential insurance deductibles, and other variables that are essential to determine the best insurance policy for your neighbourhood.
Common elements of condo corporation insurance include liability insurance, fire insurance, and water damage insurance. Typically, the coverage Cornerstone offers insures the structural components of the building, as well all the common areas. At a minimum, we recommend a full comprehensive policy to ensure all possible risks are covered.
Occasionally, damages will be the result of unintentional acts. Condo corporation insurance also provides liability insurance for damages incurred by board members or the corporation itself. As long as the actions of the board members and corporation are not intentionally harmful, costs incurred by human error can be covered.
How Much Will It Cost?
Managing costs can be difficult for condo boards. Condo corporation insurance is a necessary expense. If you’re on a tight budget, our brokers will help you find ways to lower your premiums and save you money. Similarly, we can get you discounts, such as claims-free, loyalty, and renewal discounts. We’ll find the condo corporation insurance policy that suits your needs and your budget.
Who Needs Condo Corporation Insurance?
In Alberta, condominium corporations are required to obtain insurance for the common areas of a building. This guarantees that all parties are protected should any damage occur to the building. Whether you have a claim, a question, or need a quote, Cornerstone Insurance can help.
Condo corporation insurance is complex, and can vary depending on the corporation or building. It’s best to get in touch with an insurance broker directly for accurate information. Contact one of our knowledgeable condo corporation insurance brokers today for a full consultation and review, or request a quote.
Which Insurance Companies Should I Get Quotes From?
Cornerstone Insurance works with premier insurance companies in Alberta. We offer insurance coverage from companies like Intact Insurance, Peace Hills Insurance, and Wawanesa Insurance. As an Edmonton Insurance brokerage, we’re able to source insurance quotes from multiple providers.
Save time and money when you let a Cornerstone Insurance broker do your shopping for you. After your initial building assessment, we’ll source policies from our providers. Then, we’ll show you comparisons and find the best value. We can also source specific options that might be best for your policy, or benefit you in the case of a claim.
Get In Touch With A Cornerstone Broker
Our clients are our partners. We want to make it as easy as possible for you to reach us in person, by phone, email, or via our online portal. Our 24-hour claims reporting system allows you to file at any time in case of an emergency situation.
Why Choose Cornerstone Insurance For Your Alberta Insurance Needs?
At Cornerstone Insurance, we truly believe in making a difference for Alberta business owners. It all begins with a solid relationship, and it ends with trust.
Helping businesses is the future of Cornerstone Insurance. As our clients grow, we grow. If you have questions about your commercial insurance or condo corporation insurance, we’d be happy to help. Feel free to get in touch with us to speak to a real local broker.
Cornerstone Insurance offers condo corporation insurance in Edmonton, Sherwood Park, St. Albert, and throughout Alberta.