CONDO INSURANCE – CORNERSTONE

the outside of a modern condo building

CONDO INSURANCE IN ALBERTA

Condo units are popular living spaces in many cities in Alberta. Many condos include perks, such as fitness centres, swimming pools, and entertainment spaces, which make condo living a wonderful way to enjoy city life without the worries of property maintenance. When you own a condo unit, you’ll no longer spend your holidays and weekends cutting the grass, raking up leaves, or doing any additional yard work.

While condo corporations provide many amenities for your convenience, one important piece that is not provided is insurance for your personal unit. If you own a condo unit in Alberta, you should consider personal condo insurance to protect your property and belongings from damage or theft. Additionally, condo insurance protects you from loss assessment for common areas. This can occur when corporations have insufficient insurance or high deductibles.

Wherever you live and whatever your lifestyle looks like, Cornerstone Insurance Brokers can provide you with insurance quotes for your condo. 

 

WHY DO I NEED PERSONAL CONDO INSURANCE IN ALBERTA?

 

While condo fees go towards providing many convenient communal services, it does not mean you are 100% protected. First, condo insurance purchased by your condo corporation may not always be sufficient to cover all damages, leaving you liable for extra assessments. 

 Second, personal condo insurance for your unit is not included in the condo corporation’s policy. If a fire, water damage, or theft occurs in your condo unit, the insurance for the condo corporation will not protect you or your possessions. As the condo unit owner, you need to purchase your own policy to ensure your living space and personal belongings are covered.

 

WHAT IS THE DIFFERENCE BETWEEN PERSONAL CONDO INSURANCE AND CORPORATE CONDO INSURANCE?

Condo corporation insurance is purchased through the condo board and paid for from condo fees. It typically covers the main building structure and the common areas, such as lobbies, hallways, walkways, elevators, outdoor spaces, gyms, and pools. In some instances, a condo corporation may include deductible coverage for unit owners, but not all condos do this. It’s important to find out whether you are expected to pay any deductibles for damages to or from your unit. The details of insurance coverage should have been discussed when you purchased your unit, but you can reach out to your condo corporation board for more information in the event that you are unsure or don’t remember. 

While condo corporation insurance protects the communal spaces, personal condo insurance protects your individual condo unit, including your personal property. When the cost of repairs and replacements are assigned either to your unit or split between you and several other units, your insurance policy can help mitigate the costs. Our brokers can also assist you in purchasing additional loss assessment coverage to help bridge the gaps or limitations of the condo corporation’s master insurance policy and your policy.

HOW MUCH DOES CONDO INSURANCE COST IN ALBERTA?

At Cornerstone Insurance, our experienced brokers are committed to helping you find the best policy offers to insure your condo unit. Many of our condo insurance clients take advantage of bundled discounts. We offer multi-policy savings when you purchase auto or life insurance, in addition to personal condo insurance, through our brokers at Cornerstone.  

In addition to multi-policy discounts, our insurance partners offer several other discounts, such as:

  • Claims-free discount
  • Gated community discount
  • Loyalty discount
  • Mature discount
  • Mortgage-free discount
  • New home discount
  • Multi-resident discount

Whether you’re shopping for a new policy or want to review your current policy, you can discover what discounts you’re eligible for by getting in touch with our brokers.  

 

CORNERSTONE’S CONVENIENT CLAIMS PROCESS

Here at Cornerstone Insurance, we strive to make the claims process as easy as possible. If you need to make a claim on your tenant insurance policy, you’ll likely have many worries on your mind, which is why we offer several different ways to start the process. You can call our offices to talk directly to your broker, or you can use our online portal or convenient app for your mobile device. Whichever path you choose to start the claims process, our team is here to help you get a fair deal from the insurance companies and advocate on your behalf if necessary. 

GET IN TOUCH & GET A QUOTE

If you live in a condo unit in Alberta, our brokers can help you find the best quotes for personal condo insurance. We’ll help ensure you have the right coverage and understand your policy. Make the most out of condo living by ensuring your personal items and condo unit are fully covered. Let us help you find solid protection. We look forward to meeting you and providing sound advice for your insurance needs! 

OUR INSURERS

Our insurance brokers work in direct contact with insurance companies on your behalf to ensure you get the best coverage for your needs. Learn more about Cornerstone Insurance’s partner insurers. 

 

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DID YOU KNOW?

… that Cornerstone has been in the insurance business for over half a century?

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