According to statistics from the Canadian government, Albertans enjoy living in condos, and it’s easy to understand why. With housing prices increasing in our cities and high competition over apartments, condos provide the best of both worlds. Condos also offer an affordable option for owning property in urban areas without the hassle and stress of home maintenance. Condo owners can enjoy the benefits of outsourced landscaping, general repairs, and other ground maintenance, as well as access to shared facilities such as meeting rooms, entertainment rooms, storage spaces, and fitness centers. When you own a condo unit, you can choose to be involved in the decision-making for your condo facility, or you can leave the decision-making to others on the board. It’s a great lifestyle for Edmontonians, so if you own or plan on purchasing a condo, Edmonton’s insurance brokers are here to help support you!
Everything You Need to Know About Condo Insurance
With the demand for condominiums rising as popular urban living spaces, there are several things you should know about condo insurance, whether you’re shopping for a condo or already own one. The condo insurance system can feel complex to navigate. For example, how do you determine who pays for certain expenses in the event of a flood or fire? The insurance brokers at Cornerstone Insurance can explain all the things you need to know about condo insurance and how to find the best insurance rates.
How Does Owning a Condominium Work?
First, let’s take a look at what a condominium is. The word condominium comes from Latin and literally means “joint dominion” or “joint sovereignty.” Although the concept of condominium living is an ancient one, in modern times, the idea of condo living is fairly similar across Canada.
There are two primary models for condominiums inc Canada. The first is when an apartment building is divided into living units that are owned rather than leased. The owners of these units collectively own a series of shared spaces and utilities, such as courtyards, hallways, stairs, HVAC systems, etc. These common areas are managed by the condo board, which is comprised of representatives who live in the condo facility. If you want to change the landscaping in the shared garden, you’d need to approach the board and get approval from your fellow condo owners before making any changes.
The second model of condos in Canada is a collection of detached or semi-detached homes that all contribute by paying fees that cover collective services such as landscaping, snow removal, and garbage and recycling collection. These services are arranged and managed by the condo board or home owner’s association. This type of condo often has a communal park or walking trail for the enjoyment of the residents.
Who Needs Condo Insurance?
Everyone who lives in a condo should have condo insurance. There are many perks of condo living and participating in collective ownership, but one key element is not included: individual unit insurance. Your general condo fees contribute to condominium corporation insurance, which may cover some expenses related to the shared spaces of your condo, such as repairs to a courtyard or flood damage. When it comes to damage or theft to your individual unit or personal property, you are responsible for buying your own insurance. You may also need additional coverage in case there isn’t enough shared money from condo fees to cover main area expenses after an incident. This is where condo insurance comes in. It is specifically designed to provide coverage to condo owners and their needs.
What Does Condo Insurance Cover?
Condo insurance covers the inside of your condo unit and your personal property. In the case of theft, fire, or other disasters, your condo insurance can protect your furniture, electronics, flooring, and other parts of your unit, depending on the coverage you buy.
If there is damage caused to shared spaces in your condo facility, and the condo corporation insurance does not cover the full expenses, you may be required to pay a share of additional fees. Our insurance brokers can help you find additional loss assessment coverage to help fill in the gaps between your condo association master insurance policy and your unit policy, so you’ll have peace of mind in all scenarios.
How to Find Affordable Condo Insurance in Alberta
If you’re in the market for condo insurance coverage, you can choose to research and compare condo insurance quotes on your own, or you can work with a professional insurance broker who will do the research and comparisons for you. Insurance brokers are professional insurance quote shoppers. At Cornerstone Insurance, our brokers take the time to listen to your needs before searching for the best quotes in the province. Our brokers know how to find you deals and discounts based on your unique experience. Mány companies offer insurance discounts when you bundle your insurance packages, are loyal to their company for a certain amount of time, or when you go for a certain amount of time without making a claim. Our insurance brokers work for you when interacting with the insurance companies to ensure you get the best coverage possible.
Simplifying the Claims Process
When you need to file an insurance claim, the last thing you want to experience is waiting on hold to talk to somebody to find out how much money you’ll need to pay. When you work with insurance brokers, we take care of all the little details of filing your claim so you can focus on the needs of you and your family. We’re happy to take care of the processing and will keep you updated on the progress along the way. We’ll even advocate on your behalf, when necessary, to ensure you get a fair assessment from the insurers. Our goal is to see that you are looked after for all your insurance requirements.
Stress-Free Condo Insurance Shopping in Edmonton, Alberta
Insurance brokers help take the stress and confusion out of insurance shopping. At Cornerstone Insurance Brokers in Edmonton, we help explain and decipher policies, so you understand exactly what protection you have in your policy. Our insurance experts are also available to answer your questions or concerns at any time. Simply call or email us, and we’ll be happy to share advice and information related to your needs.
