Everything You Need to Know About Personal Condo Insurance
It’s a big moment once you’ve saved up a down payment and are ready to make arguably one of the most important purchases of your life: you are ready to buy a home! If you are weighing your options between buying a single-family home or a condominium, consider this a case for condo living. If you want to reap the rewards of home ownership without worrying about time-consuming property maintenance, buying a condominium might be your best bet!
What Are Considered Condos in Edmonton?
A condominium, or condo, is a multi-family residential complex that is designed to accommodate several residents across multiple units. Condo facilities can be duplexes, townhomes, apartments, and multi-plexes as long as they share ownership of the development’s shared spaces and utilities, including entertainment rooms, shared gardens, fitness centres, or any communal area.
What Sets Condos Apart?
There are different condo styles to suit your preferences. For example, you could choose a townhome-style condo in a suburb of Southwest Edmonton for a quieter lifestyle, or you could buy a high-rise condo in Downtown Edmonton if you appreciate the hustle and bustle of central living. The beauty of a condo is that all common spaces within a condo complex are managed by a condo board. The condo board is a handful of individual unit owners who the other residents elect. The board is responsible for saying yes or no to requests for changes to the common property areas.
A condo is a great investment if you are a homebuyer looking for the following perks:
- A maintenance-free lifestyle
- Access to shared spaces for health, wellness, and entertainment
- Opportunities to meet people
- A safe atmosphere
- A prime location in your preferred suburban or urban community
If these insights have piqued your interest in buying a condo, let’s get into the insurance side of things.
What is Condo Insurance for Condo Owners?
What Does Condo Insurance Cover?
Investing in home insurance is very important, no matter what style of home you choose to buy, but when it comes to condo insurance, there are two types of coverage: personal condo insurance and condominium corporation insurance. Here are a few items that personal condo insurance covers:
- Personal property (furniture, appliances, clothes, electronics)
- Cost towards unit improvements such as upgrade flooring or countertops
- Fire, water damage, and theft in your condo unit
What Is Not Included in Condo Insurance?
Personal condo insurance covers everything inside your unit and your personal belongings. How much is covered is determined by the coverage limit you choose. Your condo insurance may not cover damage caused to common areas at the baseline, but our experienced insurance brokers can review additional loss assessment coverage options with you as an add-on to your policy.
Condo Insurance for Condo Owners vs. Condo Corporation Insurance
Navigating your condo insurance can be daunting, but we are here to help, so let’s discuss personal condo insurance vs. condo corporation insurance and how each type of insurance affects your living expenses.
Personal Condo Insurance:
Consider condo owner insurance as an added layer of protection and peace of mind for your personal property. Personal condo insurance protects your financial interest, covering costs associated with any repairs and replacements within your unit, and can also be used to mitigate costs of repairs being split between multiple condo owners. Something to discuss during your condo purchase is whether your unit is a bare land condo or not, as that could affect how much of the exterior property around your unit you are liable for.
Condo Corporation Insurance:
Collective condo insurance is typically purchased through the condo board and paid for with money from your monthly or annual condo fees. This type of insurance typically covers anything included in the main building umbrella, including lobbies, hallways, elevators, shared spaces, and any communal area not owned by an individual.
How Much Does Condo Insurance Cost and How Do You Get It?
What Is the Cost of Condo Insurance in Edmonton?
Like most types of insurance in Edmonton, condo insurance rates vary and can be shopped around to suit your budget and coverage requirements. We recommend working with our experienced insurance brokers at Cornerstone Insurance, who will ask you about your needs, concerns, and preferences so they can research condo insurance rates on your behalf to find you the best deal.
Is Condo Insurance Mandatory?
No, but it’s a very good idea! Investing in well-rounded condo insurance will protect your personal property in the event of a fire, water damage, or theft while easing the burden on your wallet for any material repairs or appliance replacements. You can even tailor your condo insurance package to ensure your living expenses in the event of temporary displacement are taken care of, which is a priceless investment in your peace of mind.
Where Can You Get Condo Insurance in Alberta?
Sifting through Alberta’s many condo insurance options can be overwhelming, especially if you don’t know which insurance bundle truly has your best financial interests at heart. At Cornerstone Insurance, our brokers have long-standing relationships with reputable insurance partners they can engage with on your behalf to help find you the most affordable condo insurance coverage that suits your needs and budget.
What Are the Benefits of Condo Insurance and Why Should You Have It?
Personal condo insurance is a great investment in your protection against loss and damages in your unit. It is also a proactive investment that can help contribute to unexpected costs related to repairs or damages in common areas, as long as the cause of loss is covered in your policy. Buying condo insurance now will protect you and your new home in the future so you can focus on making the most of your new home!
Condo Insurance Policies in Edmonton
Finding a condo insurance package that’s right for you should make your life easier, not add stress to your home-buying journey. Get in touch with our Edmonton insurance brokers at Cornerstone Insurance by requesting a quote online today! We look forward to playing an important role in this exciting life milestone.