Condominium Owners and Tenants Insurance - Alberta

PERSONAL PROPERTY

Personal property is the core of your insurance policy. It provides coverage for appliances, clothing, electronics and home furnishings that are stolen, damaged or destroyed by an insured peril.

It is important to note that items such as a jewellery, furs and fine arts are only covered up to the limit specified in the policy wording and may have limited coverage available.

Higher limits of insurance and broadened coverage can be added to your policy for an additional premium.

BETTERMENTS AND IMPROVEMENTS

Any upgrades made to the flooring, lighting fixtures, kitchen or bathroom cabinets and countertops are considered betterments and improvements to the unit. Upgrades that have been made to your unit are not covered by your condominium corporation’s insurance.

Your personal condominium policy provides this coverage in order to protect any of the improvements that were made by you, or a previous owner.

If you have performed any updates or upgrades to your unit, it is important that you notify your broker immediately to ensure that you are properly covered in the event of a loss.

CONDOMINIUM CORPORATION DEDUCTIBLE COVERAGE

As a condo owner, you directly share the ownership and legal responsibility for the common areas within your condominium complex (meeting rooms, hallways, entrances, elevators, swimming pools, laundry rooms, fitness rooms, etc). As these areas are available for use by all unit owners, the responsibility is shared amongst owners when a claim is made against the condominium corporation’s master policy.

In the event that a loss originates from your unit and subsequent damage occurs to the building, the strata may need to open a claim under their policy. The strata’s policy will be subject to a deductible in order to repair the damage, and this deductible will be assessed to you, as the damage originated from your unit. The Deductible Assessment coverage offered by your policy will cover the deductible that you are assessed, up to the amount of coverage noted on the policy.

Condominium Corporation Deductibles can be substantial, so it is extremely important to know what limit of coverage you require.

PERSONAL LIABILITY

Liability coverage protects you anywhere in the world for accidental injury or property damage to others. Example: A guest in your home slips and falls and is injured as a result, or your child accidently throws a ball through a neighbors window which causes damage to an expensive piece of art.

Living in a condo increases your exposure to accidental damage due to your close proximity to other units. Personal liability coverage can help cover the legal expenses you incur.

This coverage is automatically included in your policy and can be increased for a nominal fee.

ADDITIONAL LIVING EXPENSES

In the event that you are unable to live in your unit due to loss or damage caused by an insured peril, this coverage will help to cover out-of-pocket expenses you incur. Additional Living Expenses cover reasonable expenses such as food, hotel or alternate living arrangements, moving and others costs that you would not normally experience while residing in your own home.

OPTIONAL COVERAGES

There are many additional coverages available that are not automatically included in a condominium policy. Important coverages to consider include, but are not limited to; Sewer Backup, Ground Water, Overland Water and Earthquake.

• Did you know that Water Damage is the leading cause of insurance claims in condominium buildings? Sewer Backup coverage is an essential addition to any insurance policy.
• Earthquakes are a real danger in Canada, particularly in British Columbia. If you reside in an earthquake-prone area, it is important to discuss this coverage with your broker as your condominium corporation will likely have an earthquake deductible that you could be assessed after an earthquake occurs.

PERSONAL PROPERTY

Personal property is the core of your insurance policy. It provides coverage for appliances, clothing, electronics and home furnishings that are stolen, damaged or destroyed by an insured peril.

It is important to note that items such as a jewellery, furs and fine arts are only covered up to the limit specified in the policy wording and may have limited coverage available.

Higher limits of insurance and broadened coverage can be added to your policy for an additional premium.

PERSONAL LIABILITY

Liability coverage protects you anywhere in the world for accidental injury or property damage to others. Example: You accidentally start a fire in your kitchen that damages not only your suite, but other units within the complex, or a guest in your home slips and falls and suffers from an injury.

Living in a complex increases your exposure to accidental damage due to your close proximity to other units. Personal liability coverage can help cover the legal expenses you incur.

This coverage is automatically included in your policy and can be increased for a nominal fee.

ADDITIONAL LIVING EXPENSES

In the event that you are unable to live in your unit due to loss or damage caused by an insured peril, this coverage will help to cover out-of-pocket expenses you incur.

Additional Living Expenses cover reasonable expenses such as food, hotel or alternate living arrangements, moving and other costs that you would not normally experience while residing in your own home.