Condo Insurance Edmonton
Edmonton Condo Insurance
Living in condos is low-maintenance and less stressful than a house. Still, a condo requires the same level of protection as a house. Luckily, condo insurance is designed specifically for condo owners who don’t need the extra coverage needed for houses. Insuring a condo is essential to protect your investment in Edmonton and ensure peace of mind. Condo insurance is essentially home insurance tailored for condominium units.
With Sharp Insurance, you get to work with insurance experts to get personalized condo insurance that fits all your needs and budget. Protect your assets now and purchase condo insurance. Get a quote.
Why Sharp Insurance?
Sharp Insurance is a tech-forward, client-driven insurance brokerage based in Edmonton, Alberta. It’s fast and simple to get a condo insurance quote, which gives you immediate access to our network of insurers.
Sharp is one of Canada’s fastest-growing insurance brokers, with satisfied clients all over the country. Thanks to our tech-driven approach to serving clients, we can acquire the insurance coverage they need.
Top 4 reasons Edmonton Condo Owners choose Sharp:
- We’re independent.
Although we work with numerous insurance companies, you are our priority.
- We’re competitive.
Our network includes many high-rated insurers. We are confident we can get you the best condo insurance coverage in Edmonton.
- We’re experts.
Our brokers just don’t dabble in insurance – they’ve got decades of experience. We answer your questions, assist with claims and ensure your coverage is the right fit for you and your needs.
- We’re digital.
Digital tools make insurance simpler. We use digital tools, like our online portal and app, to help improve your experience.
Is it Mandatory to get Condo Insurance In Edmonton?
While it’s not legally required by Canadian law, most lenders require it. Even though condo buildings have their own insurance policies, those condo insurance policies typically only cover shared spaces, not individual units in Edmonton. Therefore, a condo board will often insist that unit owners have their own Condo coverage, as well as anyone renting the unit.
Condo insurance in Edmonton protects your home and belongings against damage, provides liability coverage, and covers additional living expenses if you’re unable to stay in your home following an insured loss.
You’ll be grateful you have it if something unexpected happens to your home. Condos are a fantastic choice for low-maintenance living, and you can keep life stress-free with condo insurance from Sharp Insurance. Our trusted insurance brokers in Edmonton understand the unique coverage options. Contact us today and get a free online condo insurance quote.
What Does Edmonton Condo Insurance Cover?
- Personal property: includes any personal belongings you have inside the condo unit and storage units you own inside the apartment building. Items covered include clothing, kitchen gadgets, and condo walls, fixtures, and floorings.
- Personal liability: If someone is accidentally injured on your property, this covers the legal and medical costs. For example, if someone slips and falls on uneven steps, your insurance pays for their medical expenses.
- Additional living expenses: If your condo is considered inhabitable because of a covered loss or damage, this coverage pays for expenses like accommodation and groceries.
- Home improvements: If you or the previous owner upgraded flooring, lighting, cabinets, countertops or so on, you will get reimbursed for the improvement expenses.
- Loss assessment: If your condominium corporation issues an assessment for damage or loss to common property or the building itself, this covers your share.
What Is Not Covered by Condo Insurance in Edmonton?
Your condo insurance policy doesn’t cover all risks. Here’s a list of circumstances excluded from condo insurance coverage:
- Avalanche
- Damage from renters
- Earthquake
- Flooding
- Landslide
- Damage from previous owners or before you bought the insurance policy
- Water damage due to freezing
- Damage while you’re away from home for a long period
Condo Insurance Endorsements in Edmonton
- Condo board: Offers additional liability protection for condo board members if sued.
- Earthquake: We recommend getting earthquake coverage if you live in an area where earthquakes are known to happen.
- Identity theft: In case your identity is stolen and used illegally, this covers the legal fees.
- Overland flooding: For those living near a river or a lake, this protects the cost of damage repair if a body of water overflows.
- Valuable Personal property: Offers additional coverage for valuable items that aren’t covered by the standard insurance policy.
- Sewer backup: If you live on a flood plain, sewage might seep into the condo after the water table is overwhelmed. This causes considerable damage. Get coverage for sewer backup to get compensated for the damage repair costs.
What is the Average Cost of Condo Insurance in Edmonton?
The average cost of condo insurance in Edmonton is $32-40/month. Bear in mind that the cost widely varies according to many factors. The following factors play a huge role in pricing condo insurance policies.
- Age
- Lifestyle
- Location
- Credit Score
- Insurance Claims History
- Coverage limit
- Property Value
- Heating, electricity, and plumbing systems
How to Get Cheaper Condo Insurance in Edmonton
- Age: Condo owners over the age of 65 might get a discount.
- Lifestyle: Being a smoker might increase your premium and the opposite stands. If you’re a non-smoker, you may get a discount on your condo insurance premium.
- Credit score: Many insurance companies look into your credit score if you allow it. If you have an excellent credit score, you’ll get a discount.
- Deductible: Paying a high deductible gets you a lower premium and vice versa. It’s a good option to increase your deductible if you can afford to pay it out-of-pocket at any point.
- Claims history: Having many previous insurance claims may increase your insurance rate. Try to limit the number of claims you make to get a better rate.
- Discounts: Make sure to ask your insurance provider about the discounts they provide. You might get a discount for a number of reasons, like your alma mater, being a part of an organization, or being a loyal customer.
- Premium payment schedule: Paying your premiums annually is cheaper than monthly payments because it reduces the administration fees.
- Home security: Installing security gadgets, like a smoke detector and security alarm system is important to prevent fire, theft, and vandalism. Additionally, having a secure home will get you a lower insurance rate.
Why is Condo Insurance in Edmonton Expensive?
Condo insurance rates in Edmonton have been increasing over the past few years. Here are some of the reasons why:
- Insurance companies have been receiving less investment revenue recently. Because they have to pay claims but are unable to change car insurance rates, they are forced to increase insurance premiums.
- Insurance premiums are affected by the cost of repairing or rebuilding the condo unit. And because the cost of building materials has been skyrocketing in recent years, insurance companies have to offer higher insurance rates.
- Lately, weather conditions have been severe in Canada. Anticipated weather conditions include wildfires, floods, storms, and more. Now, insurance companies need to pay out for the damage caused by these conditions. Insurance providers are even considering adding floods as part of the standard home or condo insurance policy due to the high volume of flood incidents.
Condo Insurance Edmonton FAQs
On average, the cost of condo insurance in Edmonton is $30-40 per month. Note that this is just an estimate and the true price is subject to many factors.
Yes, you can pay for insurance through the condo fees. However, insurance paid that way doesn’t include personal property. It covers common areas in the building, like lobbies, hallways, elevators, etc.
Condo insurance isn’t mandatory in Alberta by law. However, it’s recommended to protect your assets and belongings. Not to mention that if you buy your condo through mortgage, many lenders will require getting condo insurance.
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