With the Calgary area becoming ever more urbanised, condominium living is a popular option for people who would like to invest in property ownership, but would also like to avoid the many outdoor upkeeping tasks associated. Although you don’t have to worry about a lot as a condo owner, proper insurance coverage is still a necessity.
Condominium Insurance Basics
Typically, the external walls, roof/ceiling/floor integrity, the common areas, garage, and other spaces outside your unit are insured by your condominium association under its own master insurance policy. As a condo (or townhome) is a privately owned unit that is a component of the larger structure, your private condominium insurance provides coverage for the inside of your unit.
Depending upon the clauses of your condominium association’s master policy, your own condominium policy will usually cover the interior walls of your unit, any appliances you have installed, your personal property and other valuables, and provide liability coverage if you are ever primarily responsible for personal injuries or property damage.
Know Your Condominium Association’s Policy
To have an idea of how much coverage you need, you have to have an understanding of the type of coverage the master policy of your association provides. They are usually one of two types, either “bare walls in” or “all-in.” All-in policies are also known as “single unit.” This type of coverage includes protection for the fixtures, appliances, plumbing, wiring, and the like, but doesn’t cover any personal property. Depending upon your association, a “bare walls policy” may not cover anything about your unit other than structural damage. You will need to take into consideration whether your condo’s master policy is “bare walls-in” or “all-in” when purchasing your condominium insurance.
What Isn’t Covered?
Like homeowner’s insurance, condominium insurance has exclusions for insect infestation, mould, wear and tear, and other damages not specifically covered. However, as the most common disasters that will likely ever befall most condo owners is burglary, fire or storm damage, you’ll likely be covered for most conceivable instances of such damages, including the loss of use of your unit should it need rehabilitation after a claim. You should also be aware that your individual condo coverage will never cover any association fees, fee increases, or special assessments to bolster the current budget or the association’s reserve fund.
Assess Your Needs and Update Regularly
Unlike a traditional home, where old and new possessions can accumulate in relatively the same space, some condominium units normally offers storage space in the basement of the building. creating an “out of sight, out of mind” effect.
To that end, it is wise to maintain a comprehensive inventory of your possessions, including the exact serial numbers of any appliances you have installed. It is also crucial that when you update the appointments in your condo unit that you also update your master inventory. Keep your inventory list off site, or in the cloud if you can. Without that type of list, your burned-to-ash handwoven area carpet imported from Turkey can look indistinguishable from an inexpensive machine loomed carpet. If you have family heirlooms or especially valuable jewellery, be sure you have an endorsement to insure them for their increased value after getting a professional appraisal.
Contact Bow Valley Insurance of Calgary
At Bow Valley Insurance of Calgary, we work with several nationally recognised insurance companies to provide excellent coverage at a great price. We can find the best insurance for condominium owners in the province. For competitive free quotes on condominium insurance, Bow Valley Insurance is your one-stop shopping source.