Everything You Need to Know About Condo Insurance in Calgary

When you own a condo, you may assume you do not need the same insurance protections that homeowners do. The reality, however, is you need just as much. After all, your condo is your property and if anything happens to it, damage expenses come from your wallet. Condo owners should never rely on the condo complex owner’s master policy to protect them. Individual unit owners still have a collective responsibility to insure their own, privately-owned areas just like the condominium complex owner is required to insure those common, public areas of the complex.

What is Condo Insurance?

Condo insurance is what covers the inside of your condo. The type of coverage you will need is dictated by the condo association’s master policy. Typically you will be required to cover items such as your appliances, interior walls, personal property, etc. Your insurance also will protect you from liability claims, such as someone being injured within your condo and attempting to sue you for payment.

Your condo insurance policy is designed to cover what the association’s master policy cannot cover. Master policies can consist of one of two things:

  • All-In Condo Master Policy – This is referred to also as a single unit policy that covers fixtures in your condo including wiring, appliances, plumbing, carpets, etc. but does not cover your personal property.
  • Bare Walls Master Policy – This only covers what is outside of your condo walls. It may also have exclusions regarding plumbing and wiring; so if a pipe bursts on your floor inside your wall, you are responsible for repairing it.

Most condo owners feel that their master policy is all they need, but associations that use bare walls policies often leave condo owners with little to no coverage for personal property or anything inside their unit.

Your condo association’s coverage is meant for the exterior and common grounds. That means you are left unprotected when it comes to fire, water damage, theft or even vandalism inside your unit. Also, if your unit causes water damage to another unit, you could be liable for that damage; proper insurance can help protect you from all of this.

 

Things to Consider When Reviewing Condo Insurance Quotes

When purchasing condo insurance, you need to assess all of your risks. Not all policies cover for things like:

  • Mold
  • Hurricanes
  • Flooding
  • Earthquakes
  • Special assessments
  • Appliances

Meet with an insurance specialist at TSG Insurance today to find out just what level of condo insurance you need for your unit. We can review your condo association’s master policy to look for lapses and ensure that all of your personal belongings and your condo are protected. Contact us online to get started or call us toll-free at 800-830-9423.

5 Tips on Commercial Insurance in Calgary and Surrounding Areas of Alberta

There are a surprising number of businesses in the country operating without any insurance or lacking significantly in coverage. If you have skipped out on commercial insurance just to cut down your costs, you could be putting your biggest investment at risk. In today’s economic climate, businesses are at risk for data breaches, civil lawsuits, and much more. Operating without coverage is a highly volatile situation, and one that is not always likely to end well or remain risk-free.

How to Purchase Commercial Insurance in Calgary

Commercial insurance, also known as liability insurance, protects your business regardless of the industry. Whether you are in transportation or need realty insurance plans, follow these tips to ensure you find the right level of coverage:

  1. Shop Around – You should never stop at simply taking the first batch of commercial insurance Alberta quotes and going ahead with a purchase. Instead, you need to compare different companies to see how each one’s insurance policy coverage and terms vary. You would be surprised at how much of a range there is for liability coverage. Compare not just the final price, but the coverage and exclusions for that price as well.
  2. Package Your Coverage – Each type of business and industry will have special coverage requirements. Instead of purchasing separate plans, consider combining your coverage. For example, farm and ranch commercial insurance plans may require general liability as well as livestock coverage, farm building coverage, etc.
  3. Know Your Risks – As a business owner, you should have a general idea about the types of risks your business faces. Keep in mind that insurers will also look at your acceptable risk model to determine if your company is worth insuring. For example, a general retail store may not have as many risks to insure as a bonding or surety firm.
  4. Use a Broker – You should never shop for commercial insurance on your own. While you may assume you can negotiate better pricing, working with an agent that understands the unique needs of your business and the insurance industry often yields the best possible rates. Agents at TSG Insurance, for example, can do a risk assessment to help find the right level of commercial liability coverage based on your business attributes and the industry you operate within.

If you need commercial insurance, speak with the experts at TSG Insurance for commercial coverage in Medicine Hat, Brooks and Calgary. We help businesses of all sizes and in all industries find the coverage they need. Contact us online or call us toll-free at 800-830-9423.

Electric Cars and Your Insurance: Is there Much of an Impact?

Electric cars are certainly the wave of the future. More manufacturers are starting to release hybrid and full electric options as the demand for cleaner air and cheaper operational costs increases. One thing you may not have considered, however, is how your electric vehicle will impact auto insurance in Alberta, if it does at all.

The first financial hurdle you will have to get over is the price of the electric car itself, which is significantly more than a fuel-powered vehicle. For example, the new Tesla Model X that offers 250 miles, winged doors and absolute luxury starts at $132,000 for the base model. While not all electric cars are so costly, the price is substantial compared to traditional, fuel-driven vehicles.

Does an Electric Car Increase Auto Insurance Rates?

Insurance premiums for an electric vehicle could go up, which may counteract all of the savings you are looking forward to. Just some things that could increase your costs include:

  1. Repair Costs and Labour – The biggest reason electric cars cost more for insurance premiums is the fact that they boast state-of-the-art technology and specialized engines that not all companies could repair. Even those that can, still have to purchase the expensive replacement parts for your electric vehicle, which are often much higher than the average gas-engine car parts.
  2. Replacement Costs – When insuring an electric car, the market price to replace that car is also a factor. For example, the Tesla costs over $100,000 to replace while a Honda SUV may be less than $40,000. The more luxurious the electric car you purchase, the higher your insurance premiums will be to cover for that unexpected replacement (if it is ever required).

It Is Not Just the Vehicle

Electric vehicles are not the only reason you may encounter higher insurance premiums. There are other factors used to determine your premium, including:

  • Driving history. If you have multiple accidents or traffic violations, you are a liability to the insurer; therefore, you will pay more than a driver with a clean history.
  • Age plays a pivotal role in determining insurance rates. Because a younger driver lacks the knowledge and skills of the road, their insurance will cost more than a seasoned driver with a clean driving record.
  • Type of coverage. The amount of coverage you purchase for your electric vehicle will also play a role. For example, if you opt for the minimum, your premiums will be lower than a driver that requests low deductibles and maximum coverage.

To truly get the best rates for car insurance in Calgary, Medicine Hat or Brooks, you should contact an insurance representative at TSG Insurance today. We will compare rates and help determine just how much extra you could pay for that electric car upgrade. Contact us online or call us toll-free at 800-830-9423.

Useful Tips for Purchasing Farm Insurance in Calgary

Whether you are a small, family-run operation or a big commercial farmer, insurance coverage is critical to the safety and reliability of your business. Farmers and ranchers have unique insurance needs that often require broader, more flexible coverage options. If you rent, you still need ample coverage for your crops and livestock. Typical insurance lacks the complexity to cover things such as farm equipment, workers and even silos.

What to Look for When Reviewing a Farm Insurance Quote

 

As you start shopping for farm insurance, the first thing you will look for is quoted prices from local insurers. It is important that you compare those quotes correctly and know just what included and what is not. Some things to consider and check for carefully:

 

  1. Dwelling Coverage – If you live on your home, you need to protect that house as well as the belongings inside it from natural disasters, fires, windstorms, hail and other accidental losses.
  2. Liability Coverage – Do not risk your farm and your livelihood. With the right level of liability coverage, you will have the protection you need from bodily injury, medical costs, property damage, etc. that you are legally responsible for.
  3. Personal Property Coverage – Your farm will have plenty of personal property, from animals to machinery to feed. All of these contribute to the farm’s success; therefore, they must be protected through your farm insurance policy. This blanket coverage option can protect personal property up to a specific limit.
  4. Outbuilding Coverage – Most farm insurance policies do not cover outbuildings, which include barns, detached garages, silos and sheds. If these are destroyed, you may find that repairing or replacing them comes from your own pocket. Outbuilding coverage offers protection from the unexpected circumstances that endanger these other structures on your farm.
  5. Grain Farms – There are special policies out there designed to protect grain farmers. These policies can be tailored to offer protection against crop loss and replacement costs, irrigation system failures, etc.
  6. Medical Payments – If you have workers on-site contributing to your farm, you need extra coverage such as medical payments to others. This ensures that visitors and workers are adequately covered if an injury does occur.

 

To explore your options for farm insurance coverage or to receive farm insurance quotes, contact the commercial insurance team at TSG Insurance today. Contact us online to get started or call us toll-free at 800-830-9423.