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.