St. Albert Condo Insurance
A condo insurance policy provides protection for your home, personal property, and liability in the event of a disaster. If you are looking for a comprehensive condo insurance policy in St. Albert, we have you covered! ARC Insurance Brokers provide full coverage from the top Canadian insurance companies. Start a quote today to cover your condo, belongings, unit upgrades, living expenses, and more.
Condo Insurance and the Condo Associaton’s Policy
Many first-time St. Albert condo owners assume that their condo corporation’s insurance will cover their new home.
Although you pay condo fees to the corporation, their insurance doesn’t usually cover the interior of your unit.
Therefore, if something happens that damages your floors, cabinets, and countertops, you may be responsible for replacing these interior elements of your home.
Our local St. Albert brokers can help you determine what is covered in your unit and put together the best condo insurance policy to fit your lifestyle and needs.
What is Condo Insurance, and What Does it Cover?
Condo insurance helps protect you from financial risks associated with owning a unit in a multi-unit building.
It covers the building’s common areas and the loss of use of your unit due to damage or destruction caused by fire or other insured perils.
It also provides personal liability protection for bodily injury or property damage that occurs on your unit or in the common areas of the building, as well as medical payments coverage if someone is injured while visiting you at home.
Condo insurance can help protect both yourself financially, as well as your home!
St. Albert Condominium Insurance
When you own a condo in St. Albert, the right insurance policy can help protect you from financial risks associated with owning a unit in a multi-unit building:
Personal Property/Contents Coverage: Protects your belongings from perils such as theft, vandalism, or fire.
Additional Living Expenses: This covers food and shelter if you are forced to temporarily leave your unit for an extended period of time.
Liability Coverage/Legal Liability: Protects you against claims or lawsuits resulting from damage or injury to a third party.
Unit Improvements and Betterments: Covers any additional improvements or upgrades you make that increase the value of the unit.
Loss Assessment: Protects you against special assessments issued by condo owners to cover damage to common areas.
Unit Additional Protection: Helps if you need to rebuild your unit by covering where the condo corporation’s insurance is inadequate.
Condo Insurance Options
You may also want to consider additional coverage for personal property or living expenses if your insurance doesn’t cover those things:
Basic Coverage
Basic coverage is a form of coverage that typically provides protection for your personal possessions in the event they’re damaged or stolen by an insured peril.
It may also include liability protection in the event that someone is injured on your property or you cause damage to another’s property.
Basic coverage often excludes certain items such as jewelry, collectibles, and furs. However, homeowners can purchase additional endorsements if desired.
Replacement Cost Coverage
A replacement cost policy pays out enough money to replace damaged items with new ones without taking into account depreciation (the decrease in value caused by age).
If you have this type of policy but don’t have enough cash on hand right away after a disaster strikes, then it will take care of any outstanding debts until funds become available through insurance proceeds.
Additional Living Expenses Coverage
This feature provides reimbursement for temporary living expenses if your home becomes uninhabitable due to covered losses like fire or flood damage.
How to Choose Condo Insurance Coverage
In order to figure out what kind of insurance package you need for your condo, it’s important to consider what you actually need to cover.
Start by taking a look at the wording in your condo agreement.
If you have a “Walls-in” policy or “All-in” policy, this means that the policy covers everything within the interior of the unit, including walls, floors, and ceilings.
A “Bare Walls-in” policy covers the framing inward but not fixtures or installations such as cabinets or countertops.
The last type of policy is the “Bareland” policy, where none of the structure is covered. This is when it’s imperative that you purchase a condo insurance policy with full coverage for the building in case of loss.
The City of St. Albert
The City of St. Albert is located in Central Alberta, Canada.
It is one of the most beautiful cities you’ll find anywhere in North America, with its lush green parks and well-kept neighborhoods.
It’s also located on the banks of the Saint Albert River, which makes it a perfect place for outdoor activities like canoeing or fishing.
St. Albert is also an excellent place to live if you’re looking for a small town with big-city amenities!
Let’s Get Started!
Contact ARC Insurance in St. Albert to get started with the perfect condo insurance policy to protect your home, your belongings, and your family.
