Condo Insurance in Calgary

Welcome to your home insurance guide for Calgary. This page will give you an idea of condo insurance premiums in Calgary, explain details of condo insurance and will help you get a free condo insurance quote in Calgary.

How much should I pay for condo insurance in Calgary?

Here are several numbers that provide transparency about condo insurance costs in Calgary. You may notice that Albertans pay more in home insurance costs than other Canadians on average, but condo insurance is still very affordable.

What does condo insurance cover?

The following overview shows you what a typical condo insurance policy covers (in red). Find an explanation for each item further below.

Normally, there are two policies involved in the insurance aspects of a condo. Our detailed article explains what the commercial condo policy covers, versus your personal condo insurance policy.

Understanding what your personal condo insurance policy covers is crucial in avoiding unexpected out-of-pocket payments.

1Upgrades: Upgrades or improvements include hardwood floors, new cabinets or counter tops, crown moulding and wallcoverings. Some condo corporations have passed bylaws making unit owners responsible for all flooring materials and countertops in their units, regardless of whether or not they were upgrades or improvements. Coverage limits for upgrades usually start at $2,500.

2Contents: Any of your personal or specialty property inside your unit must be insured under your personal condo policy. This includes furniture, electronics, household goods, clothing, etc. Most policies will protect your contents against water damage, as well as other types of loss. With most policies, you can choose a limit that starts at $20,000 and goes as high as you need.

3Third party liability: Should you, for example, forget to turn off the kitchen faucet and it causes water damage to unit owners beneath you, they can sue you for damages. This coverage also protects you if somebody is injured while in your premises (e.g., slipping on a wet floor). Condo insurance would include this type of liability protection. Typical amounts of coverage range between $500,000 and $3,000,000.

4Theft: Should any of your property be lost due to theft, most condo insurance policies would cover it. Overall, the risk of theft is not that high in condos because of condo security services, for example, security staff on premises and fobs required to access elevators and common areas.

5Your locker: Did you know that from an insurance perspective, your private locker is considered to be part of your insured premises? If something is stolen from it, you can rest assured that your personal condo policy will protect you.

6Special insurance assessments: There are a number of situations where commercial condo policies do not cover all damages. In these cases, the condo corporation can make assessments against individual unit owners. This most commonly occurs when a unit owner is responsible for the damage or if the loss originates from a single unit. Condo corporations can also make assessments against unit owners if there is a shortfall in the commercial condo policy. These assessments can total $25,000 or more. As a unit owner, you can protect yourself against insurance-related assessments by having the right personal condo policy.

And the bonus one – additional living expenses: What would you do if you couldn’t live in your unit because it suffered damage and is undergoing insured repairs? If you don’t have friends or family members to stay with, you could be out of pocket by thousands of dollars for temporary accommodations. Your personal condo policy includes protection for additional living expenses, which includes the cost of temporary accommodations. Limits of coverage usually start at $10,000.

Looking for condo insurance or want to understand if you are overpaying for your existing condo insurance? Get a free condo insurance quote and start saving today.

What do condos cost in Calgary and Alberta?

Knowing condo insurance costs in Calgary informs condo insurance decisions, so we collected a few important stats for you.

As an interesting comparison, the average Toronto condo costs $703,698 and the average Vancouver condo reaches $746,400.

Special developments in condo insurance in Calgary

Condo deductibles alert: As of January 2020, condo owners can be on the hook for a large part of deductibles of the condo corporation’s claim in cases where damage originated in their unit or private area. Let’s say you had a fire that originated from your condo unit and, once extended, damaged a part of common elements. The condo corporation is responsible for these common elements through their condo corporation insurance but can pass to you up to $50,000 in deductibles. Read more here.

Condo fees impacted by condo corporation insurance: In the recent years, many condo corporations in Calgary faced exponential growth in commercial condo corporation policy rates. These increased costs are passed on in the form of condo fees to the condo owners. Some condominiums report a 50% or more increase in condo fees due to this issue. Read more here.

Condo insurance rates: Calgary condo insurance rates have been steadily climbing in 2021, mostly driven by recent hailstorms in the largest city in Alberta (e.g., June 2020 hailstorm in Calgary was the 4^th largest insurance claim in Canada with a price tag of $1.2B).

Regulating condo insurance in Calgary

It is important to know that there are two organizations that touch on condo insurance topics in Calgary.

Condominium Property Regulation (Condominium Property Act) regulates all condo-related issues of a property in Alberta. Part 6, “Insurance,” regulates some aspects of condo insurance such as deductibles that condo corporations can try to recover from condo owners.

Link: Condominium Property Regulation of Alberta >>

Since condo insurance is a type of home insurance, it is regulated by the Alberta Insurance Council. The primary focus of the Alberta Insurance Council is on licensing and regulating insurance agents, brokers, and independently licensed adjusters. The Alberta Insurance Council helps to protect Alberta consumers.

Link: Alberta Insurance Council >>

Data source for condo costs: Calgary Real Estate Board (CREB) and Canadian Real Estate Association (CREA)