Understanding Insurance When Living in a Condominium
When living in a Calgary condo you are usually surrounded by other units above, below, to the left and right of you.
You may ask, what happens regarding insurance if someone in another unit has a water leak or accidentally starts a fire? The potential for damage to neighbours in the building is very high!
Personal vs. Condo Corp.
You’ll be happy to know that condominium corporations are legally required to maintain adequate insurance for the overall building, but this does not include any of your possessions or the interior of your unit.
You absolutely, positively, without a doubt must have your own insurance in case a terrible accident like a water leak or fire does occur and it happens to damage your belongings and /or unit!
If you have your own condominium owner insurance it should cover your contents, upgrades to the interior of your unit and also provide you with liability insurance in case your unit has an accident and affects one of your neighbours.
Toilets, sinks and dishwashers can and do leak sometimes and if it happens to you it would be imperative that you have insurance coverage to pay for the damages.
Make sure to discuss every detail with your insurance broker so that you fully understand what is and is not covered in case of an emergency such as a fire or water break in your condominium.
This will give you peace of mind knowing that everything in your home is covered just in case!
Calgary Condo Guide
- See our complete Resale Calgary Condo Guide for several tips on buying resale condominiums
- Also see our New Calgary Condo Insiders’ Guide for tips on purchasing a new condo today
Questions about Condos in Calgary?
As a highly experienced Calgary condo expert, I promise to help guide you through every step of the way when buying and / or selling condominiums while providing only the best level of service and advice the industry has to offer.
Call me anytime at 403-370-4180 or message me below. I am looking forward to helping you accomplish your condo goals in Calgary!