Protecting Your Alberta Condo
For many Albertans, condominiums offer a lot of appeal. You get the community of apartment living, the freedom to alter your home to your own tastes, and the financial incentives that come with home ownership. You also do not have to rake the leaves, shovel snow, or worry about the roof leaking. Condos can be a great solution for those that want to own a home, but don’t want all the work.
Owning a condo comes with its own set of risks, however. Your life can be affected by the behavior of your neighbors—and not just late-night noise or the smell of curry in the hallway. In a building with shared walls, unforeseen perils can threaten your home and your belongings.
Some of the most common perils are fire and water damage. Also, mold in your neighbor’s condo can spread through the walls and floors to yours. This can be a big problem for your health and well-being.
What Do Condominium Association Fee’s Cover?
Condos generally have a Condominium Association to which each resident pays dues to cover things like the upkeep of the building, trash collection, cleaning of common areas and a Master Insurance Policy. While each condo is individually owned, the structure and shared spaces are jointly owned by the Master Insurance Policy and is paid for collectively. However, usually that policy only covers the shared assets, not the individual units. Fire damage to your load-bearing walls may be covered, but maybe not your kitchen cabinets. Water damage to your ceiling might be covered, but not your art and home theater system. That responsibility is often left to the owners of the individual units.
With insurance premiums on the rise for Master Insurance Policies, many Associations are opting for lower premiums with higher deductibles, and passing along the entire cost of the deductible to any resident found liable for the building’s damage. This means you could be footing the bill for an accidental fire or flooding.
How Much Insurance Do I Need?
This is why you should carry your own Condominium Insurance Policy. You’ll want to be covered for any liability for damage to your building, as well as any damage inside your home.
Every Master Insurance Policy is different, so your individual insurance policy should be tailored to meet your specific needs. You don’t want to buy insurance for things that are already covered (you’re already paying your share of that), but you want to make sure that your policy covers everything else.
Talk to Your Alpine Insurance Agent
Talking to your Alpine Insurance agent can help you decide exactly what you need. Your agent can review your building’s Master Insurance Policy with you, help you determine the value of your other belongings, and craft the perfect insurance policy for you
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