Why you need insurance on your Edmonton Condo
Owning a condo in Edmonton is in many ways simpler than owning a single-family home. Not only is it more affordable, but it also relieves you of having to worry too much about building maintenance, yard work, and, perhaps most beneficial of all, snow removal. There is, however, one aspect of condo living that is usually more complex than if you owned a single-family home, and that is figuring out how best to insure your home and your belongings.
Many condo owners mistakenly assume that they don’t need home insurance because of the condo fees that they pay every month. They assume that the building insurance policy which covers the condo building itself extends to the contents of their unit. But the truth is that the building insurance policy usually only covers common building areas, such as shared hallways, and the bare walls and floors of each individual unit. The Condo owner must insure their contents and personal liability through an individual Condo owners policy.
In some instances the building insurance policy may also extend to cover standard condo fixtures, such as light fixtures and countertops. Nevertheless, this still leaves everything else inside of your condo completely uninsured, and it doesn’t apply to any upgrades that you make yourself to the light fixtures, cabinetry, or flooring. If your condo building comes with individual storage lockers, than the content of your locker may be uncovered as well.
It is also important to note that, in the event of an insurance claim through the building insurance policy, the condo residents will need to bear the cost of the deductible. While the cost is often shared equally among residents for issues that affect the building’s common areas, you may be expected to cover the entire cost yourself if a problem in your unit led to problems in other units or common areas.
At Drayden Insurance Ltd. We understand that home insurance for Edmonton condo owners needs to be customizable and uniquely tailored to specific needs of our clients. Through our close partnerships with some of Canada’s top insurers, we are able to offer a wide variety of Edmonton house and home insurance plans that can be selectively enhanced to provide you coverage where your building insurance policy doesn’t.
Drayden is committed to providing excellent customer service and to ensuring that you are protected against all of life’s uncertainties. We’ll help you understand your condo association insurance requirements. Contact Drayden today to get in touch with one of our experienced Edmonton insurance brokers and secure the coverage you need for your condo and your belongings.