Key Considerations for Finding the Right Condo Insurance in Edmonton
Protect Your Edmonton Apartment with the Right Insurance Policy
Condo ownership can provide access to fantastic amenities and free you from the concerns of lawn care and security that homeowners normally face. However, the right insurance is equally important for stand-alone properties and for people who own or rent property in an apartment building. Are you unsure what qualities to look for when choosing the right condo insurance in Edmonton? Consider these critical questions below and work with the experienced brokers at Merit Insurance Services to find the perfect policy for your unit and budget.
Questions to Ask When Finding the Right Insurance Coverage for Your Condo
Protect your investment with adequate coverage for your apartment in Edmonton. Whether it is a brand new building or older unit, your property and contents should be covered in your policy. Get answers to the following questions before you decide:
- How will the master policy impact your decision? – You own the condo, not the entire building, so the shared spaces and amenities are typically covered under a separate, collective agreement. Your condo fees likely cover this expense and the master policy will clearly outline what areas of the building are covered. Some policies are ‘bare walls-in’ so fixtures and finishes in your unit will be excluded. Others are ‘all-in’ so you can expect that installations, ceilings, and flooring will be covered.
- How much does the association deductible cost? – Association insurance may provide you and other tenants with coverage for the shared and common areas of your building. If a natural disaster occurs, or some other form of structural damage is seen, this policy will be used to cover restoration work. The deductible from this claim would be shared among unit owners. These rates have been rising in recent years and can be quite expensive if you are caught unprepared for the charge. Read the association insurance agreement and bylaws carefully when you move in, or request them as soon as possible from the board of directors or property manager. Your condo insurance provider in Edmonton can also help you determine how existing agreements could impact your needs in the event of an accident or structural damage.
- What coverage level do I need? – Determining the level of coverage that is appropriate can be a personal choice, but using other owners’ upgrades in your building and current property value can help provide an indication of how much you need. Half the market value of interiors is usually a good place to start, but be sure to tell your broker about your specific content considerations.
Comprehensive Apartment Insurance in Edmonton
Come to Merit Insurance Services for personalized advice and condo insurance that is suited to your master policy, personal needs, and budget goals. Our team has years of experience in providing assistance with brokerage services for your home, business and vehicles. Enjoy savings and confidence as you rely on our team for affordable, reliable, and suitable coverage for your apartment and other property types.