condo insurance in Edmonton Alberta

Your Condo Insurance Vs. Your Condo Corporation's Coverage

Home insurance is quite simple for a detached house, but it gets a little more complicated when you're purchasing a condo. This is because, in a condo building, the insurance responsibilities are split between individual condo owners and the condo corporation. Merit Insurance Services Ltd provides both home and condo insurance in Edmonton. We're here to help you understand why you need condo insurance and how to make sure your policy provides all the coverage you require.


Why Do I Need Condo Insurance If the Condo Corporation Already Has a Policy? 

Condo corporation insurance is a commercial policy while condo insurance for individual homeowners is a personal policy and, as such, they are made to provide coverage for different areas of risk. This shares the risk among individual condo owners. Your condo corporation's bylaws should note what is included in the condo corporation policy.Generally, a condo corporation insurance policy provides coverage for:


  • The physical structure of the condo building 
  • The exterior of the condo building 
  • Parking facilities 
  • Shared recreational facilities 
  • Common spaces (such as hallways, elevators, and entryways) 
  • Liabilities incurred by condo corporation operations 

What is Covered by Personal Condo Insurance in Edmonton?

While condo corporation insurance takes care of shared property, personal condo insurance in Edmonton is designed to protect the private property of each individual unit owner.
Though the details can vary, condo insurance policies typically provide coverage for:


  • Personal property: Coverage for the contents of your unit in the event of damage due to a listed peril (such as flood or fire) or theft. The value of your belongings will determine how much coverage you need. 
  • Personal liability: Protection against liability in case a visitor sustains an unintended injury inside your unit, damage to someone else's property occurs inside your unit, or your actions cause damage to common areas or to someone else's unit. 
  • Unit structure: If the condo corporation policy does not provide comprehensive coverage for the structure of your unit, then you can opt for additional condo structure coverage through your personal policy. 
  • Improvements and betterments: Coverage for any upgrades you make inside of your unit, such as new kitchen or bathroom countertops. Condo corporation insurance typically only covers the original construction. 
  • Difference in deductibles: If your condo corporation makes an insurance claim, the cost of the deductible will be shared among the residents. Difference in deductibles coverage will help you pay your portion of the cost. This coverage is highly recommended if your condo corporation policy has a high deductible. 

Condo Insurance in Edmonton Tailored to Your Needs

Making sure you have the right home insurance in Edmonton should be a top priority for homebuyers. At Merit Insurance Services Ltd, we provide flexible condo insurance to protect your belongings and protect you against liability in case of an accident. We'll also help you understand the limitations of your condo corporation's policy and make sure your personal policy fills in any gaps in the coverage.

For a free quote on condo insurance in Edmonton, just contact Merit Insurance Services Ltd today.