Nearest broker: Searching for a broker nearby…
Nearest broker: 2607 Ellwood Dr SW, Edmonton, AB, T6X 0P7 Phone: 780-732-8616 10060 Jasper Ave, Edmonton, AB, T5J 3R8 Phone: 780-435-3632 , Calgary, AB Phone: 403-532-4882 322 Avenue C S, Saskatoon, SK, S7M 1N4 Phone: 639-398-4170 10325 Bonaventure Dr SE, Calgary, AB, T2J 7E4 Phone: 403-695-1050 5317 50 Ave, Taber, AB, T1G 1V3 Phone: 403-223-2377 110a McLeod Ave, Spruce Grove, AB, T7X 2H8 Phone: 780-571-1144 496 Marquis Rd, Prince Albert, SK, S6V 8B3 Phone: 306-970-8080 335 Hwy Avenue N, Picture Butte, AB, T0K 1V0 Phone: 403-732-6023 103-5020 Lac St Anne Trail S, Onoway, AB, T0E 1V0 Phone: 780-967-2282 2201 Box Springs Blvd NW, Medicine Hat, AB, T1C 0C8 Phone: 403-487-5132 550 Wt Hill Blvd S, Lethbridge, AB, T1J 4Z8 Phone: 403-394-1123 734 13 St N, Lethbridge, AB, T1H 2T1 Phone: 403-328-9114 5 St SE, High River, AB Phone: 403-652-4104 9901 103 St, Fort Saskatchewan, AB, T8L 2C8 Phone: 780-998-0881 , Edson, AB, T7E 1T6 Phone: 780-440-0075 16612 109 Ave NW, Edmonton, AB, T5P 1C2 Phone: 780-486-4488 201-4271 23 Ave NW, Edmonton, AB, T6L 5Z8 Phone: 780-466-2136 3908 97 St NW, Edmonton, AB, T6E 6N2 Phone: 780-465-6900 8170 50 St NW, Edmonton, AB, T6B 1E6 Phone: 780-469-9378 52 Ave, Drayton Valley, AB Phone: 780-621-1707 264 Midpark Way SE, Calgary, AB, T2X 1J6 Phone: 403-251-2926 1331 Macleod Trail SE, Calgary, AB, T2G 0K3 Phone: 403-278-1050 1331 Macleod Trail SE, Calgary, AB, T2G 1E1 Phone: 403-255-2252 234-7 Westwinds Crescent NE, Calgary, AB, T3J 5H2 Phone: 403-775-2100 , Calgary, AB, T3K 0S8 Phone: 403-719-9995 4632 70 St NW, Calgary, AB, T3B 2K6 Phone: 403-247-6435 5114 2 St, Boyle, AB, T0A 0M0 Phone: 780-689-3946 50 Ave, Bonnyville, AB Phone: 780-826-3147 12931 20 Ave, , AB, T0K 0E0 Phone: 403-562-2191 2903 Kingsview Blvd SE, Airdrie, AB, T4A 0C4 Phone: 403-945-8885

Condo Master Policy: What You Need to Know

Condo Insurance

By Viola Wallace | July 10, 2018

Condos are attractive because they offer so many advantages – they work well as starter homes as a rental investment or for empty-nesters seeking to downsize. They’re low maintenance and easier to manage because certain responsibilities are shared with other owners in the condo development. Takeinsurancefor example. The structure and public areas of the condo are usually covered by a Condo Master Policy  (also known as Condominium Association Insurance).

The Condo Master Policy is a building insurance policy which typically includes liability and property damage coverage. For example if someone is injured in a common area maintained by the Condo Association or if fire or theft causes damage to common areas such as the lobby this policy would cover the costs of medical treatment and repair. All unit owners in the condo development are automatically included as policyholders and part of the condo fees they pay goes towards the premiums.

What does the Condo Master Policy cover?

Sometimes there is a misconception that because there’s a  master policy in place unit owners don’t need to get any more insurance. This is not true. A master policy only offers limited coverage. It covers the structure common areas of the building and your standard unit (i.e your unit as it was sold by the builder without any improvements or upgrades you may have made). Which leaves you on the hook for all of your personal belongings inside your unit your own personal liability as well as the improvements you made to your unit. You would also be on the hook for any shortcomings in the Condo Master Policy. For example if there’s damage to a common area but that type of claim isn’t covered or the amount of coverage is insufficient you along with other unit owners would be liable for what it does not cover and the cost would have to be split among you.

Is there a deductible?

Condo master policies do have deductibles and these can be very high. In the event of a claim the unit owners could be responsible for paying the deductible depending on the by-laws of your condo corporation and who is at fault for the damage.

Personal Condo Insurance

Additional insurance is not typically compulsory but it is always a good idea. Furthermore if your condo is financed or mortgaged then your lender will almost certainly require you to get personal condo insurance. This covers what your Condo Master Policy does not including your personal property and liability in the event that someone gets injured inside your condo unit or you cause damage to another unit. For example if you left the tap on in the bathroom which then floods the unit below you the master policy would not cover you in such an instance and so you would have to rely on your personal condo insurance – or you’d have to pay out of pocket.

Your personal condo policy would also cover the kinds of shortfalls in your master policy mentioned earlier and if your Condo Corporation were to levy special assessments for any reason this policy would also cover your share as well as the deductible for any claims under condo master policy. As these can be large expenses (into the thousands of dollars) personal condo insurance gives you peace of mind that you won’t be footing the bill.

Your Condo Association will take care of the master policy but personal condo insurance is up to you. Your master policy leaves gaps that  could cost you quite a lot. If you don’t already have condo personal insurance or just need more details about the one you have speak to your brokertoday. You can alsolearn more here.

Get A Quote From A-WIN

Get the best insurance deals and stay on budget.

Get A Quote

Life Events - It's Time to Reassess Your Insurance

Whether it’s heading off to university or deciding to start your own business,...

Download

Rogers Insurance and CapriCMW Merge to Become Acera Insurance.

A-WIN Insurance, as part of the Rogers Insurance Group, is now Acera Insurance.

As one unified company, we are now one of Canada's largest independent and employee-controlled brokerages.

LEARN MORE