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Own a condo in Calgary? Get coverage instantly online
As a Calgary condo owner, you want to protect your home – but, a condo has different insurance needs than a house. Whether you’re in a high-rise in the heart of downtown or a low-rise in the suburbs, secure the right coverage for your condo unit. You can get condo or strata insurance online with Sonnet in just a few clicks.
Get customized coverage, in language you can understand, at a competitive price – and do it all online. We’ve simplified condo insurance, so you can focus on what you love.
Renting a condo as a tenant? Check out our renters insurance.
What does condo insurance cover?
Protect your condominium, its contents and more with condo insurance. Although policies can differ, here are some of the common coverages you can find under a condo insurance policy. Don’t forget to review your policy to learn how you’re covered (and where you aren’t).
Standard condo insurance coverages
Protect yourself and the people in your home in case you’re sued. With personal liability coverage, you’re covered if someone gets hurt while visiting or for damage you may unintentionally cause.
Often called contents insurance, this protects anything you own that you could pack in a bag or put in a moving truck. Contents insurance in Alberta covers things like your clothing, electronics and furniture. These are covered while they’re on your property or temporarily removed (like when you’re travelling to work or out of the country). If you’re renting out your condo, only major appliances are covered for theft – the rest of your contents aren’t.
If you can’t live in your Alberta condo during repairs from a claim – you’re covered. You can choose to stay in a hotel or with friends and family. We’ll help cover your living extra expenses either way. Renting out your condo at the time of loss? You’ll be covered for your net rental income until your tenants can move back in.
This includes three extra protections:
- Unit improvements coverage
Have you been making improvements or upgrades to your unit – like installing special lighting or customized closets? Don’t worry, they’re covered.
- Unit contingency coverage
This coverage protects you if your condo corporation’s insurance isn’t enough to take care of damages to your unit, that would normally be its responsibility to repair or replace.
- Property loss assessment coverage
Your condo corporation could require its members to collectively pay for any damage to common areas (like the lobby or elevators). This coverage will pay for your share.
If you’re a condo owner in Alberta, hail coverage is included in your policy. This means your belongings (like patio furniture or a barbecue) will be repaired or replaced if damaged by hail.
Additional condo insurance coverages
This coverage can help in some smelly situations. Your unit and belongings would be covered for damage caused by sewage that backs up in your unit through a sump, septic tank or floor drain. It also includes belongings in your condo’s basement storage unit. If you can’t get into your condo because the lobby or lower levels are affected, you’d also need sewer backup coverage so that extra living expenses (like living in a hotel during repairs) are covered. Coverage offered depends on eligibility.
You’re covered for damage caused by fresh water, such as excessive rain, spring run-off and melting snow, coming in at ground level through windows and doors. If you can’t get to your unit due to an overland water flood in your condo’s lobby or lower levels, you’d need this coverage to get help with extra living expenses (like living in a hotel). It also includes belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.
This covers you and anyone else on your policy in case your identity is stolen. We’ll reimburse you for legal fees as well as certain other costs, up to a limit. These could include lost wages if you have to take time off work to sort it out, and payment for services that help you restore your identity.
Why insure your Calgary condo with Sonnet?
Questions about condominium insurance? We’ve got you covered
Insuring your condo should be simple. That’s why we’ve made getting a condo insurance quote quick and easy. Check out our blogs and frequently asked questions (FAQs) and learn more about condo insurance.
- At Home
Condo Insurance 101: What’s covered and what’s not
While a home would have a single policy to cover everything, your condo has two different policies that provide different types of coverage. Confused already? Don’t worry, we’ll break it down for you.
- At Home
Water Damage: What Does Homeowners Insurance Cover?
Flooding, sewer backup, and water damage can be costly. Learn about water damage insurance and what types of water damage home insurance covers here.
- At Home
How are my personal belongings covered?
We’ve recruited our very own expert and licensed Insurance Advisor, Tawsif, to unpack everything you need to know about how your belongings are protected under your home policy. We figured it’s easiest to hear him explain it …
No. Sonnet doesn’t cover short-term rentals through any home sharing service, including Airbnb and Vrbo. This applies to all our property policies ¬(homeowners, condo, and landlord). Under the terms of our renters insurance, tenants also aren’t allowed to offer short-term rentals of their apartment or house – or a room in their unit – through one of these networks.
If you’re offering short-term rentals via one of these services and something happens where you need to file a claim, your claim could be denied.
Want to know more about how Sonnet covers long-term rentals? Check out our FAQ about renting out your home, condo, or rental property. Or, contact us! We’re here to help.
Depending on where you live, additional coverages are available to add on for certain events that aren’t covered by a standard home policy. These coverages are hail, sewer back up, overland water and earthquake. All of these coverages can be added when making your quote.
Already purchased? You can add on these coverages at any time through your account.
During home insurance calculation, insurance companies look at a complex set of factors. These will determine the likelihood of you making a claim – and how much a claim could cost. The higher the likelihood is, the higher your premium will be.
Factors that can affect your home insurance premium include:
- Where your home is located
Based on your postal code, an insurer can find out how many claims are made in that area – and why they happen. For example, if your area has frequent windstorms, there could be more frequent claims for damage. This could cause your home premium to be higher than that of a house in an area that doesn’t have windstorms very often. - Home age and condition
The older the building, the higher the likelihood of a claim. That’s because things like old wiring (fuses, for example) are a bigger risk for fire. And, old plumbing increases your risk of claims due to sudden leaks or burst pipes. - Heating equipment
If your home is heated with oil (like it is in many rural areas), your premium could be higher. Oil tank leaks increase risk of damage and environmental hazards. Wood stoves are also a common source of house fires, so they could raise your payments, too. - Proximity to fire support
If your home is close to a fire station and fire hydrants – like in an urban area – your premium could be lower than a home in a rural location, where travel distance is longer. - Number of past claims
The longer you’ve been claims free, the lower your premium will be. If you’ve had a claim in the last year, you can expect your premium to go up at renewal. - Your age and other information about you
As you get older, your premium will tend to decrease. The fact is, many insurance providers consider homeowners with more experience as less risky to insure. Some insurers could also look at your credit score. - How you use your home
Do you rent out rooms or a basement unit in your house? Factors like this may also impact your premium since they can increase damage and liability risks.
Whether it’s a house or a condo, buying a new property is a big investment. But, it’s more than a piece of property, it’s your home. That’s why it’s important for every home and condo owner to buy property insurance in Canada. Without property insurance, you’d be responsible for covering the cost if something were to happen to your home or your stuff, you’d have to pay out of pocket for covering the cost.
Plus, if you have a mortgage on your house or condo, your lender will also likely require you to have home insurance coverage.
Wondering if your townhome needs a condo or a homeowners policy? There are a couple of questions that help with this:
- Do you have a Condo Corporation?
- If something were to happen to the outside of your home, such as to your roof, are you responsible for repairing it?
If you answered yes to the first question and no to the second, then a condo policy would best fit your needs.
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