Condo Owners Insurance for Albertans

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Own a condo in Alberta? Get coverage that works for you

No matter if you live in a 40-storey condo in downtown Calgary, a townhouse in Edmonton or a 12-storey condo in Red Deer, you need to have the right insurance for your condominium. Get a customized quote, in language you can understand, at a competitive price – and do it all online. We’ve simplified condo insurance in Alberta, so you can focus on what you love.

Renting a condo in Alberta as a tenant? Check out our online renters insurance.

What is condo insurance?

Your Condominium Corporation has insurance for the building itself and its common areas. But, it doesn’t cover your things inside your unit or any condo improvements you’ve made. This is why as a condo owner, it’s important to have condo insurance that covers your stuff and more if something happens.

What does condo insurance cover in Alberta?

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

Liability Insurance

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.

Personal Belongings

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, furniture, etc. Your stuff is covered no matter where it is (whether it’s in your condo in Alberta or not). Just keep in mind, if you’re renting out your condo, only major appliances (like your fridge, stove and washing machine) are covered for theft.

Extra Expenses

In case something happens, and you can’t live in your condo in Alberta – you’re covered while your condo is being repaired. Choose to stay in a hotel or with friends and family, we’ll provide you with the cash 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.

Condo Special Coverages

This includes three extra protections:

  • Unit Improvements Coverage
    Have you been making improvements or betterments 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.
Identity Theft

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 that could happen, 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 get back to where you need to be.

Additional condo insurance coverages

Sewer Backup

This coverage can help in some smelly situations. For example, if water from a sewer, sump, septic tank, or floor drain, backs up or escapes into your condo’s lobby or lower levels and you can’t get to your unit, this will help provide you with additional living expenses. It also covers belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.

Overland Water

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, this will help provide you with additional living expenses. It also covers belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.

Hail Coverage

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.

How much does condo insurance cost in Alberta?

The premium you pay for condo insurance in Alberta is based on information about you and your condo. This includes things like your condo’s location, how much coverage you need and your personal claims history. Here are some examples of the average price of condo insurance with Sonnet in Alberta:

$37/month avg.

The cost of insurance in Edmonton is around what you’d pay for Sunday brunch with a bubbly mimosa.

$34/month avg.

In Calgary, you can get insurance for less than the cost of your monthly gym membership.

“I loved the online chat! I received reliable answers instantly, which saved me a lot of time instead of having to call in. Sonnet offered everything that I needed and at a good rate.” “It was refreshing to see a visual platform showing me exactly what I was purchasing. It gave me peace of mind and purchasing power.” “I appreciated how quickly I could get a quote online with Sonnet. It was easy to see what coverage I could get and edit my policy instantly.” “We switched to Sonnet last year after 20 years of loyalty to another insurance company. It’s so easy to make changes to our policy and someone is always at the ready to answer our questions.”
How you can save on condo insurance in Alberta

Alberta Teachers

From ABCs to 123s, teachers do a lot for their students. We’ve got you covered so you can get back to teaching. Teachers can save on condo insurance in Alberta.

Engineering graduates in Alberta

Whether you work on-site or in an office, you need to be protected. Similarly, having condo insurance provides coverage for your unit. Save with this exclusive discount.

Accounting graduates in Alberta

Every decimal point is accounted for when you’re an accountant. Take advantage of our exclusive discount on condo insurance to make sure your stuff is covered.

More ways to save in Alberta

You could save an average of $474 with Sonnet’s group discount. It’s easy - start an online quote and search for the name of your organization or association. A few organizations that trust Sonnet:

NHLPA

Learn more

Peloton

Learn more

CUPE 4705

Learn more

Questions about condominium insurance in Alberta? We’ve got you covered

Insuring your condo should be simple. We’ve made getting a condo insurance quote quick and easy – plus, we’re here to help from start to finish. Read through our current blogs or most frequently asked questions about condo insurance to get started.

Does my Sonnet policy cover me for short-term rentals or home sharing through networks like Airbnb?

If you have a homeowner’s policy with Sonnet, you’re allowed to rent a portion of your home to a maximum of two people or a separate unit in your home to a family as long as you’re living there at the time.

If you’re not living there during the time it’s rented, or this isn’t your primary residence, then it’s not covered under your homeowner’s policy and you’ll need a landlord policy.

If you have a condo owner’s policy with Sonnet, you’re allowed to rent out your entire condo regardless of whether you’re living there or not. However, your coverage for burglary or theft is limited.

Heads up! If you have a long-term rental unit in your home and also rent out a portion on a short-term rental network, this could exceed the limitations of your policy. Please contact us if this applies to you and we’ll make sure you’ve got the right coverage.

For more information on insurance and short-term renting, check out our blog on short-term rental insurance 101.

Do I need property insurance in Canada?

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.

How are home insurance premiums calculated?

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. 
What are some extra home coverages I should know about?

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.

Does my townhouse need a condo or a home policy?

Wondering if your townhome needs a condo or a homeowners policy? There are a couple of questions that help with this:

  1. Do you have a Condo Corporation?
  2. 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.

Albertans, looking to switch your condo insurance?

Start saving now – no need to wait for renewal. It could be easier and cheaper than you think to switch to Sonnet.

Average monthly premiums for condo insurance in Alberta are based on current Sonnet policies as of February 2021, with assumptions made to determine demographic groups.