Some changes have been made to the Alberta Condominium Property Regulations that have lead to many condo owners wondering about their current condo insurance coverage – specifically their deductible coverage.
A recent story by global news “New rules mean Alberta condo owners could be on the hook for $50,000 in deductible costs” put the spotlight on the new change to deductible limit that has many people suddenly questioning their policies and seeking advice.
If you have condo insurance with Aviva, Intact, Peace Hills or RSA you already have $25,000 in deductible coverage but now that condo boards are allowed to increase their deductible to $50,000 that may not be enough. Each of these companies will allow you to increase your deductible coverage to $50,000 and the cost ranges from $30-$50 annually.
So what should you do?
- Make sure you have a unit owner’s condo insurance policy.
- Double check your policy to make sure you have deductible coverage and for what amount.
- Ask your condo board, manager or corporation for a copy of their certificate of insurance that outlines the current deductible amounts.
- Make sure that your deductible coverage is enough to cover your condo board’s deductible.
- If you find you don’t have deductible coverage or have it but need it increased, talk to your insurance broker right away.
Not everyone has insurance. And not everyone that has insurance understands what it covers or for how much. This change to condo board legislation is a great reminder for everyone to check their insurance coverage and ask questions to ensure it is sufficient. Whether you’re looking for insurance or wanting an independent assessment of you’re coverage, we’re here to help.