Do I need my own insurance policy if I own a condominium unit?

In Alberta, every condominium corporation is required to take out and maintain insurance on the common property and the individual units against perils such as fire, hail and flood.

This insurance typically covers the common property and the structural elements of the units.  The unit owners share in the premiums for the condominium corporation’s insurance through their monthly condominium fees.

Unless specifically required by the Bylaws for that condominium corporation, the condominium corporation’s insurance may not cover improvements within the units.  Further, this insurance does not typically cover the contents of the unit nor the owners personal belongings.

For this reason, we at KH/Dunkley Law Group recommend that owners of condominium units take out and maintain their own condominium unit owners policy.  When considering such a policy, a unit owner should consider obtaining coverage for items such as:

  • The unit owner’s contents and personal belongings;
  • Any deductible in the condominium corporation’s insurance policy which the unit owner may become liable to pay;
  • Improvements and betterments made to the unit; and
  • Accommodation costs in the event the unit owner is forced to vacate the unit due to damage.

This is not an exhaustive list, but gives a general idea of the things to consider when looking for a unit owner’s policy.

For more information, please feel free to contact our office.

KH/Dunkley Law Group

Written by Khalil Haji

Khalil is the principal lawyer of KH/Dunkley Law Group. He graduated as a gold medalist from the University of Calgary’s Haskayne School of Business, and then went on to obtain his Bachelor of Laws degree from the University of Western Ontario (graduating in 2007). After he graduated from the University of Western Ontario, he practiced law at national firms in both Calgary and Toronto. He opened his own firm - KH Law - in 2010, where he practiced until forming KH/Dunkley Law Group.