You may have heard recently in the news about changes to the Alberta Condominium Corporation Act that took effect on January 1, 2020. One of the changes is that condominium corporations will now be able to seek recovery of the deductible portion of the corporation’s insurance claim – up to a maximum of $50,000 – from the condo unit owner for any damage that originates in their suite or private area. What this means is that if an insurable loss originates in your unit and damages another unit or commonly owned areas you could be responsible for the Condo Corporation insurance deductible. This can be significant and have a huge financial impact.
Fortunately, most Condominium Unit Owners policies cover this. However, the limit of coverage varies between insurance companies. Check with your Condo Association first, to determine the deductible that would apply on the Condominium Corporation insurance policy. Then call us – we can make sure you have appropriate limits of coverage and can source additional coverage if required.