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Condo Insurance

Condo Insurance is complicated

How do you know you’re getting the best protection without paying too much for your condo insurance? Without enough protection, you could expose yourself to great personal risk. Condo insurance is complicated. It’s different than homeowners and tenants insurance.


What makes condo insurance different?

When you buy a condo, you usually automatically become part of a condo association. In fact, you’ll pay a monthly assessment for that. That fee funds care of the common grounds of the association (You won’t have to mow the lawn, landscape or shovel snow!).

In addition to the common grounds (walkways, lobby, hallways, etc.) the cost of caring for the outside of the condo structure itself is part of the assessment you pay. A portion of that expense is insurance. But please note, your association provides insurance for the exterior part of the structure only! All of the interior including drywall, flooring and cabinets will most likely be your responsibility in case of damage.

Furniture, electronics and all your other personal possessions will also be your responsibility to protect.

In addition, you may be held liable if anyone gets injured while in your home or if something you do results in damage to the common areas.


5 Questions to ask about condo insurance

Armed with this knowledge, discuss these questions with your Lloyd Sadd advisor:

Consider these 5 main coverage items for condo insurance policies

You and your Lloyd Sadd Advisor will consider these five main coverages:



It’s a cliche to say accidents happen, but it’s genius to have prepared for them ahead of time with the proper amount of liability protection.

This coverage will protect you if you or any other named insured are found legally responsible for any injury or property damage on or away from your property. It includes:

  • Compensation for the injured party.
  • The cost of your defense.
  • Most court awards

The coverage is good up to the policy limits. So, make sure, especially if you possess significant assets, you’re completely protected.



You will be responsible for the interior of your unit. This will include cabinets, appliances, and light fixtures—everything inside your home.

In some cases, your total property limit may be enough to adequately insure what you own. However, if you have possessions in other property categories, your coverage may be limited. For example check the coverage limits on:

  • Money
  • Business Samples or other property used for business
  • Computers
  • Trading cards or other collectible items
  • Watercraft
  • Jewelry
  • Firearms

Many condo minimum property insurance limits are $25,000. Carefully discuss your property situation with your Lloyd Sadd advisor. Make sure you have the protection you need.



It doesn’t matter whether or not you’re held responsible for an accident that occurs in your home. This coverage will provide payments for reasonable medical expenses for the injured party up to the policy limit no matter who caused the accident.



If a covered loss (fire, lightning, smoke, etc.) causes you to have to vacate your condo because it’s uninhabitable, this will cover expenses associated with living elsewhere. For example, it will pay your hotel bill, food and other reasonable charges.



You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit (usually $1000).


Get your condo insured through lloyd sadd Insurance

Lloyd Sadd Insurance has been providing condo insurance for the citizens of Alberta for years. We have spent the time needed to fully understand Condo Insurance so that you can rest assured, your needs will be taken care of!

Not only are we seasoned pros but we will listen to make sure we fully understand your needs—even during those times when you’re uncertain. This bit of light is what distinguishes Lloyd Sadd Insurance. Are you ready to protect yourself with the pros?

Contact us today 403 245 1177 to discuss your condo insurance needs or click the button below to be directed to our online quotes page

Get a Condo Quote