Fact 1
The condominium legislation in Alberta requires a condominium corporation to insure the common property and the unit for the perils listed in the condo Regulation. These perils include water loss which is one of the largest causes for damage to occur.
Fact 2
Well drafted Bylaws require the owner to be responsible for the deducible in the case of claim where the claim resulted when through an act, or omission to repair a component within their units damage occurred to their unit or neighboring units.
Fact 3
Insurance premiums and deductibles are impacted by the number of claims and the number of water damage issues. It is not uncommon to have a deductible of greater than $50,000.
Fact 4
Owners need to be aware of the amount of deductible in the condominium insurance policy, the requirements of the bylaws in regards to their responsibilities to repair and maintain components within their unit and to paying the insurance deductible.
Owner Insurance
Each owner, even those who rent out their units, should carry coverage for their contents and liability coverage.
Ask your Insurance Broker about the riders available for condominium owner policies.
Report any water escape issues immediately to the manager to reduce damages.
Dishwashers, laundry hoses, toilet seals, leaky shower heads and taps and garburators are leading causes of water
damage. Keep yours maintained.
Source: Condo Check September 2015 Brochure
