As of January 1, 2020 changes to Alberta’s Condominium Property Act came into force. The new rules clarify the insurance obligations of the Condo Corporation, as well as unit owners.
One of these changes gives the condo board the authority to charge back the deductible portion of a loss originating in your unit. Because there is no requirement that they determine negligence on your part, it opens you up to financial loss. If a sewer backup or water leak occurs in your suite, you could be on the hook for up to $50,000.
Fortunately, we are able to assist with Difference in Deductible protection under your policy. But this level of protection is not standard and needs to be added to your policy by request. The cost to add this protection is only about $50 per year.
Please contact our office so that we may assist you. For additional information on the full changes under the act, please refer to the Government of Alberta website.
For more information on your Condo policy, please visit the Condominium Insurance section of our website.