We often hear that condo owners and tenants don’t feel they need insurance for a variety of reasons. Regardless of the reason, the importance of a condominium owner policy or a tenant policy should not be understated — because just like homeowners, condo owners and tenants face similar risks to their private property.
Most condo owners should already have a policy because it’s a requirement by many mortgage companies as well as a requirement of the condominium corporation bylaws. In the past, requirements for renters have not always been enforced, but this is changing with the growing awareness that the risk of loss and liability is real. No matter how careful residents are, unfortunately, your neighbours may not be as careful as you are.
Like homeowner’s insurance, condo owner and tenant policies would cover the insured’s personal property and contents, third party liability, and additional living expenses in the event something happens (like a fire or burst water pipe) that prevents them from staying in their home. In addition, condo owner insurance also protects the unit’s improvements and betterments, condo deductible costs, the unit itself or a loss assessment on the building should the condo corporation have no insurance or have inadequate insurance for which that the owners policy would normally cover.
Note: Your Insurance Broker is the expert here. Call them and discuss your concerns to make sure you get the best possible coverage for your protection.
If you are a condo owner, provide your condominium corporation’s insurance policy plus your bylaws to your insurance broker. These documents are provided at the time of purchase and the insurance certificate is also typically mailed out once a year.
5 QUESTIONS TO ASK YOUR INSURANCE BROKER
- If my building suffers damage that started in my unit, what amount of coverage is provided in the event I’m charged back a condominium deductible and/or the cost of the damage?
- (If I’m a condo owner) Are the upgrades and renovations I did to my home covered?
- Are my contents covered for damage to theft, whether or not it’s my fault?
- If someone is hurt in my unit or because of damage that started in my unit, what kind of coverage do I have?
- If I have a storage locker of items stored in my parking space and they are damaged (or stolen), how am I covered?
Insurance is very important, whether you’re an owner or a renter, so make sure that you’re covered. A couple extra dollars a month can save you time and money in the event of an accident. For more information on insurance, visit the Insurance Bureau of Canada or get a free quote in just minutes from our partner, Nuera Insurance. Condo Owners and Tenants get a discount with Nuera. Email us if you don’t have your discount code handy.
In Alberta, the Residential Tenancies Act (“RTA”) outlines that a notice to vacate (“notice”) must be delivered in person or by registered mail to the mailing address provided in the “notice of landlord” and signed by all tenants party to the lease. The “notice of landlord” is generally outlined on your lease agreement and/or the address where you send your rental payment.
If for some reason you are unable to serve your notice in person or by registered mail, you should be aware that email or text does not constitute valid notice under the guidelines of the RTA or by Service Alberta. If you decide to try and send your notice electronically, in order for your notice to be considered valid you:
- need to agree with your landlord or property manager in advance that email constitutes proper notice and service; and then,
- need to follow up to confirm that your notice sent by email or text was received.
For many reasons, email and text are poor forms of notice and are not legally recognized as methods of official service for many reasons (not limited to): getting lost in spam filters; deleted by accident; getting bounced back days after being sent because of a typo; etc.
6 Tips to make sure your notice is properly served and received:
- Hand deliver your notice or send it by registered mail.
- Make sure to keep a copy of your notice. If you give the notice to someone in person, you can ask them to sign and date your copy.
- If you mail your notice, keep a record of when you mailed it. The best way to do this is to get a receipt from the post office.
- Your notice should include: the date the notice is served; your address; forwarding address (if possible); the date you will be ending your tenancy; reason you are moving; and, a signature from everyone party to the lease.
- If you opt to send your notice electronically make sure its okay with your landlord or property manager in advance and confirm that it was received.
- It is very important that your notice is given to your property manager or landlord on time. Even if served just one day late, you could incur additional costs if outlined on your lease agreement.
For convenience, tenants of Emerald Management & Realty Ltd. can complete our online Notice to Vacate Form
, download it and serve it in person or by registered mail to: Emerald Management & Realty Ltd., 1036 – 10 Avenue SW, Calgary, AB T2R 1M4.
Emerald Management & Realty Ltd. is excited to announce the launch of its mobile responsive website www.emeraldmanagement.com – your online resource for Calgary, Strathmore, Airdrie, Okotoks & area property management services!
We endeavour to provide our clients with easy access to properties for rent and current information impacting the real estate and property management industry. Our goal is to enable you make the right decisions about one of your largest investments—whether you are renting your first home or looking for a professional asset management company to assist with your real estate investment needs.
This feature rich website created with the expertise of At Large Communications has everything you need to help you in your search for local homes & apartments for rent in Calgary & area. We also have information to assist condominium boards and owners about common questions regarding condominium management in Calgary, Airdrie, Strathmore & area.
Start your advanced search for Calgary apartments for rent now or search by map. Interested in our property management services? Then be sure to contact us for a Free Market Analysis.
Thank you again At Large Communications for your creative support and strategic approach! We couldn’t have done this without you!