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2024 Alberta Condo & Rental Insurance Update

Alberta’s Real Estate Insurance Market Forecast 2024-2025: Navigating Through a Transforming Landscape

As we advance into 2024, the real estate insurance market in Alberta—and indeed across Canada—displays significant transformations influenced by both global challenges and evolving local regulatory frameworks. This article explores what rental and condominium property owners can expect in terms of insurance costs, coverage, and market dynamics over the next two years, taking into account broader trends that could impact their insurance needs.

2024 Alberta Condo & Rental Insurance Key Market Trends

Increased Insurer Competition

Despite the backdrop of a hardening market where insurers are reassessing their portfolios amid various industry challenges, there remains a sense of optimism with an expected increase in competition among insurers into 2025. This trend might lead to more competitive rates and diverse insurance product offerings for property owners. According to BFL Canada, insurers are setting their sights on sustainable long-term growth with a focus on improving performance through careful risk selection and capacity placements​​. Considering the fluctuating market and general trends its always a good idea for policyholders to review their coverage carefully​.

Importance of Accurate Information

Given the rising inflation, which impacts the cost of covering claims, insurers emphasize the need for precise risk data and property valuations. This helps in better assessing and mitigating potential losses, especially in a market where reinsurance rates are also climbing. Property owners must therefore ensure that their coverage details are up-to-date and reflective of current property values to avoid underinsurance, a growing concern in today’s economic environment. BFL highlights the critical importance of providing quality risk information and accurate property valuations to offset inflationary increases​​. Lloyd Sadd underscores the risks of underinsurance as inflation drives up the cost of claims, making it essential for coverage to match the rising costs​1.

Impact of Natural and Cyber Catastrophes

The increasing frequency and severity of catastrophic events, such as wildfires, alongside heightened cyber threats linked to geopolitical tensions, reshape the insurance landscape dramatically. These factors necessitate robust coverage that can address complex claims, recovery processes, and potential cyber-related financial losses. The unpredictability of such events makes it crucial for insurers to accurately predict future risks, which could translate into increased costs for policyholders if not managed carefully. BFL’s2 report on natural catastrophe and severe weather events in Canada causing over $3.1 billion in insured damage in 2023 underscores the magnitude of these challenges​​. Additional insurers specializing in rental real estate and property management also point to the global rise in catastrophic weather events and cyber risks as key disruptors in the insurance market​.

Regional Focus: Alberta

Alberta’s Wildfire and Cybersecurity Readiness

In Alberta, the growing number and severity of wildfires, compounded by the risks of cyber-attacks, highlight the critical need for comprehensive insurance solutions that cover both natural and digital realms. Property owners are advised to review their policies to ensure they encompass adequate provisions for these risks, reflecting the dual threats of physical damage from fires and potential disruptions from cyber incidents.

Legal and Regulatory Updates

Alberta’s New Licensing for Condominium Managers

With new regulations requiring condominium managers in Alberta to be licensed as of October 2023, there is an increased emphasis on professional management and compliance with insurance standards. This change aims to enhance the quality of condominium management, directly impacting insurance practices and policy structures in the sector.

Looking Ahead: Recommendations for Property Owners

Given the evolving insurance landscape, property owners must engage in the renewal process early, providing detailed and accurate documentation. Understanding the implications of regional legal changes and adapting to new insurance market realities will be crucial in securing adequate coverage.

In conclusion, while the market presents numerous challenges, it also offers substantial opportunities for those prepared to adapt. By staying informed and proactive, property owners can not only manage their risks effectively but also leverage these insights to secure optimal insurance coverage in a dynamic market environment.

Commitment to Excellence in Property Management

In 2024, clients under our Emerald Management & Realty Ltd. Master Insurance program experienced minimal increases in insurance premiums, effectively managed by considering property values and current inflation trends. This careful balance reflects Emerald Management & Realty Ltd.’s ongoing commitment to providing outstanding insurance solutions in a challenging market.

As a locally owned and operated property management company located in Calgary, Alberta, Emerald Management & Realty Ltd. remains dedicated to assisting clients in navigating the complexities of the insurance market, ensuring optimal coverage at competitive prices. The evolving landscape of insurance, characterized by rising premiums and narrower coverage options, poses significant challenges to investment property owners and condominium boards. In response, our team continually updates its market knowledge to devise effective risk management and loss prevention strategies.

Over its 50-year history, Emerald Management & Realty Ltd. has cultivated strong partnerships with leading insurance brokers who possess an in-depth understanding of the market. These relationships, combined with proactive measures such as enhanced property inspections and educational initiatives on maintenance and upgrades, help mitigate risks and control insurance costs.

The cornerstone of our approach is the customized master insurance program, tailored for the managed properties. This program leverages Emerald’s substantial industry experience and buying power to secure preferred rates and comprehensive coverage for our valued clients. Even in the face of the industry’s ongoing challenges, our focus in 2024 has been on securing favourable corporate rates, manageable deductibles, and efficient claims management.

By staying informed and proactive about changing market conditions, Emerald Management & Realty Ltd. helps clients position their properties for success, reinforcing our commitment to delivering the highest level of service and support. To discover more about how Emerald Management & Realty Ltd. can support your investment objectives in this dynamic insurance market, please contact our team today.

2024 Alberta Condo & Rental Insurance Update

1 (Lloyd Sadd)​

2 (BFL Canada)

Condo Mental Health Strategies for Well-being

Prioritizing Mental Health in Condominium Communities: Strategies for Community Well-being

As we observe Mental Health Awareness Month, it’s vital to emphasize strategies that nurture community well-being and support residents facing mental health challenges.  This month at Emerald Management & Realty Ltd., where we delve into the crucial topic of mental health within condominium communities.

Nurturing Community Well-being: Addressing Mental Health in Condominium Environments

In this comprehensive article we explore actionable strategies for addressing mental health challenges within condo environments. Our focus is on creating empathetic spaces where open communication and support thrive, especially during this significant month dedicated to mental health awareness.

Key Strategies for Fostering Mental Health-Aware Communities:

  1. The Reality of Mental Health Challenges: Acknowledge the prevalence of mental health challenges, with approximately 1 in 5 Canadians affected.
  2. Duty to Accommodate: Balancing accommodation responsibilities with community well-being, ensuring a supportive environment for all residents.
  3. Encouraging Open Conversations: Creating safe spaces where residents feel comfortable discussing mental health concerns, fostering understanding and empathy.
  4. Prompt and Empathetic Responses: Handling complaints with empathy and effectiveness, showcasing a commitment to resident support.

Enhancing Mental Health in Condominium Communities


Community Support and Well-being in Condominium Living: Residents gathering together in a supportive and inclusive environment, symbolizing unity and mental wellness in condominium communities.





Building upon our dedication to mental health, we recently participated in a webinar focused on enhancing mental well-being in condominium communities with Erin Berney, Field Law. If you missed the live session, you can watch the recorded video to gain valuable insights and strategies for promoting well-being and harmony among residents.

🎥 Watch the Recorded Webinar: Field Law: Navigating Mental Health Challenges in Multi-Housing Communities





Benefits of Proactive Engagement and Professional Response

  1. Community Well-being: A well-managed condominium community can promote positive social interactions, a sense of belong, and overall well-being among residents.
  2. Stress Reduction: Timely maintenance, dispute resolution, and clear communication can reduce the burden that might otherwise weigh on residents’ minds.
  3. Early Intervention:  Condominium Boards and Condominium Managers can play a role in fostering a supportive environment where residents feel comfortable seeking help when needed.
  4. Legal Implications: Understanding the legal framework is crucial to avoid potential legal issues.
  5. Community Impact: A harmonious and supportive condominium community can positively impact everyone living there, which, in turn, can contribute to better mental health outcomes.

At Emerald Management & Realty Ltd., we prioritize the mental well-being of our community members. This blog and our recent involvement in the webinar highlight our commitment to fostering a supportive and understanding environment within condominium communities. Let’s use Mental Health Awareness Month as an opportunity to amplify conversations and take proactive steps toward creating communities where everyone feels heard, valued, and supported.

We invite you to explore Emerald Management & Realty Ltd.’s additional articles on this topic for detailed insights and strategies on prioritizing mental health in condominium living: Nurturing Community Well-being: Addressing Mental Health in Condominium Environments and Enhancing Mental Health in Condominium Communities.

In conclusion, fostering mental well-being within condominium communities is not just our commitment; it’s our passion. At Emerald Management & Realty Ltd., we’re dedicated to implementing these actionable strategies to create vibrant and supportive living environments. Are you ready to prioritize mental health in your condo community? Contact us today to learn more about our comprehensive services and how we can support your condominium board in promoting well-being and harmony. Let’s work together to build a community where every resident thrives!


Protect Your Home from Burst Pipes – Post-Cold Weather Care Tips by Emerald Management

As we transition from the extreme cold spell, a critical concern for homeowners and renters alike is the risk of frozen pipes bursting. At Emerald Management & Realty Ltd., we understand the potential havoc this can cause, including significant water damage. Our goal is to arm you with essential knowledge to prevent these incidents.

Understanding the Risk: Why Do Pipes Burst?

  • Pipe Maintenance – Water expands when it freezes, creating immense pressure inside pipes. This pressure can cause pipes to crack or burst as the ice thaws, leading to water leaks.

Proactive Measures to Prevent Burst Pipes:

  1. Maintain Consistent Heat

    • Home Heating Tips – Keeping your home’s temperature steady, even when unoccupied, can prevent pipes from freezing. A slightly higher thermostat setting is advisable. Weather can be unpredictable in Alberta and you should always leave your thermostat set at least to 18’C.
  2. Open Cabinet Doors

    • Efficient Home Heating – Facilitating warm air circulation around plumbing, particularly under sinks, can prevent freezing.
  3. Let Faucets Drip

    • Plumbing Care – A slight drip in faucets can relieve pressure in the plumbing system, reducing the risk of burst pipes. If you have an area in your home that is cooler than others, you may consider letting the faucet slightly drip to keep the water flowing (don’t forget to take out the sink stopper!).
  4. Regular Pipe Inspections

    • Home Maintenance Look for signs of frost or unusual bulging on pipes, indicating potential freezing.

Emergency Response: Acting Fast if a Pipe Bursts

  • Know where the water shut offs in your home are.
  • Immediately shut off the main water supply in your home or unit.
  • Contact our Emerald Management & Realty Ltd. at 403-237-8600 without delay.

Stay Informed and Prepared We urge our community at Emerald Management & Realty Ltd. to take these preventive measures to heart. Your safety and the integrity of your home are paramount to us.

Essential Winter Maintenance Tips for Single Family Homes – Emerald Management & Realty Ltd.

With Alberta in the midst of a record winter deep-freeze, as your committed Alberta property management team, we are keenly aware of the discomfort and inconvenience weather can cause, especially during the colder months. The following are some essential tips to help you prevent cold weather related frustrations, with a particular focus on a common winter challenge: ice buildup on fresh air intakes.

Why is Ice Buildup a Problem?

  • Furnace Maintenance Your home’s furnace and hot water tanks play a crucial role in your comfort. They require a consistent flow of fresh air to function efficiently. In the winter months, ice can form around air intakes, blocking this essential airflow. Such obstructions can significantly reduce heating efficiency and, in extreme cases, lead to complete system shutdowns.

Preventive Measures:

  1. Regular Checks

    • Winter Home Care — Regularly inspect the exterior air intakes for ice accumulation, particularly after snowfall or freezing rain and snow-fall events.
  2. Gentle De-icing

    • Safe Home Heating — If ice buildup is observed, carefully remove it. It’s crucial to avoid using sharp objects that could damage the intake vents.  And it may seem like common sense, but you also do not want to pour hot water into the air intakes.  Safety first.  
  3. Keep Vents Clear

    • Efficient Heating Systems Ensure that snow or other debris does not obstruct the vents. Clear pathways can significantly enhance the efficiency of your heating system.
  4. Report Issues Promptly

Bonus Tip: Regularly Change Your Furnace Filters

An often overlooked but crucial aspect of maintaining your heating system in top condition is the regular changing of furnace filters. Dirty or clogged filters can significantly hamper the efficiency of your furnace, leading to higher energy bills and reduced indoor air quality. For residents of single-family homes, we recommend checking your furnace filters at least once a month during the winter season and replacing them as needed. This simple yet effective step not only enhances the performance of your heating system but also contributes to a healthier living environment. Remember, a clean filter means a happier, warmer home! 

Remember, taking these simple steps can greatly contribute to maintaining a warm and comfortable environment in your home during winter. At Emerald Management & Realty Ltd., we prioritize your comfort and safety. By following these guidelines, you can help ensure that your home remains a cozy haven throughout the colder months.

For any assistance or inquiries, don’t hesitate to reach out to our dedicated team. Stay warm, stay safe, and remember, we’re here to help!

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