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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!


2024 Security Deposit Guide: Smart Renting in Alberta

Navigating Security Deposit Interest Rates in Alberta: A Comprehensive Security Deposit Guide

Emerald Management & Realty Ltd. dives deep into the nuances of security deposit interest rates in Alberta in our 2024 Security Deposit Guide, providing essential insights for both tenants and landlords. Stay ahead with our guide and related Property Management Tips, ensuring you’re fully versed in the latest regulations and how they impact your property rental journey.

The Current State of Security Deposit Interest Rates in Alberta

Since 2009, Alberta’s security deposit interest rate remained at 0%. However, in a landmark shift, the rate was revised to 1.6% effective January 1, 2024. This change, stipulated in the Residential Tenancies Act, signifies a crucial development for all rental stakeholders, necessitating a thorough understanding to ensure legal compliance and financial savvy.


Retrieving Your Damage Deposit in Alberta

To reclaim a damage deposit in Alberta, tenants must leave the property in good condition, akin to its state at lease commencement, considering normal wear and tear. Landlords are then obligated to provide a statement of deposit with an estimate of deductions for repairs or cleaning (where applicable).  It is important the the tenant provide a forwarding address to avoid any issues with postal service. 

“A landlord must, within 10 days of the tenant giving up possession of the residential premises, either pay the security deposit plus interest to the tenant, or provide a statement of account that shows what the costs were, or provide an estimate of what the costs are expected to be. A final statement of account and any remaining balance must be provided to the tenant within 30 days after the tenancy ends.” (reference: RTA Handbook).

Calculating Security Deposit Interest

With the new 1.6% interest rate, calculating the annual interest on a security deposit involves multiplying the deposit amount by 1.6%. For monthly interest, divide the annual figure by 12. This method ensures accuracy in financial dealings between tenants and landlords.

Curious about how much interest you’ve accumulated during your tenancy? You an always visit the Government of Alberta’s online security deposit interest calculator created to assist landlords and tenants in determining how much interest the landlord must pay on the security deposit.

Fixed Term Tenancy Agreements Explained

In Alberta, a fixed-term tenancy agreement sets a definite lease duration, establishing rent and other terms upfront. Post-agreement, the tenancy either concludes or shifts to a month-to-month basis unless renewed, framing a clear timeline for rental engagements.  Seeking more information to help with finding your next home? Check out: Checklist for Renting Your Next Home for valuable information and rental tips.

Understanding Deposit Interest Rates

Security deposit interest rates are pivotal in the rental process, denoting the growth of deposited funds over time. Governed by Alberta’s provincial regulations, these rates are subject to changes reflecting economic trends, thus affecting both tenant returns and landlord obligations.

The Importance of Trust Accounts for Security Deposits

Security deposits in Alberta must be held in a trust account, ensuring separation from a landlord’s operational funds for enhanced security and financial transparency. This legal mandate protects the tenant’s deposit, ensuring proper interest accrual and fair treatment.

Who Determines the Security Deposit Interest Rate?

The Alberta government sets the security deposit interest rate, aligning with the Residential Tenancies Act’s provisions to maintain market fairness and economic alignment, impacting financial dynamics in rental agreements.

Staying Informed for Financial and Legal Compliance

The evolving landscape of Alberta’s rental market, marked by changes in security deposit interest rates, demands informed engagement from tenants and landlords. Emerald Management & Realty Ltd. remains dedicated to supporting you through these transitions, promoting informed, transparent, and trustworthy rental experiences.

For comprehensive insights and guidance in rental property management, contact us. Follow our blog for the latest regulatory updates and expert advice, ensuring your rental practices are always compliant and effective.

Attic Rain: Essential Prevention Tips for Calgary Homes – Emerald Management & Realty

During significant changes in temperature changes, it’s crucial to address a common winter problem many homeowners in Calgary and Southern Alberta might face: attic rain. This phenomenon can lead to various issues in your homes, and as your dedicated property management team, we want to ensure you’re well-informed and prepared.

Understanding Attic Rain:

  • Attic Rain Prevention – During extremely cold temperatures, heavy frost and ice can accumulate inside attics, around vents, and windows. When temperatures rise rapidly, this frost melts, potentially leading to water leakage into your home, known as attic rain.

Preventive Measures:

  1. Proper Insulation and Ventilation

    • Home Insulation Tips – Ensure your attic is well-insulated and ventilated. This reduces the likelihood of frost buildup.
  2. Regular Attic Inspections

    • Home Maintenance in Calgary – Check your attic for signs of frost or moisture, especially after a cold spell.
  3. Manage Indoor Humidity

    • Humidity Control – Keep indoor humidity levels in check. Excessive humidity can contribute to frost buildup in the attic.

What to Do if Attic Rain Occurs:

  • Emergency Home Repairs – If you notice any signs of attic rain, such as water stains or dripping, contact our property management team immediately.

Stay vigilant and proactive in managing your home during this warm-up period. Our team at Emerald Management & Realty Ltd. is here to assist you with any concerns or issues that may arise.  Contact us today! 

For more Property Management Tips involving cold weather related maintenance requirements check out Emerald Management & Realty Ltd.’s related articles at: Property Management Tips.

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