Red Deer Condo Insurance Coverage 101 

The condo lifestyle is becoming more popular in Red Deer, but condo insurance can get a little confusing. Procom Insurance is here to help you understand your Red Deer condo insurance and ensure you’re adequately protected. We work with a number of Red Deer condo insurance companies to get you competitive prices and choice in your coverage. We do the legwork for you when it comes to research and price shopping. We’re also your insurance resource – we help make sure you’ve got the coverage you need and advocate for you in the event of a claim.  

We’ll break down the difference between Red Deer condo insurance and home insurance, what condo insurance covers, and what affects your premiums.  

Get a no-obligation free Red Deer condo insurance quote by filling out our online form or give us a call today. Our experienced, knowledgeable brokers are happy to help! 


Red Deer Condo Insurance versus Home Insurance 

Red Deer condo insurance is different than traditional home insurance. Both offer coverage for your belongings, including your furniture and appliances. They also both offer liability coverage, for if someone is injured or has their property damaged while in your home and decides to make a claim against you.  

Both Red Deer condo insurance and home insurance also include mandatory evacuation and additional living expenses, which covers the difference between your normal living costs and extra costs you’ve had to take on thanks to being evacuated or needing to leave your home after an insured loss (up to your policy limit).  

Many Red Deer condo and home insurance policies have similar add-on coverage options, too, and you’ll always have to pay a deductible before your insurance kicks in. They’re also often paired with an umbrella liability policy, which extends your liability protection. 

The biggest difference between Red Deer condo insurance and home insurance is that condo insurance doesn’t cover the structure of your home. This would be covered by your condo building’s master policy (along with all the common areas). This makes Red Deer condo insurance more affordable than regular home insurance.  

It’s important to have condo insurance to ensure you and your home in Red Deer is protected. For example, if there is a fire and you don’t have insurance, your condo’s master policy won’t cover any of your personal belongings or anything within the walls of your condo. You’d be on the hook for replacing everything within your condo’s structural walls. 

Red Deer condo insurance can also offer specialized coverage for things like special assessments. Not all insurers offer this coverage, so we recommend discussing it with one of Procom’s Red Deer condo insurance brokers. 


What Does Red Deer Condo Insurance Cover? 

While each Red Deer condo insurance company is different, there are several main areas of coverage included in condo insurance: 

  • Liability – This covers you in the event you’re sued after someone is injured or has their property damaged while in your condo.  
  • Contents – This covers all of the contents of your condo, including your personal belongings, furniture, and fixtures.  
  • Additional Living Expenses – If you need to vacate your home after an insured claim while repairs or rebuilding is taking place, this will cover the difference between your current and normal living expenses for things like accommodation, transportation, and food. 
  • Mandatory Evacuation Expenses – if you are required to evacuate your home (to stay safe from potential flooding or wildfires, for example), this will cover the difference between your usual and current living expenses for things like accommodation, transportation and food. 
  • Upgrades – If you or a previous owner of your condo has made upgrades or renovations to the condo, this ensures they’re covered. 
  • Special Assessment – This will cover the costs of condo special assessments, usually done when there is a major project or damage to be repaired, such as replacing the roof.  

Keep in mind that you’ll need to choose policy limits for your Red Deer condo insurance. This is the maximum amount that will be paid out in the event of an insured claim. There are also separate limits for additional living and mandatory evacuation expenses.  

You’ll also need to decide between replacement types: actual cash value (ACV) or replacement cost (RC). ACV means you’ll get the market value of your belongings, or the original purchase price minus depreciation. RC means you’ll get the amount it would cost to replace the item new today (or one of similar type and quality). Let’s use a television as an example. Say you bought a $4000 television 2 years ago. You have an insured claim where the television was destroyed. If you had ACV coverage, you’d get around $2000. If you had RC coverage, you’d get however much it would cost to purchase a television with the same or similar features today.  


There are also numerous add-on coverages called endorsements. These extend your coverage. Here are some common ones: 

  • Sewer Backup – This provides coverage in the event of water damage caused by backup in your drains.  
  • Overland Water – This provides coverage in the event of water damage caused by water accumulation or the overflow of a body of water. 
  • Storage – While some policies include coverage for items in storage, others don’t unless you have a special endorsement.  
  • Bylaw – If there are new bylaws that affect the way your condo needs to be rebuilt; this will cover the difference in costs. Some condo policies include this, but others do not. 
  • Extended Coverages – If you have any particularly valuable items such as a collection, jewellery, or bicycles, these special extensions ensure they’re fully insured. They will have their own special policy limit. 

When you request a Red Deer condo insurance quote, our brokers will help you understand your condo insurance including what coverage you should have while still meeting your budget.  


What Affects Red Deer Condo Insurance Rates? 

Just like homeowner’s insurance and car insurance, Red Deer condo insurance premiums are calculated based on a number of different factors, including; 

  • Your insurance history  
  • Value of your belongings 
  • Your condo’s age, building construction, and features 
  • Your condo’s location 
  • Your coverage options, including your deductible 

Insurance companies view people with consistent insurance coverage more favourably. You may also be penalized if you’ve had payment issues or been cancelled by another insurer. The lower the number of claims you have, the lower your Red Deer condo insurance will be, too.  

Obviously, the value of your belongings has an impact on your condo insurance premiums. Making a home inventory is a great way to figure out how much coverage you need – and it is critical to have if you ever have to make a claim.  

Your condo’s age, building construction and features all have to do with the risk level. For example, a wood build is considered riskier than a concrete build due to the additional fire hazard. There are ways to offset this, of course, including proximity to firefighting services and proper sprinkler and fire alarm systems. 

The location of your condo affects your premiums because insurers use historical claims and crime data to determine the risk. For example, if you live in an area that historically has high levels of break-and-enters, you may have higher premiums. For Red Deer, flooding and hail would be some of the biggest risks.  

Your Red Deer condo insurance coverage options also impact your premiums. Add-on coverages, policy limits, replacement coverage, and deductible all affect your rates. For example, your deductible – the amount you pay before your insurance kicks in after an insured claim – the lower your deductible, the higher your premiums will be.  

Don’t worry if this is a little overwhelming. Procom’s Red Deer condo insurance brokers will help you figure out what coverage you need. We’ll also do all the legwork of research and price shopping to get you competitive quotes from different insurers. Get a free Red Deer condo insurance quote today or give us a call to discuss your options. 

Condo Insurance


Getting the right condo insurance coverage in place can be confusing – and we wouldn’t expect you to know everything. That’s why our team at Procom Insurance Brokers here in Red Deer are here to guide you through exactly what you need and what all the insurance jargon means. We will work with you to get your condo or apartment the right coverage as quickly as possible – so you can get into your new place, or keep you in your old place, with coverage to keep you safe.

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