Alberta's New Condominium Regulations: Insurance.

• Date: 01 July 2020
• Author: Feng, Judy

On January 1, 2020, revised condominium governance regulations came into effect in Alberta. This article is part of a multi-part article series on Alberta's new condominium regulations. Stay tuned for our next article on repairs.

The previous incarnation of the regulations primarily addressed the type of insurance condominium corporations were responsible for. For example, condominium corporations must maintain insurance to protect common property and condo units against loss resulting from destruction or damage. The new regulations further clarify:

* the condominium's requirement to maintain insurance on condo units

* what the condominium corporation's insurance does not cover

* the types of additional insurance condominium corporations may impose on owners, and

* claim back on insurance deductible from owners.

Clariflcation on condo unit insurance

Under the new regulations, the amount of insurance that a condominium corporation must have on condominium units depends on the type of unit. For example, condominium corporations must, at a minimum, place and maintain the following amount of insurance:

Type of unit Amount of insurance Residential units on Replacement value of the parcel (other than those the units and of the fixtures owned by the developer) and finishing in the units (as described in the standard insurable unit description OR SIUD) Residential units on the Replacement value of parcel owned by the units and of the fixtures and developer finishing as they existed at the time of the condominium plan's registration...