Select Page

Condominium Rules Changes In Alberta

Leibel Insurance Group

Toll Free: (855) 906-6351
Edmonton Local: 780-484-8880
Calgary Local: (403) 910-1848
Fax: (780) 484-7879
Email: [email protected]

Contact Us Today

 

There are some new condominium changes in Alberta that you should be aware of. They are particularly big for condominium owners, who have been fighting for regulatory changes for nearly 18 years.

The first is that because of the recent changes made to the province’s Condominium Property Regulation, condominium boards have to have more transparency. Some of the changes that were made include adjustments to the rules on how condominium corporations handle bylaw fines, how condominium owners’ investments are protected, and the ways in which reserve funds are managed. There were also changes made that relate to insurance matters.

The Alberta government is also emphasizing transparency specifically from the condominium boards’ end. Condominium boards are not required to provide minutes in writing to all condominium owners, in addition to providing an agenda for annual general meetings in advance. While the improved transparency is commendable, it also has increased administration and printing costs that have to be taken into consideration. While they have adequately addressed some of the concerns that owners have, there are some unintended consequences that must be resolved. Condominium boards have the authority to raise condominium fees based on the reality of their current situation. The new rules put more pressure on condominium boards in terms of what they can do.

While it is not mandatory by law for condominium owners to have insurance to cover insurance deductibles, with recent changes effective on January 1st, 2020, condominium boards can enact a local bylaw. Condominium owners can now be held financially responsible for damage that happens in their units or areas that they are responsible for. Condominium boards can go after condominium owners for insurance deductibles up to a maximum of $50,000. That means that if you have a toilet leak and it impacts other units, you may be held responsible, despite the fact that there was no negligence on your part. The ultimate goal of this recent change is to hold owners accountable for damages and prevent other homeowners from having to pay for someone else’s problem.
It is in the best interest of condominium owners to get an insurance plan that will cover any possible deductible.

Whether you need personal or commercial insurance, look no further than Leibel Insurance. We know that insurance can get confusing very fast, but we help make it easy and simple. We carry multiple policies to suit individual needs and will protect you and/or your business. As Canada’s top rated insurance brokerage, we are committed to customer service and delivering the highest quality insurance plan possible. Contact us today at 1-866-484-8880 or visit us online at ligroup.ca for a no-obligation quote!

For Your Sake, Don’t Wait!

Find out how much you can benefit from switching today.

Let's Connect

How Would You Like to Connect?

Let's Connect

Let's Connect

How Would You Like to Connect?

Let's Connect