Types of Condos
Coventional and bareland.
What are the two main types of condominums?
Includes items such as furniture, televisions, computers, washer/dryer, clothes, jewellery, etc. inside the condo unit or on the premises.
What are personal property contents?
Consists of all the individuals who own units in the condominium complex and is registered with the land titles office.
What is the condominium corporation?
Recommended minimum limit of $2,000,000.
What is liability coverage?
Highrise, Lowrise, Lofts, Townhouses or row houses and Detached homes.
What are the different building types of condominiums?
Covers renovations made to a unit after purchase that improves its value.
What is improvements and betterments coverage?
Carry out the corporations duties according to any restrictions or directions under the Condominium Property Act (CPA), the regulations, or the bylaws.
May include golf courses or tennis courts as common property amenities.
What is a luxury condominium developement?
Air conditioning, plumbing, sprinkler systems, elevators, fitness centres, pools, hallways, lobbies, and exterior spaces like gardens.
What are common property in conventional condominiums?
Helps to protect insureds financially if they unintentionally cause property damage or bodily injury to others — while inside their condo or anywhere in the world.
What is liability coverage?
Elected by condo owners at each annual meeting in accordance with the condominium property act and the corporations bylaws
Who are the board of directors?
Governs the condominium complex. Every condominium must have a set and to enforce them.
What are condominium by-laws?
A type of condo where the insured may share a wall with their neighbors, but they also own the structure of the home itself and the property's surrounding land.
What is a townhome condominium?
A special assessment to each condo owner, dividing the remaining amount owed by the number of unit owners to pay off the rest of the bill. The amount determined will be levied against each owner.
What is loss assessment coverage?
Conduct, Governance, Finance, Management, Administration, and Meetings.
What are the 6 general areas that condo corporations duties fall under?
Covers all interior and exterior structural and all common property. This includes ceilings, walls and floors within the unit, subject to the definitions, exclusions and deductible
What is the condominium corporation policy?
Another way to describe a bareland condominium.
What is strata condominium?
As of January 2020, Alberta legislation caps this amount that can be recovered from an owner at $50,000.
What is the condominium corporation deductible?
Contains information such as the size and boundaries of the condominium units and common property, the unit factors and an illustration of the perimeter of the property.
What is the condominium plan?
May be a converted warehouse, commercial, or industrial buildings