What you need to know about condo flood insurance

Image showing the devastating effects of water damage in a condo.
In this article:

Floods are one of the most common types of natural disasters in BC, and they can cause a lot of damage. If you live in a condo, it’s important to have condo flood insurance to protect yourself from potential losses, especially if you’re located in a high-risk area for floods. Read on to learn more about what condo flood insurance covers and why you should consider getting it for your condo.

Why do you need flood coverage?

Whether you live in a low-lying area near a river or stream, or in a high-rise building in the middle of a city, you could be at risk for flooding. It’s important to understand the different types of flood coverage that are available.

When a flood happens, the damage caused can be extensive. Even if the damage is just to common areas on the first floor, as a condo owner you will also be responsible for this. With different types of flood coverage available, the one that’s right for you will depend on a number of factors. For example, if you live in a special assessment district, your unit owners’ association may require you to carry a certain amount of coverage. Alternatively, if your home is located in a high-risk area, your lender may require you to purchase a specific policy.

Whichever situation applies to you, it’s important to make sure that you have the right level of protection in place. By doing so, you can help ensure that you’re prepared in the event of a flood.

What is condo flood insurance and what are the different types available?

Did you know that flood damage is not automatically covered by a standard condo unit owner’s policy? It’s important for unit owners to think about purchasing separate flood insurance or adding this optional coverage if they want to be protected against this type of disaster.

There are three main types of flood insurance coverages:

  • Building coverage which protects the unit itself
  • Contents coverage which protects your personal property
  • Strata deductible coverage, which covers your condo corporation’s flood deductibles that they may charge back to unit owners

You should find out if there are any restrictions on unit owners purchasing flood insurance. Additionally, check with your condo association about their insurance policy and what type of coverage they require unit owners to hold. By doing so, you can make sure you’re properly insured against floods, protecting your investment and personal belongings.

Learn more about what condo insurance covers

How much does condo flood insurance cost?

When it comes to insurance, there is no one-size-fits-all answer. The cost of adding condo flood insurance to your policy depends on a number of factors, including the insurance company you choose, the location of your condo, and whether your building is in a special flood hazard area. In general, insurance companies base their rates on the replacement cost of your unit, with higher prices for units located in areas at greater risk for flooding.

If your building is in a designated flood zone, you may also be required to pay a special assessment to help cover the costs of flood damage. This assessment can be several thousand dollars, so it is important to make sure that you have enough insurance to cover the replacement cost of your unit. By taking these steps, you can protect yourself from financial ruin in the event of a flood.

Ultimately, the best way to get an accurate estimate of your flood insurance costs is to speak with your condo corporation to determine the requirements, and then an insurance agent.

Tips for preventing water damage in your condo

Water damage is one of the most common and costly problems facing condo unit owners. Water can enter your unit through leaks in the roof, windows, or doors; it can also come up through the floors or seep through the walls. Even a small leak can cause extensive damage to walls, floors, and personal belongings, which can lead to serious problems, including mold growth, rot, and structural damage.

Fortunately, there are steps you can take to prevent water damage in your condo. The following are a few suggestions:

  • Keep an eye on high risk areas, such as the kitchen and bathroom. Make sure that these areas are well-ventilated and free of moisture.
  • Regularly check for leaks in your plumbing fixtures and pipes. If you do find a leak, be sure to repair it immediately.
  • Control the humidity levels in your unit. Use a dehumidifier to keep the air dry and consider using a humidistat to monitor the humidity levels in your unit.
  • If you are unable to do this, or if the leak is severe, contact your building manager or a professional water damage restoration company.

By taking these simple steps, you can help prevent water damage in your condo unit.

How to file a claim in the event of a flood?

If your condo unit is flooded, it’s important to take quick action in order to minimize the damage and start the process of filing an insurance claim, as prolonging the process can be an extensive and costly repair.

  • First, try to remove as much water as possible by mopping up or using a wet/dry vacuum.
  • Document the damage by taking photos or videos.
  • Condo owners are typically responsible for their own contents insurance and unit, so be sure to check your policy limits and deductibles before filing a claim. Your condo association may also have certain deductibles that you are responsible for.
  • Contact your condo association and insurance company to start the claims process. If your condo association has insurance, you will need to file a separate claim with your own insurer for any damage that is not covered by the association’s policy.

If you live in a condo, it’s important to have condo flood insurance. The cost of this type of insurance depends on a number of factors, but it’s important to make sure you have enough coverage to cover your personal belongings, the replacement cost of your unit, and your condo association’s deductibles.

Whether or not you’re located in a high-risk area for floods, water damage can be extensive and costly to repair, so it’s important to have adequate coverage in place in case of a flood. Contact InsureBC today for more information about adding condo flood insurance!