Insurance for Condo/ 
Townhouse

No, standard condo insurance usually does not cover special assessments that your strata may charge for building repairs, upgrades, or maintenance. However, it does include protection for strata deductibles, which is when you are held responsible for paying a portion of the strata’s insurance deductible (for example, after a water damage or earthquake claim).

Yes, water damage is one of the most frequent and costly condo claims in BC. A burst pipe, appliance leak, or overflow can affect multiple units, and if you are deemed responsible, the strata’s water deductible may be passed down to you. These deductibles can range from $25,000 to over $100,000, depending on the building, so it’s critical to ensure you have enough coverage. We also offer strata water deductible top-up policy to help cover any gaps you might have. 

It’s also important to understand that if another unit causes water damage to your unit, their insurance will not pay for your loss. Each unit owner is responsible for insuring their own contents, upgrades, and living expenses.

A condo insurance policy typically includes:

• Personal property – furniture, clothing, electronics, bikes, jewelries and more
• Unit improvements & upgrades – custom finishes or renovations
• Personal liability – if you cause damage to another unit or someone is injured in yours and they sue you 
• Additional living expenses – hotel stays, meals, and storage if your unit is uninhabitable after a covered loss
• Strata deductible coverage – protection if you are held responsible for the strata’s building insurance deductible (for example, if you caused damage to the common area in the apartment building) 

Please see the policy wordings for more details*

You should insure for the full replacement value of your personal belongings, along with protection for unit improvements (such as upgraded floors, countertops, or fixtures) and personal liability coverage.

Condo owners also need to be aware of their responsibility for strata deductibles which are usually water, sewer backup, flood and earthquake deductibles. Earthquake strata deductible is a bit different from others because in the event of an earthquake, the strata’s earthquake deductible is shared among all unit owners. The amount you’re responsible for your unit varies based on your unit’s size, floor level, and location in the building.

Standard condo insurance policies usually cover up to $25,000 of earthquake strata deductible, but in many cases, this amount is typically lower than what owners are actually charged.

InsureBC offers a top-up earthquake deductible policy to provide extra protection, ensuring you won’t be left underinsured or facing a large unexpected cost. Our insurance advisors can help calculate the right amount of coverage for your situation.

Condo insurance premiums in BC vary based on your unit’s value, location, building type, and the amount of coverage you select. On average, premiums are lower than single-family homes since your strata corporation’s master policy covers the building structure.

Tip: Condo insurance mainly protects what’s inside your unit — your belongings, improvements, and liability.

Your strata corporation has a policy insuring the whole building and common areas. They have a deductible, which is the amount that they are responsible for in the event of a claim. Condo deductible protection helps protect you if the deductible is assessed back on to you by your strata corporation.

Condo insurance is not mandatory by law, however if you are applying for a mortgage, most lenders will impose this as a condition for mortgage approval. Whether mandatory or not, it is extremely important to protect your investment.

While your Strata corporation’s insurance policy will typically cover original fixtures and fittings, your Condo Insurance will cover any improvements that you have made, including materials and supplies being used to conduct the upgrades. Be sure to review your Strata’s insurance policy to ensure your condo policy has enough coverages to match theirs to avoid being held liable for any gaps.

Absolutely! But, rather than a Condo policy, you’ll need a Rented Condo policy, also known as a Landlord policy. These differ significantly from a Condo policy where you live in the unit yourself as the exposures are somewhat different. You can get a quote for your Landlord insurance policy here. Those who use their Condo for occasional Airbnb rentals will require a different policy again, as the exposures are somewhat different. If you’re not sure which policy to purchase, don’t hesitate to contact one of our insurance advisors.