Condo Insurance is specifically designed for BC condominium unit owners or owners who have stratified their duplex units and require contents coverage. Condo Insurance policies are designed to protect gaps that may exist in strata corporation insurance policies and is generally quite inexpensive and simple to purchase.
There may be unique situations that require different coverages to be combined into one. For example, if you own a freehold townhouse condo, you could require a homeowners policy with loss assessment added on. As it stands, not all Condo Insurance policies are created equal so if your insurance needs are slightly more complex, it may be important to spend some time to do a condo insurance comparison. Some insurers may have limits on the strata deductible coverage or have lesser limits for loss assessment coverage which can ultimately make a significant difference in the outcome of a claims situation. Let’s take a closer look at the coverage options available for condo owners.
What Does Condo Insurance Cover?
Protects the contents at your condo, such as your clothing, furniture, TV’s, laptops, pots and pans and anything else of value.
Additional Living Expenses
This part of the coverage will help to cover some of the expenses you may incur, such as alternate accommodation, food, and beverage, etc, should you not be able to live in your unit after a covered loss occurs.
Betterments and Improvements
This coverage provides protection for any upgrades you have made to your unit that may have increased its value.
Protects you financially if you unintentionally cause bodily injury or property damage to others inside your unit or anywhere in the world.
This coverage helps pay the unit owner’s share (up to policy limit) should there be a loss not covered by the condo’s strata insurance policy. Some insurance companies have limits on this particular coverage so make sure you know your strata deductible before obtaining a condo insurance quote.
How much does condo insurance cost in BC?
One major benefit of condo insurance is that it is generally quite inexpensive to purchase. Despite condo rates in BC being on the rise in recent years, the annual cost of a typical condo policy in BC does not have to set you back more than $350-$400/year, depending on your insurance coverages selected.
More than anything, however, for those who own or are looking to buy a condo in Vancouver, or other parts of the province, it is important to find a condo insurance policy that fits the unique needs of both your individual unit as well as the condo strata corporation. Be forewarned, that it is not always about the lowest rate when it comes reviewing insurance quotes. Make sure your insurance companies provide coverage for the areas that you need, whether that’s a certain type of replacement cost coverage or special coverage to protect you from possible water damage.