Buying Condo Insurance in BC
Condo Insurance is specifically designed for BC condo owners or owners who have stratified their duplex units and require contents coverage. Condo and townhouse owners have unique insurance needs, particularly compared to owners of detached homes. While the Strata covers damage to the building, it does not protect your possession inside your unit. As a result, Condo Insurance is designed to protect gaps that may exist in Strata corporation insurance policies and is generally quite simple to purchase.
What Does Condo Insurance Cover?
Protect the contents at your condo, such as your clothing, furniture, TV’s, laptops, pots and pans and anything else of value.
Additional Living Expenses
Cover some of the expenses, such as alternate accommodation, food, etc, in case you can’t live in your unit after a covered loss occurs.
Betterments and Improvements
Protect any of the unit improvements as well as materials and supplies being used to conduct the upgrades to your unit.
Protect you financially if you accidentally cause bodily injury or property damage to others inside your unit or anywhere in the world.
Help pay your share (up to policy limit) should there be a loss not covered by the Strata Insurance policy.
How much does condo insurance cost in BC?
One major benefit of condo insurance is that it is generally inexpensive to purchase. Despite condo insurance rates in Vancouver being on the rise recently, the annual cost of a typical condo insurance policy in Vancouver does not have to set you back more than $400-$500/year, depending on the insurance coverage you select.
More than anything, however, for those who own or are looking to buy a condo in Metro 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 strata corporation.
Be forewarned that it is not always about the lowest rate when it comes to reviewing insurance quotes. Make sure your insurance company provides coverage for the areas you need, whether that’s a certain type of replacement cost coverage or special coverage to protect you from possible water damage.
Our Online Condo Coverage Details
Our online condo insurance policy offers a comprehensive all-inclusive insurance offering specifically for our BC customers. It features a series of industry-leading coverages, elevated coverage limits, and it’s backed by superior, locally operated claims service. We have featured some of the key components of our online condo policy below:
|All-Inclusive Condo Protection||
|Additional Living Expenses||
|Condo Deductible Protection for Property||
|Loss Assessment Liability||
|Condo Deductible Protection for Liability||
|Jewellery, Waters, Gems||
- Coverages subject to eligibility and may change at any time.
Enhance Your Coverage with Optional Add-Ons & Customizations
This coverage provides broader water damage protection in the case of loss or damage caused by and happening at the same time as surface water, groundwater or sewer back up events. The coverage limits are the same as those available for Sewer Backup but may not be available to all BC residents, and is subject to the policy deductible.
Earthquakes are common in BC, with an average of 3,000 reported each year. To cover any damage caused to your condo as a direct result of a seismic event, you can add earthquake coverage to your condo insurance policy.
In addition to a number of important add-ons, our online Condo policy provides you with a number of flexible and customizable coverage options. For example, you can select your policy deductible, condo deductible protection limit, personal property limit, and even schedule special items such as jewelry, bicycles, and other items.
Online Condo insurance that meets your needs
Whether you want the basic package that covers the essential items or a more customized option for your special needs, we have you covered.
Choose from one of the bundled packages, especially designed for your needs, including:
• Practical package: The essential & minimum coverages that get you basic coverage
• Popular package: Ideal for nearly everyone as it features the most frequently selected coverages
• Premium package: The perfect option for those who require higher limits and enhanced coverage
Customize your policy further:
• Increase your liability limit
• Lower your premium by increasing your deductible
• Schedule special items such as jewellery, bikes and more
• Add earthquake coverage to reduce your risk in case the big one hits
Frequently Asked Questions
Condo insurance is complicated. Below are a few answers to frequently asked questions about condo insurance coverage, deductible options and the premiums associated with it.
- Personal Belongings
- Improvements and Betterments
- Personal Liability
- Loss Assessment Coverage
The insurance company considers every little thing required to rebuild your home to the same state it was, prior to experiencing the loss. This includes items such as the number of stories of the home, the area covered by the dwelling, the possible presence of a garage, and even down to the basement, whether it was fully finished or not.
It’s important to remember that the value you insure your home for is not necessarily a reflection of the current market value of your home or how much you think you could get for your home if you were to sell it today.
Many of the larger, multi-floor condo buildings experience occasional blockages of pipes between floors. And when that happens, something as simple as turning on a dishwasher, or running a bathtub can lead to huge water damage issues, as the water ends up backing up and flowing up sinks and toilets in other units. Situations like this, while typically nothing to do with the sewer, is ordinarily covered by sewer back-up insurance.