Condo Insurance Chilliwack

If you have recently purchased a condo as your first home or due to downsizing, it is crucial to ensure that your investment is protected. Condo owners have unique insurance needs when compared to owners of traditional detached homes. While strata companies cover damage to the building, they will not provide coverage for the items inside your unit. That is why it is strongly recommended for every condo owner to invest in a condo insurance policy or other home insurance solution that is right for their needs and budget.

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How Condo Insurance Protects You

A condo insurance policy can provide protection in the following circumstances:

Fire & Smoke Damage

If your belongings are damaged by smoke or fire, this coverage will help you recover the costs for replacing them.

Crime and Vandalism

This coverage helps you recover the costs of your belongings—electronics, jewelry, clothing, etc.— if they are stolen from your home.

Personal Liability

Personal liability protection provides coverage for yourself and any people who live in or visit your condo if is someone is hurt while visiting. For example, if you are hosting guests and someone breaks their arm due to tripping over your entryway rug, your liability coverage can step in to cover medical costs and other expenses.

Water Damage

If a pipe bursts under your sink or your washing machine starts to leak, you could be left with severe water damage in your unit. This coverage will help protect you by reimbursing you for any costs associated with repairs.

Building Improvements

If you have made any improvements to your condo (new countertops, upgraded flooring, etc.), it is important to protect your investment. Building improvement coverage ensures that your hard work is covered should anything damage your unit.

Strata Coverages

If you accidentally cause damage to multiple units, you could be solely responsible for the deductible if your strata corporation files a claim. For example, your toilet may overflow and cause water damage to your unit and the unit beneath you. Some buildings have deductibles up to $100,000, so it is crucial to ensure that you are protected in this situation.

Additional Living Expenses

Condo insurance policies offer coverage if your home becomes uninhabitable due to fire damage, water damage, or another form of damage. This ensures that you do not fall into debt due to unexpected hotel costs or other living expenses while your condo is being repaired.

Additional Strata Coverage

If your strata’s insurance policy is not enough to cover the repair or replacement costs incurred due to water damage, fire damage, or another cause, every condo owner in the building will need to come up with the funds to cover the shortfall. This type of coverage ensures that you are not left with a large and unexpected expense if your strata does not have sufficient coverage.

Condo Insurance FAQs

How much condo insurance do I need?

Much like your condo is suited to your lifestyle and needs, your insurance policy should be suited to your condo. To determine how much insurance you need, you should create a list of everything you own and determine the combined value of these items. While this is a time-consuming task, it is the best way to determine how much coverage you will need to replace everything in your home.

How much does condo insurance cost?

Condo insurance rates will vary based on several factors. These factors include:

Property Type - A high-rise condo will likely have a different rate than a shorter building.
Location - Postal codes provide insight into areas prone to flooding, vandalism, and other claims, increasing or decreasing costs accordingly.
Upgrades and Improvements - Any improvements from the standard unit will need to be factored in to provide an accurate quote.
Claims History – If there has never been a claim for this property and you have never reported a claim, you may be entitled to a discount. On the other hand, if there are any existing claims, this can increase your total price.
Building Construction - The materials used to build the structure and your unit will influence the price of your coverage.

Is condo insurance mandatory in BC?

While condo insurance is not mandatory in BC, most banks and mortgage lenders require buyers to show proof of insurance before advancing the mortgage. In most cases, your condo association may also require you to provide proof of insurance before moving in. This proof may also need to be provided every year after you move in.

What is not covered by condo insurance?

While condo insurance provides coverage in many situations, it does not provide coverage for:

Vehicle theft or damage
Flood damage
The belongings of a tenant renting your property

What is a “shared common area" in a condo?

In a condo building, shared common areas typically include the entrance lobby, hallways, stairways, parking areas, recreation areas, and elevators. Your strata corporation will have an insurance policy for these areas, leaving you with the responsibility of insuring your unit and everything within it.

Do you need flood insurance for a condo?

If you live on the ground floor of your condo building, it is strongly recommended to inquire about additional flood insurance. While a standard condo insurance plan will likely provide coverage for water damage caused by burst pipes or overflowing toilets, it will not provide coverage for damage caused by external flooding. This means that if your unit becomes flooded due to excessive rain or an overflowing body of water, you will not be covered.