Buying a home, whether a house or condo, isn't only a huge life milestone, it's also the most significant financial investment you'll ever make — and one you'll want to protect. Condo insurance in Vancouver will help shield you against losses, repairs, and even lawsuits.
Condo insurance, like home insurance, is not mandatory. Still, most lenders will only provide a mortgage with the assurance that your home has some protection against fire, theft or other perils.
Vancouver condo insurance providers will assess your needs and the likelihood of making claims when determining your costs.
Generally speaking, condo insurance in Vancouver will cover your possessions, those stored away in a locker, and even possessions you may travel with. The physical structure of your condo building, or shared areas, are not your responsibility and is therefore covered by the condominium corporation's insurance, sometimes called strata insurance. Your condo fees help pay for it.
Condo insurance is generally cheaper than home insurance. Depending on your requirements and possessions, monthly costs can average between $20 and $50.
There are many types of condo insurance you’ll want to consider depending on your specific circumstances:
There are also optional coverages if you want to boost your policy for ultimate protection:
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Insurance providers take many things into account when determining your Vancouver condo insurance. Your address and age of your building count, but even owners of similar units can have different insurance quotes. Here are some factors that insurers will consider when determining your condo insurance premium:
Still have questions about condo insurance in Vancouver? We answer them here.
Getting the cheapest rates for Vancouver condo insurance starts with comparing quotes. Sites like RATESDOTCA help you find the most up-to-date quotes from the area's top providers. All you need to do is provide information about your condo insurance needs. We'll do the rest by providing quotes and, most importantly, choice.
Vancouver is a large metropolitan area. As a result, issues of crime and theft can affect Vancouver condo owners. Also, being on the West Coast, Vancouverites should be prepared to face earthquakes or other natural occurrences such as floods, forest fires and landslides.
Older buildings may require upgrades and repairs to bring their units up to insurance standards.
Before listing your condo unit on Airbnb or Vrbo platforms, talk to your insurance provider. Turning it into a short-term rental unit may void your current insurance policy. Having your insurance cancelled can result in you paying significantly more for insurance and having difficulty finding an insurance company to cover you.
While Airbnb and Vrbo offer some “host protection,” you will still need short-term rental insurance to cover lawsuits, litigation or loss of income.
Assess the damage and contact your Vancouver condo insurance provider. You can file a claim by phone or even online. Take pictures of the damage.
Take a look at your policy and assess your deductible against any claim. Going forward with a claim may not make sense if the deductible is high.
Before disaster strikes, prepare an inventory of the personal effects you would want to have replaced if they were ever damaged.
*Shoppers in Canada who obtained a quote on InsuranceHotline.com from January to December 2021 saved an average of 21%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by InsuranceHotline.com.