Get Cheap Condo Insurance in Vancouver

How condo insurance works in Vancouver, B.C.

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:

• Contents coverage for your possessions –  Vancouver condo insurance will cover possessions you own, from nick-nacks to home electronics. Higher priced items like art or jewelry may require you to take out extra insurance, often known as a rider. Most insurers insist on a minimum of $30,000; most Canadians opt for around $50,000 in coverage.
• Improvements and upgrades you have made to the condo - Upon purchasing your condo, you may have changed a few things, like new appliances or renovating the interior. Your Vancouver condo insurance can provide coverage for that. Just remember to inform your insurer about your plans before you start work.
• Personal liability insurance - This insurance will protect you if someone injures themselves on your property or you cause damage to an adjacent condo or common area.
• Unexpected living expenses - You may be forced to live elsewhere temporarily in case of severe fire or other weather-related damage to your condo. It will help pay for those unexpected living arrangements and cover rent, transportation and meals. Talk to your insurance provider to see if they place a cap on how much coverage you can receive.
• Vehicle break-ins - Auto insurance does not cover the contents inside your vehicle. Your condo insurance does have provisions to protect you and reimburse you for such an event.
• Loss of unit - If your condo is deemed unlivable, this insurance will cover the costs of maintenance fees.

Optional Vancouver condo insurance coverage 

There are also optional coverages if you want to boost your policy for ultimate protection:

• Endorsements for high-value items: Some items, such as higher-priced jewelry or art, are not covered by basic Vancouver condo insurance. An endorsement can protect you if these items are stolen or lost in a fire, but an appraisal or receipt will be required. Vancouver condo insurance providers will charge an additional cost for the endorsement coverage.
• Sewer backup coverage: Condo owners on lower floors may face issues such as sewer backup or flooding. This coverage will help cover decontamination costs and the replacement of possessions.
• Identity theft: Your Vancouver condo insurance policy can help compensate you for losses from having your personal information stolen or identity theft.
• Overland water coverage: This covers losses caused by water seeping into your condo from outside. Lower-level condos might experience this via flooding, while higher-level condos might see water damage from leaky roofs.
• Directors’ liability coverage: If you are an elected member of your condo board, you will be protected from lawsuits that might arise as part of your position.
• Loss assessment: While protected by corporate condo insurance, your building may face costs not covered by insurance. Those extra costs can be spread among the unit owners when this occurs. Loss assessment coverage helps protect you from paying those out-of-pocket expenses.

*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.