Condo insurance for owners in BC
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Do you own a condo in BC? Get coverage that’s right for you
Make sure you have the right insurance for your condominium or townhouse. Whether you live in Vancouver, Richmond, or Burnaby, get a condo insurance quote online in minutes. Get a customized quote, in language you can understand, at a competitive price – and do it all online. We’ve simplified getting condo insurance, so you can focus on what you love.
Are you renting a condo unit as a tenant? Get a quote online for
What is condo insurance?
In BC, all strata corporations are required by the Strata Property Act to have insurance for the building itself and its common areas.1 But, it doesn’t cover your things inside your unit or any condo improvements you’ve made. This is why as a condo owner, it’s important to have condo insurance that covers your stuff and more if something happens.
What does condo insurance cover in British Columbia?
Although condo insurance policies can differ, here are some of the common coverages you can find. Don’t forget to review your policy to learn how you’re covered (and where you aren’t).
Standard condo insurance coverages
Protect yourself and the people in your home in case you’re sued. With personal liability coverage, you’re covered if someone gets hurt while visiting or for damage you may unintentionally cause.
Often called contents insurance, this protects anything you own that you could pack in a bag or put in a moving truck. Contents insurance in BC covers things like your clothing, electronics, furniture, etc. Your stuff is covered no matter where it is (whether it’s in your condo in BC or not). Just keep in mind, if you’re renting out your condo, only major appliances (like your fridge, stove and washing machine) are covered for theft.
If you can’t live in your condo during repairs from a claim – you’re covered. You can choose to stay in a hotel or with friends and family. We’ll help cover your extra living expenses either way. Renting out your condo at the time of loss? You’ll be covered for your net rental income until your tenants can move back in.
This includes three extra protections:
- Unit Improvements Coverage
Have you been making improvements or upgrades to your unit – like installing special lighting or customized closets? Don’t worry, they’re covered.
- Unit Contingency Coverage
This coverage protects you if your condo corporation’s insurance isn’t enough to take care of damages to your unit, that would normally be its responsibility to repair or replace.
- Property Loss Assessment Coverage
Your condo corporation could require its members to collectively pay for any damage to common areas (like the lobby or elevators). This coverage will pay for your share.
This covers you and anyone else on your policy in case your identity is stolen. We’ll reimburse you for legal fees as well as certain other costs that could happen, up to a limit. These could include lost wages if you have to take time off work to sort it out, and payment for services that help you get back to where you need to be.
Additional condo insurance coverages
This coverage can help in some smelly situations. Your unit and belongings would be covered for damage caused by sewage that backs up in your unit through a sump, septic tank or floor drain. Any belongings in your condo’s basement storage unit would also be covered. Or, if you can’t get into your condo because the lobby or lower levels are affected, you’d need Sewer Backup so that additional living expenses (like living in a hotel during repairs) are covered. Coverage offered depends on eligibility.
You’re covered for damage caused by fresh water, such as excessive rain, spring run-off and melting snow, coming in at ground level through windows and doors. If you can’t get to your unit due to an overland water flood in your condo’s lobby or lower levels, you’d need this coverage to get help with extra living expenses (like living in a hotel). It also includes belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.
This protection covers you for loss or damage arising directly or indirectly from an earthquake. You’re also covered if the earthquake shock results in snowslide, landslide, or other earth movements that cause damage to your property.
Ways to save on condo insurance in British Columbia
You can save if you’re a member of an eligible association, an
TELUS SmartHome Security
Tangerine
Deloitte
Questions about condominium insurance? We’ve got you covered
Insuring your condo should be simple. That’s why we’ve made getting a
If you
First Claim Forgiveness. This means your rate won’t increase due to your first claim. We’ll pretend it didn’t even happen.
Replacement Cost Guarantee. You’ll have the flexibility to settle claims at
Enhanced Deductible Waiver. We’ll waive your deductible for claims of $10,000 or more. Sorry, this doesn’t include claims caused by earthquakes.
Heads up! These perks cannot be added to a tenant or landlord policy.
No. Sonnet doesn’t cover short-term rentals through any home sharing service, including Airbnb and Vrbo. This applies to all our property policies ¬(homeowners, condo, and landlord). Under the terms of our renters insurance, tenants also aren’t allowed to offer short-term rentals of their apartment or house – or a room in their unit – through one of these networks.
If you’re offering short-term rentals via one of these services and something happens where you need to file a claim, your claim could be denied.
Want to know more about how Sonnet covers long-term rentals? Check out our
Yes. As a condo owner, your Sonnet condo insurance policy covers you, your personal property and
Heads up! Are you a tenant renting a condo from someone else? If so, your landlord’s insurance will generally cover the appliances, since they’re the owners – not you (unless you’ve bought them yourself).
Need more answers about condo insurance?
Wondering if your townhome needs a condo or a homeowners policy? There are a couple of questions that help with this:
- Do you have a Condo Corporation?
- If something were to happen to the outside of your home, such as to your roof, are you responsible for repairing it?
If you answered yes to the first question and no to the second, then a condo policy would best fit your needs.
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