As a condominium owner, you own your unit but your strata or co-op owns the building. Your strata or co-op would be responsible for insuring the structure against loss. However the building insurance does not cover your personal possessions in your home, or your liability to property damage or bodily injury arising from your negligence. You could protect your property against all risks with exclusions or specified perils - such as fire, theft, lightning, hail, falling objects, explosion, vehicle impact, riot and vandalism- and also legal financial obligation due to your liability - with condominium-owner insurance.
Your personal possessions (Property Coverage)*
Consider the replacement, repair and cleaning costs of your valuable possessions: designer clothes, shoes, furniture, audio entertainment centre, dishes, tools, computers, sports equipment and stamp collection. There is a risk of loss from a theft or structural fire, not just from burning, but imagine water damage to your books and computers caused by fire-fighting elsewhere in your building. To insure these items against loss you need condominium-owner insurance.
Temporary Accommodations (Additional Living Expense)*
When you lose the use of your own space, you suffer an additional loss as you must pay for new premises. Repairs to your home could put you in a temporary accommodation for some time. Condominium-owner insurance could cover necessary living expenses.
Condominium-owner Improvements*
If you improve your own space, by updating the bathroom tiles - installing new carpeting – or switching to laminate floors, these improvements will not be covered under the building insurance. They would not be compensated for these in the event of loss. Condominium-owner insurance would provide coverage against loss of such improvements.
Personal Liability*
In addition to loss of personal possessions, there is personal liability to consider. You may be legally liable to pay compensatory damage due to body injury or property damage arising from your personal actions. Such damage could result from thrown objects breaking the glass or water damage resulting from forgetting to turn off the kitchen faucet. If a guest slips and falls at your home, or has an arm broken by a falling bookcase, you could be liable for the damages and could be subject to a lawsuit. Since you own the condominium as an asset, you could be sued for the asset. Condominium-owner insurance would provide coverage for situations such as these. Personal Liability coverage starts from $1,000,000 up to $5,000,000.
Additional Protection*
You could include Earthquake, Home-based business and Watercraft coverage.
Discounts*
-Age 45 or more (depends on insurance companies),
-Have installed and activated an approved centrally monitored fire and/or burglar alarm system,
-Are claims-free for the past 3 years,
-Have been insured with us for 5 or more years.
-Various higher deductible.
*Subject to the provisions, conditions, definitions, limitations and exclusions as described in the policy wordings.
Insurance Broking
As a member of the largest independent insurance broker group in British Columbia, we have contracts with more than 10 major respective insurance companies. We find best coverage with competitive price. If your main concern is theft, we could pick higher special limits coverage or schedule special items (Jewelry, Bicycles or Theft from vehicle) for you. Just please let us know what your needs are. We can customize your coverage, such as increasing the personal liability coverage to 5 million dollars. We can offer super deluxe coverage for those who have high value personal possessions and/or condominium improvements.
Please fill out a quote request form, we will return with the quote.