Understand Your Condo Insurance
Buying a condominium can be a great alternative to buying a home. Typically, Condo’s have fewer obligations regarding repairs and maintenance of the condo and the grounds as the Strata takes care of this for the entire complex. But every situation is unique, and you should be aware of what you are agreeing to before you purchase a condominium.
Ask for the “Strata’s Insurance Master Policy” carefully read the document and look for maintenance issues that may fall under your responsibility. Generally, the Condo’s Strata Association covers the building itself, but everything from the walls inward is your responsibility. This may include both your personal property and portions of the unit.
Do you need any add-on coverage? Below are just a few you can consider:
Common Elements Loss Assessment
Can provide coverage for a special assessment due to a direct loss to the common elements caused by an event insured under both the corporation’s master policy and your Condo policy.
Unit Addition Protection
Coverage for the unit when the corporation’s master policy doesn’t have enough, or any insurance.
Water damage coverage
If you live in an area susceptible to flooding, it’s important to think about the value of the contents you could lose and your elevation above ground level. Check with your Insurance Broker to review your water coverages.
Earthquake coverage
Buying earthquake insurance is essential for condo owners in areas prone to seismic activity, such as many locations in British Columbia. It provides coverage for damage to your personal belongings, as well as additional living expense if your home becomes uninhabitable.
ID Theft
A policy can also provide you with identity theft protection as an add-on coverage if it isn’t included in the base policy.
Glass Policy
A separate policy protects the exterior glass from accidental damage or vandalism for a super lower annual premium, and typically $0 deductible, therefor not affecting your Condo policy.
Credit Scores
A credit-based insurance score helps predict the probability that you will file an insurance claim. Credit-based insurance scores (soft credit searches) are used as one factor among many in insurance underwriting and have the potential to reduce your overall premium.
Bicycle insurance
Your Condo policy covers all your personal property; you should make sure that you have enough coverage for your bike and all your other items. You may need to schedule your bicycle onto your policy to ensure adequate coverage and stated value in the event of a loss.
It is always a good idea to create an inventory of your belongings, including pictures. While creating a personal property inventory may seem cumbersome, it’s the best way to ensure the process runs smoothly if you must file a claim.
Contact us for more information and assistance in creating a policy to cover all of your needs.
Please call one of our experienced Brokers to review your options.
The right products, great service, the best people
KELOWNA BRANCH
156-1876 Cooper Rd Kelowna, BC V1Y 9N6
1-800-663-4200
TRAIL BRANCH
1403 Bay Ave Trail, BC V1R 4A9
1-866-891-4997
Written by: Nicole Lychak-Smith Branch Manager Working Ventures Insurance Solutions (Kelowna Branch)