If you own a condo in Vancouver and are looking for the best condo insurance quote, this article is for you. We’re going to cover everything you need to know about condo insurance.
We’ll talk about what it is, how to find good insurance rates, and we’ll even point you in the direction of finding the best insurance company in Vancouver.
By the time you’re done reading this article, you’ll know how to search for and finalize your condo insurance policy.
We’ve got a lot of information to share, so read on.
Where It All Started
The first condo complex ever built in Canada is a condo complex by the name of Brentwood Village. The units were available for lease in Edmonton after the complex was registered in 1967.
Since then, the number of condos in Canada has grown exponentially. As of 2017, 1.9 million Canadian households live in condo units. Therefore, it is safe to say that getting a condo insurance quote has gotten more and more popular as the years have gone by.
Condo insurance in Vancouver is even more important than in other major Canadian urban cities. Recent statistics show that approximately 33% of Vancouver residents live in some sort of condo setup. The number of condo-dwellers in other areas is significantly less.
Only 20% of residents in Calgary, Toronto, and Edmonton live in condos. If we switch the focus to Montreal, Quebec, and Ottawa, that number drops down to 15%. Clearly, the city of Vancouver is the Canadian condo king.
Like most other parts of the world, the Canadian population is not expected to stop growing. Furthermore, with the demand for suburban housing on the rise, more people will continue to move into the city.
Couple this with the fact that urban living close to downtown centers has become quite trendy, more condos and multi-family buildings will continue to be a necessity.
The Facts About Condo Insurance
In a condo scenario, one person or a family owns the dwelling unit, but the common areas and amenities are shared by all of the residents. You’re probably wondering “why are you telling me this”? Well, it matters for your insurance coverage as condo owners.
Since you are only inhabiting your particular dwelling unit, that is the only individual coverage you’re responsible for. More specifically, that is the only physical structure that you need to worry about getting insurance for. For obvious reasons, you’ll want to get personal liability coverage for yourself as well.
Personal liability coverage will help you in the event of an accidental injury on your property. For example, if you invite a guest to visit you, and they trip and fall in your unit, you would be covered under the liability portion of your condo insurance policy, assuming you were not found to be negligent. . Now, if they fell in one of the common areas, it would be the building owner’s (ie. Strata Corp.) responsibility.
The Strata Corporation will have a strata insurance policy that will cover the common areas and structure of the main building itself. Their policy will also cover certain parts of your unit that are part of the main building, for example, the roof or the exterior of your windows.
Now, if you own a condo unit and decide to rent it out, that coverage would be a bit different. The policy you would need in this case is classified as a rented condo policy. The individuals renting your unit from you would require a renters insurance policy as well, to cover their own belongings.
How Condo Insurance In British Columbia Works
If you’re going to be shopping for condo insurance, you’ll want to do your due diligence and go through a number of policy wordings. It can be a little overwhelming to comb through the entire insurance documents. So, let’s take a quick look at how your condo insurance policy would work.
It’s easier to shop for home insurance in Vancouver if you know what you’re looking for, so we broke it down for you.
Contents Coverage
As the name suggests, contents coverage provides you with coverage for everything inside your condo. It covers contents such as your TVs and furniture, all the way down to your clothes and jewelry.
Many people don’t think their stuff is valuable enough to cover with contents coverage. However, you might be shocked at just how much your personal belongings and valuables are worth. Having contents coverage included in condo insurance policies is a nice feature.
Liability
We touched on liability coverage briefly earlier on in the article. This does more than just protect you from someone slipping and falling in your unit. It also protects you if you happen to do damage to someone else’s unit.
As much as you have your own place to call home, condo buildings are still a shared space. Your life is very much interconnected with the hundreds of other people in your building.
Additional Living Expenses
If something happens to your condo unit, like a fire or flood, that is considered an insured event under your condo insurance policy. If you are forced to vacate your unit while it’s being repaired, your condo policy will assist you. In the event of an insured claim, the additional living expenses portion of your policy will cover any expenses you incur to temporarily relocate while the damage to your unit is repaired.
The living expenses policy covers these costs in any instance where it is unsafe for you to live in your condo unit.
How To Shop For A Condo Insurance Quote
Now that you know a bit more about what your insurance policy contains, you can shop for one intelligently. So, what is the best way to shop for a condo insurance quote?
There are three steps you will need to follow. If you walk through this process when looking for your own condo insurance, you should have no problem picking the policy that is right for you.
1. Shop For Multiple Quotes
Whether you’re looking to purchase condo insurance for the first time or re-shopping, you can benefit from shopping at multiple online stores to find the best coverage. However, keep in mind that the cheapest condo insurance quote doesn’t necessarily guarantee that you have the right insurance coverage.
The process of finding the best condo insurance quote involves some coverage and rate comparisons, or consultations with insurance specialists.
If this process seems a bit overwhelming, talk to one of our insurance advisors for some more guidance.
2. Improve Your Credit
The rate you get on your insurance is going to depend on your ability to pay the premium. That’s where your credit score comes in. Any time that you’re asked to make monthly payments on something, your credit score will likely be a factor.
You can pull your credit score for free through several different online resources. If the score is lower than you’ve expected, you can talk to a credit repair professional and hire them to help you rebuild your credit. Or, you can do your own research online and figure out how to rebuild it.
Paying off any outstanding credit card debt is a huge step in the right direction.
3. Ask About Discounts
Ask the provider you choose about any discount programs they may be offering. You’d be surprised by the number of incentives and discounts they offer for all kinds of things.
People receive discounts for being a military veteran, being part of a particular group, or being a union member. If you work for a particular company, you may even be entitled to a corporate discount.
The moral of the story is: just ask. The worst they can do is tell you “No”. Having your feelings hurt for a few seconds is better than paying hundreds of dollars you don’t need to pay in insurance premiums.
We've Got Condos Covered
If you’re looking for one of Vancouver’s top insurance brokers, look no further than InsureBC. We live and work in British Columbia, and the products we offer are specific to the needs of British Columbia residents.
From typical condos and townhomes to people living in stratified duplexes, we have something for everyone. Contact us today and let’s get started on finding the best condo insurance quote for you.
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