Condo insurance is essential for owners in condos or townhouse buildings in Vancouver, where each unit owner owns their individual unit (strata lot), and shared areas are categorized as common or limited common property.
Two Types of Condo Insurance in Vancouver:
Strata’s insurance policies include deductibles that owners in Vancouver condos may be responsible for, similar to ICBC insurance. For example:
- Strata’s Condo Insurance: Covers the building structure, common areas (e.g., hallways, roofs, pools), original fixtures, shared assets, and liability for damage or injuries. Details on coverage, deductibles, and terms are typically included in the strata’s insurance note provided by the property management company.
- Personal Condo Insurance: Covers the unit’s interior, personal belongings, appliances, liability, and strata insurance deductibles.
Strata’s insurance policies include deductibles that owners in Vancouver condos may be responsible for, similar to ICBC insurance. For example:
- If your washer leaks and damages three floors below, and it’s your fault, the cost falls to your personal condo insurance.
- If the damage is less than the strata’s deductible (e.g., $100,000 for water/leaks), responsibility still falls to your personal policy.
Condo Insurance Premiums in Vancouver
The cost of the strata’s master policy is factored into the annual operating budget and paid through your monthly maintenance fees. If the strata’s insurance premium increases, the operating budget and your maintenance fees are likely to rise as well, a common concern for many Vancouver homeowners.
The cost of the strata’s master policy is factored into the annual operating budget and paid through your monthly maintenance fees. If the strata’s insurance premium increases, the operating budget and your maintenance fees are likely to rise as well, a common concern for many Vancouver homeowners.
Is Condo Insurance Mandatory in BC?
While not required by law, most mortgage lenders mandate personal condo insurance. Even without a mortgage, having coverage is essential to protect your property, belongings, and finances. Proper condo insurance ensures peace of mind by safeguarding against unexpected incidents, managing strata deductibles, and covering personal liability for condo owners in Vancouver.
While not required by law, most mortgage lenders mandate personal condo insurance. Even without a mortgage, having coverage is essential to protect your property, belongings, and finances. Proper condo insurance ensures peace of mind by safeguarding against unexpected incidents, managing strata deductibles, and covering personal liability for condo owners in Vancouver.