Do I need condo insurance in BC?

Do I need homeowners insurance for a condo?

If you are renting a condo unit or a townhouse, you likely don’t need to have a condo insurance policy. Your landlord should have a condo insurance policy that would help to repair or rebuild the unit after a covered peril, such as a fire. However, you may want to consider having a renters insurance policy.

How much is insurance for a condo in BC?

Insuring a condo can cost as little as $15/month. Homeowners insurance for a condo only covers your unit, upgrades, contents, and liability, therefore the coverage is not very expensive. Expect to pay around $20-$50/month. Homeowners insurance for a house is the most expensive type.

Can you own a condo without it being insured?

A condominium corporation must maintain insurance to protect common property and condominium units (in conventional condominiums) against loss resulting from destruction or damage. … For example, a corporation may, by bylaw: Require owners to purchase insurance for deductibles that may be payable to a corporation.

What kind of insurance do I need for condo?

However, if you have a mortgage, your lender will require homeowners insurance to protect the investment. Additionally, if you have a condo, your condo association may have requirements for homeowners insurance. If you live in a condo or co-op, you’ll need condo insurance.

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Is condo insurance cheaper than homeowners?

Homeowners insurance is more expensive on average than condo insurance, as homes are generally bigger and therefore cost more to insure. Since a condo owner’s HOA master policy protects the condo building and shared spaces, a condo owner won’t need as much dwelling coverage as a homeowner.

What happens if you own a condo and it burns down?

If your condo goes up in flames, the HOA master insurance policy is responsible for repairs or rebuilding. Your individual condo policy may have coverage for loss of use, building materials inside your unit (your HVAC, your toilets, drywall, appliances, etc).

Why did condo insurance go up in BC?

A Crown corporation that regulates British Columbia’s private-sector insurance companies says an average 40 per cent increase in condo insurance premiums resulted from various factors, including risks that insurers face from earthquakes, wildfires and flooding.

Why is condo insurance going up BC?

What’s fuelling the hike in prices? A perfect storm, according to the December 2020 report from B.C. Financial Services Authority (BCFSA)—and one major culprit is the weather. According to the Insurance Bureau of Canada (IBC), severe weather caused $2.4 billion in insured damage across the country during 2020.

What does a condo insurance cover?

Condo insurance is a personal policy that protects your individual unit and rounds out the coverage you automatically get from your condo corporation. Here’s how condo insurance works: The condo corporation’s insurance will protect common spaces and amenities like gyms, pools, lobbies, hallways and elevators.

Is home insurance mandatory in BC?

Oddly enough, you’re not actually required to have home insurance in British Columbia. With that said, almost no homeowner is going to want to take any risk on such a significant investment, and it’s even recommended that people renting get renter’s insurance to cover their belongings.

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Does condo insurance cover damage to other units?

Condo insurance may help cover the damage if water damage stems from an adjoining unit. Your condo insurance company might reimburse you for repairs and recoup payment from the neighbor’s insurer if you file a claim.

What is condo deductible assessment?

Definition: A financial charge levied on condominium unit owners by the condominium corporation, to cover deductibles or shortfalls in the corporation’s insurance.