Condo Insurance Abbotsford

Since condo owners tend to have special insurance needs for their home when compared to the home insurance needs of other kinds of homeowners, the professional team at our Abbotsford insurance agency will take the time to help you familiarize yourself with the kinds of damage condo insurance does and does not cover so that you can make an informed decision about which insurance policy will provide your home with the best coverage against water, fire, theft, and other types of hazards. We provide a wide range of different condo insurance policies, making it easy to pick and choose the insurance options that will work best for your unique unit. Get in touch with the expert team from Mountainview Insurance today to get a free condo insurance quote for your unit.

What is condo insurance?

Condo insurance is designed to provide coverage and protection for your home, your personal belongings, and any improvements made to the condo. If you cause damage to another unit in the building or if someone gets hurt on your property, the condo insurance master policy will cover the costs associated with damage claims and medical expenses, so you will only have to worry about paying your deductible. While it is not mandatory to purchase condo insurance, condo owners should look into getting a variety of different coverage quotes in order to find the best discounts on condo insurance and coverage options for your Abbotsford home. If you need a new coverage quote for your home, contact our dedicated team of unit coverage experts today!

The importance of insuring your condo

Choosing to purchase condo home insurance will help protect you in the event that you are responsible for major repairs that need to be made to the building or to another unit. In most cases, condominium buildings will often have rules that stipulate that, if a loss that began in your condo spreads to another unit in the building, you will be responsible for covering the entire shared policy deductible and possibly even the cost to repair the damage. Having a comprehensive condo insurance policy will provide protection and will ensure that you are covered against you having to pay for large insurance claims out of pocket.

The different types of condo insurance

Some of the different types of home insurance policies that condo owners can choose from include:

All-Risk Home Insurance

All-risk home insurance provides coverage for the contents in the condo, along with any improvements or betterments made to the unit, from losses due to a wide range of perils (water, fire, theft, vandalism, etc.); however, it is important to keep in mind that not all perils will be covered under your personal home insurance policy. Make sure to speak to your insurance broker about what is covered and what is not covered for your home so that you know exactly how much protection your insurance policy offers.

Personal Liability Policy

Personal liability insurance provides coverage if you accidentally injure someone while they are in your condo or if you unintentionally damage their property and have to pay damages, such as medical fees.

Content Insurance

Content insurance is designed to provide coverage (up to a specified amount) for the content in a condo from losses due to common types of perils, such as water damage. In some cases, content insurance also covers belongings that are lost during periods of travel, depending on your policy.

Replacement Cost Coverage

Replacement cost home coverage will provide you with the funds needed to replace the contents in your condo without depreciation.

Additional Living Expenses Coverage

If you are forced to leave your home for a period of time after an insured peril has occurred, additional living expenses coverage will provide you with enough money to cover the cost of reasonable and necessary expenses like accommodation and food.

Improvements and Betterments Protection

Improvements and betterments protection insurance covers any upgrades added to the condo, on top of what the building originally provided, offering you full compensation for the loss of upgrades in your home up to the replacement value cost.

Loss Assessment Insurance

Loss assessment insurance will provide you with coverage up to a stipulated amount to pay for your portion of any loss to the common property caused by an insured peril.

Get a Condo Insurance Quote

No matter what coverage options you need to include in the new policy for your home, we will provide you with comprehensive coverage options and the best customer service in the industry. Mountainview Insurance strives to provide the best condo insurance in BC by offering a selection of different policies at competitive rates and with discounts. If you need to get a new quote on a condo insurance plan, get in touch with the experts from Mountainview Insurance today. Our professional team members would love to help you compare home insurance quotes to find the best coverage quote for your unique unit.

Frequently Asked Condo Insurance Questions

Is condo insurance required by law in BC?

While condo insurance is not required by law in BC, most banks and mortgage lenders will require potential buyers to show proof of insurance before advancing the mortgage. Additionally, your strata association may also require proof of this insurance before you move in. Many associations also require owners to show proof of insurance every subsequent year, so it is important to keep this in mind.

How much condo insurance do I need?

Unfortunately, there is no fixed or easy answer to this question. Your insurance policy will be suited to your need and budget, meaning that your rates will likely vary from others. To determine how much insurance you will need, create a list of everything you own and determine what it would cost to replace each of these items. While this task will take some time, it will provide you with an accurate way to determine how much coverage is required to replace every item in your home.

What does condo insurance cost?

There is no fixed price for condo insurance policies. Pricing will vary due to several factors, including:

• Location - Postal codes are used to provide insight into areas prone to flooding, vandalism, and other claims, increasing or decreasing costs based on this information.
• Property Type – Some properties cost more to insure than others. For example, a high-rise condo will likely have a different rate than a shorter building.
• Upgrades and Improvements - Any improvements from the standard unit will need to be factored in to provide an accurate quote.
• Claims History – Much like car insurance, if there has never been a claim for this property and you have never reported a claim, you may be entitled to a discount. On the other hand, if there are any existing claims, this can increase your total price.
• Building Construction - The materials used to build the structure and your unit may influence the price of your coverage.

What is not covered by condo insurance?

Condo insurance provides coverage in many situations, but it does not provide coverage for:

• Vehicle theft or damage (your car insurance policy comes into effect in these situations).
• Flood damage. In some situations, this can be purchased as an additional option.
• The property of a tenant renting your property. Any tenant must purchase their own insurance policy.

What is a shared common area in a condo building?

Shared common areas in a condo building will typically include the entrance lobby, stairways, hallways, parking areas, recreation areas (gyms, pools, etc.), mail rooms, and elevators. Your strata corporation will have an insurance policy for these areas, leaving you with the responsibility of insuring your unit and the items in it.

Do I need flood insurance for my condo?

Flood insurance is typically not included in a condo insurance policy, but it may be available as an additional option. If your condo is on the ground floor of your building, we strongly recommend inquiring about this option. While a standard condo insurance plan will likely provide coverage for water damage caused by burst pipes or overflowing toilets, it will not provide coverage for damage caused by external flooding (excessive rain, overflowing river, melted snow/ice, etc.).

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