Condo insurance policies are typically required by strata bylaws, making them a mandatory cost for your home or investment property. To ensure that your property is sufficiently covered in the event of an accident or break-in, it is crucial to choose the right policy. As a leading provider of condo insurance solutions, the team at Mountainview Insurance knows how difficult it can be to choose the perfect policy for your needs. That is why we have compiled a list of 5 common questions about condo insurance to answer them and give you the information you need to make an informed decision.
Learn how to calculate contents insurance for your condo.
When purchasing a condo insurance policy, owners will typically ask the following questions before making a final decision:
Just as your condo is suited to your lifestyle and needs, your insurance policy should be suited to your condo. To determine how much insurance you need, you will first need to create a list of everything you own and determine the combined value of these items. While this is can take some time, it is the best way to determine how much coverage you will need to replace everything in your home. In most cases, it is better to have 10% to 20% more coverage than you think you will need, as some items may be missed while taking inventory.
There is no fixed cost for condo insurance. The price of every policy will vary based on the following factors:
Condo insurance provides coverage for:
Condo insurance policies typically do not provide coverage for:
While condo insurance is not mandatory by law in BC, most banks and mortgage lenders require buyers to show proof of insurance before advancing the mortgage. In most cases, your condo association/strata group may also require you to provide proof of insurance before moving in. This proof may also need to be provided every year after you move in.
Shared common areas typically include the entrance lobby, hallways, stairways, parking areas, recreation areas, and elevators in a condo building. Your strata corporation will have an insurance policy for these areas, leaving you with the responsibility of insuring your unit and everything within it.
To learn more about our solutions for condo insurance or to inquire about our other insurance products, get in touch with the team at Mountainview Insurance. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our products or your insurance needs.
We’re ready to understand your insurance needs and to work for you to get the coverage you need.