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Do you own a condo in BC? Get coverage that’s right for you
Make sure you have the right insurance for your condominium or townhouse. Whether you live in Vancouver, Richmond, or Burnaby, get a condo insurance quote online in minutes. Get a customized quote, in language you can understand, at a competitive price – and do it all online. We’ve simplified getting condo insurance, so you can focus on what you love.
Are you renting a condo unit as a tenant? Get a quote online for renters insurance.
If you’re renting out your condo to a tenant, take a look at our landlord insurance.
What does condo insurance cover in British Columbia?
Although condo insurance policies can differ, here are some of the common coverages you can find. Don’t forget to review your policy to learn how you’re covered (and where you aren’t).
Standard condo insurance coverages
Protect yourself and the people in your home in case you’re sued. With personal liability coverage, you’re covered if someone gets hurt while visiting or for damage you may unintentionally cause.
Often called contents insurance, this protects anything you own that you could pack in a bag or put in a moving truck. Contents insurance in BC covers things like your clothing, electronics and furniture. Your stuff is covered no matter where it is (whether it’s in your condo in BC or not). If you’re renting out your condo, only major appliances are covered for theft.
If you can’t live in your condo during repairs from a claim – you’re covered. You can choose to stay in a hotel or with friends and family. We’ll help cover your extra living expenses either way. Renting out your condo at the time of loss? You’ll be covered for your net rental income until your tenants can move back in.
This includes three extra protections:
- Unit improvements coverage
Have you been making improvements or upgrades to your unit – like installing special lighting or customized closets? Don’t worry, they’re covered.
- Unit contingency coverage
This coverage protects you if your condo corporation’s insurance isn’t enough to take care of damages to your unit, that would normally be its responsibility to repair or replace.
- Property loss assessment coverage
Your condo corporation could require its members to collectively pay for any damage to common areas (like the lobby or elevators). This coverage will pay for your share.
Additional condo insurance coverages
This coverage can help in some smelly situations. Your unit and belongings would be covered for damage caused by sewage that backs up in your unit through a sump, septic tank or floor drain. It also includes belongings in your condo’s basement storage unit. If you can’t get into your condo because the lobby or lower levels are affected, you’d also need sewer backup coverage so that extra living expenses (like living in a hotel during repairs) are covered. Coverage offered depends on eligibility.
You’re covered for damage caused by fresh water, such as excessive rain, spring run-off and melting snow, coming in at ground level through windows and doors. If you can’t get to your unit due to an overland water flood in your condo’s lobby or lower levels, you’d need this coverage to get help with extra living expenses (like living in a hotel). It also includes belongings kept in your condo’s basement storage unit that are damaged. Coverage offered depends on eligibility.
This protection covers you for loss or damage arising directly or indirectly from an earthquake. You’re also covered if the earthquake shock results in snowslide, landslide or other earth movements that cause damage to your property.
This covers you and anyone else on your policy in case your identity is stolen. We’ll reimburse you for legal fees as well as certain other costs, up to a limit. These could include lost wages if you have to take time off work to sort it out, and payment for services that help you restore your identity.
Ways to save on condo insurance in British Columbia
You can save if you’re a member of an eligible association, an affinity partner, or an employee or retiree of a sponsored company. It’s easy – start an online quote and search for the name of your organization or association. A few organizations that trust Sonnet:
Questions about condominium insurance? We’ve got you covered
Insuring your condo should be simple. That’s why we’ve made getting a condo insurance quote quick and easy. Check out our blogs and frequently asked questions (FAQs) and learn more about condo insurance.
- At Home
Condo Insurance 101: What’s covered and what’s not
While a home would have a single policy to cover everything, your condo has two different policies that provide different types of coverage. Confused already? Don’t worry, we’ll break it down for you.
- At Home
Water Damage: What Does Homeowners Insurance Cover?
Flooding, sewer backup, and water damage can be costly. Learn about water damage insurance and what types of water damage home insurance covers here.
- At Home
How are my personal belongings covered?
We’ve recruited our very own expert and licensed Insurance Advisor, Tawsif, to unpack everything you need to know about how your belongings are protected under your home policy. We figured it’s easiest to hear him explain it …
No. Sonnet doesn’t cover short-term rentals through any home sharing service, including Airbnb and Vrbo. This applies to all our property policies ¬(homeowners, condo, and landlord). Under the terms of our renters insurance, tenants also aren’t allowed to offer short-term rentals of their apartment or house – or a room in their unit – through one of these networks.
If you’re offering short-term rentals via one of these services and something happens where you need to file a claim, your claim could be denied.
Want to know more about how Sonnet covers long-term rentals? Check out our FAQ about renting out your home, condo, or rental property. Or, contact us! We’re here to help.
Condo insurance covers certain types of water damage that are caused by sudden or accidental events. For example, you’d be covered if your bathroom pipes burst or your dishwasher leaked all over the kitchen floor.
There are two types of water damage that aren’t included in a standard policy – Sewer Backup and Overland Water. You might be able to add them to your condo insurance policy, depending on where you live.
Condo insurance isn’t just for protecting the stuff you own. It’s a good idea to understand what your condo corporation’s policy will cover so you know what protection you need. A condo owner insurance policy also helps you in a few special situations.
- If you’ve made upgrades to your unit – like hardwood flooring or fancy built-ins – these would be covered when you make a claim.
- You’re protected if your condo corporation doesn't have enough insurance to fix damage to your unit. That is, damage that would be their responsibility. For example, if a lobby fire damaged your unit.
- Sometimes a condo corporation makes condo owners pay to fix a shared space. Your condo policy would pay for your share of the repairs, so you don't have to worry about it.
You might want to add more coverage that isn’t included in a standard policy. We offer extra coverages like Hail, Sewer Backup, Overland Water and Earthquake. You can add these coverages during a condo insurance quote. It'll depend on where you live and if you're eligible.
Already purchased? You can add these coverages at any time through your account.
When your condo insurance is calculated, insurance companies look at a complex set of factors. These will determine how likely you are to make a claim – and how much a claim could cost. The higher the likelihood is, the higher your premium will be.
Factors that can affect your home insurance premium include:
- Your condo’s location
Based on your postal code, an insurer can find out how many claims are made in that area – and why they happen. For example, if your area has frequent flooding or a lot of crime, there could be more claims for damage. This could cause your condo premium to be higher.
- Condo age and condition
The older the building, the higher the chance of a claim. That’s because things like old wiring are a bigger risk for fire. And, old plumbing increases your risk of claims due to sudden leaks or burst pipes.
- The value of your contents
Think about how much it would cost to replace your stuff after a fire or break-in. If you have a lot of items (or some very expensive ones), you’ll likely pay more for condo contents insurance.
- Condo security
A person living in a high-rise condo with on-site security will typically have a lower insurance rate than someone in a condo townhome that’s accessible from the street.
- Number of past claims
The longer you’ve been claims-free, the lower your premium will be. If you’ve had a claim in the last year, you can expect your premium to go up at renewal.
- Your age and other information about you
As you get older, your premium will tend to decrease. The fact is, many insurance providers consider condo owners with more experience as less risky to insure. Some insurers could also look at your credit score.
Condo insurance is highly recommended in Canada! And, your condo corporation might require you to have it. If you don’t have condo insurance and something happens to your place (like a fire or a leaky pipe), you’d have to pay to fix any damage on your own.
It also gets expensive to replace all your stuff out of pocket if items get wrecked or stolen. Think of everything you own – your fridge, couch, laptop, clothes – the costs add up quickly. That’s why you need insurance for a condo – to protect everything in your unit!
On top of all that, mortgage lenders usually require that you have condo owner insurance in order to get a mortgage.
Yes. As a condo owner, your Sonnet condo insurance policy covers you, your personal property and belongings, and your liability. Because appliances fall under personal property, they’re covered by your condo policy if a covered event (like an accidental house fire) happens.
Heads up! Are you a tenant renting a condo from someone else? If so, your landlord’s insurance will generally cover the appliances, since they’re the owners – not you (unless you’ve bought them yourself).
Need more answers about condo insurance? Get in touch via email or chat. Our agents are always happy to help!
Wondering if your townhome needs a condo or a homeowners policy? There are a couple of questions that help with this:
- Do you have a Condo Corporation?
- If something were to happen to the outside of your home, such as to your roof, are you responsible for repairing it?
If you answered yes to the first question and no to the second, then a condo policy would best fit your needs.
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