BC Condo Insurance

Giving BC condo owners confidence in their coverage

With Acera Insurance, you can rest assured the condo you’ve worked hard to own is protected.

While your condo corporation has insurance, it only covers the structure and common areas. That’s why it is important for you to have your own coverage to protect your personal unit and belongings.

What does condo insurance cover in BC?

Condo insurance provides coverage for:

• Physical damage
• Personal liability
• Additional living expenses

Condo insurance covers physical damage

While you take the necessary precautions to avoid causing physical damage to your unit, condo insurance can help cover damage caused by accidents as well as those hazards that are largely out of your control.

Condo insurance commonly covers physical damage that results from:

• Theft
• Vandalism
• Fire
• Smoke
• Explosions
• Wind

There are also additional policies (called endorsements) that you may want to consider adding to your condo coverage. For example, earthquake, sewer backup and overland flooding are typically not included in a standard condo insurance policy—but you may still want to consider adding such endorsements to your coverage.

Condo insurance provides personal liability coverage

As a condo owner, you can be sued if a visitor to your residence is unintentionally injured or if you damage your neighbour’s property. In such instances, personal liability coverage can help cover your legal expenses.

Condo insurance can provide additional living expenses

Dealing with property damage to your condo can be overwhelming; having to vacate your property for a period of time while repairs take place can add to the stress.

Fortunately, if you have an approved claim, condo insurance can help cover additional living expenses for things like accommodation, transportation and food while you are unable to access your unit. This coverage can also kick into effect if you are mandated to evacuate your condo due to a risk or hazard.

How are condo insurance rates determined in BC?

Several factors regarding the condo building, the local neighbourhood and your personal circumstances are considered when determining condo insurance rates.

For examples, insurers will look at the following building details:

• Building type (i.e., high-rise, townhouse)
• Building construction materials
• Age and type of roof
• Age and type of electrical, plumbing and heating
• The installation and use of devices such as security alarms, sump pumps and more
• Proximity to a fire hydrant and fire station
• Proximity to natural hazards such as bodies of water

Insurers will also consider neighbourhood specifics, such as:

• The crime rate of your neighbourhood
• The claim rate of your neighbourhood

And insurers will also factor in your personal details, including:

• Your age
• Your credit rating
• Your insurance and claims history
• The replacement value of your personal belongings
• The replacement value of your condo unit

Lastly, choices you make about your coverage—such as your deductible, policy limit and the addition of any endorsements—will also impact the cost of your condo insurance.

Why choose Acera Insurance as your BC condo insurance broker?

As one of the leading, independent insurance brokerages in British Columbia, Acera Insurance provides condo owners with peace of mind.

Our expert condo insurance brokers take the time to truly understand your unique needs and will compare across our extensive network of insurers to secure you the most comprehensive coverage at the best price.

Get your free condo insurance quote today and discover the Acera Insurance difference.