Condo and townhome insurance
For condo and townhome owners in BC, whether you live there or rent it out. The strata insures the building, and you insure your side of the line.
What I look at for you
- The strata deductible: if a claim starts in your unit, you can be charged it. I match your cover to the real number.
- Water damage: the most common strata claim, and often a separate, higher deductible.
- Your upgrades: flooring, kitchens and bathrooms beyond the original build are yours to insure, even a past owner's.
- Earthquake: optional, and strata earthquake deductibles can be very large when charged back to owners.
- How it is owned: a strata townhome is insured like a condo. A freehold townhome is insured like a house.
- Renting it out: a rented unit needs a policy written for tenants, with cover for lost rent.
Before you call
- The strata's insurance summary, with its deductibles
- Your unit number, and the strata plan number if you know it
- A rough value for your belongings and upgrades
- Whether you live there, rent it out or leave it empty
- Your current policy and renewal date
Questions people ask me
Doesn't the strata insurance cover my unit?
It covers the building and common property, usually as originally built. It doesn't cover your belongings, your upgrades, your liability, or the deductible if a claim is charged back to you. That gap is what a condo policy is for.
Is a townhome insured like a condo or a house?
It depends on how it's owned. In a regular strata, it's insured like a condo. A freehold townhome, and usually a bare land strata home, is insured like a house, with your own policy on the building.
What should I ask my strata manager for?
The current insurance summary. It lists the deductibles for water, earthquake and everything else. Those numbers are what your own limits should be built around.
Send me your strata's insurance summary and I'll check your cover against it.