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Vancouver condo insurance 

If you’re one of the many thousands of Vancouver residents who live in a condo, you’ll be familiar with the associated costs. In addition to any rent or mortgage payments, you must also pay condo fees and insurance coverage. While home insurance is not required by law in Canada, it’s a relatively low-cost way to protect your home and its contents. 

Each unit holder must have their own policy since any condo insurance coverage that protects the building will not apply to your unit and belongings. Coverage is not provided under any condo fees.

Types of condo insurance coverage

Here’s a breakdown of what typical condo insurance policy cover: 

  • Additional living expenses (ALE): Covers expenses you assume if you must temporarily live outside your unit. For example, ALE would cover the cost of a hotel or renting another unit while yours is being repaired.
  • Additional protection: Covers specific parts of your unit like a glass door to your balcony that’s not covered by the building’s insurance.
  • Personal liability: Provides protection if a visitor is accidentally injured in the unit.
  • Personal property: Compensates the policyholder if your belongings are damaged by a covered peril. Contents include things like clothing, furniture and entertainment equipment.
  • Unit betterments: Condo insurance in Vancouver will also protect any renovations to your unit. Unit betterments include upgraded faucets and light fixtures, newly installed hardwood floors or built-in shelving. 
  • Unit loss: Protects you financially, up to the insured amount, if building management or a neighbouring unit has insufficient insurance.

Factors that affect your Vancouver condo insurance premium

When you apply for Vancouver condo insurance quotes, the following factors are considered: 

  • Location: Condos near water or in neighbourhoods with high crime rates may have higher insurance premiums. Distance from fire services is also something that every insurance provider looks at.
  • Dwelling type: Rates differ depending on strata property types, such as condos or townhouses.
  • Upgrades to the unit: The good news is that unit improvements will be covered. The less good news is that it may result in a higher premium.

Insurance providers also take into consideration many details of the policyholder, such as: 

  • Claims history: If you've made a home insurance claim in the last 10 years, you will likely pay more for coverage.
  • Pets: Condo owners with exotic or illegal pets can expect to pay more for coverage.
  • Rentals: Any condo owner renting out their unit may need specialized insurance. We recommend that you disclose this to your provider. In addition, any rental platforms like Airbnb may require you to have their insurance.

How can I get the cheapest condo insurance in Vancouver?

There are lots of ways to reduce your condo insurance costs. Here are some of the easiest to implement: 

  • Bundling: Purchase your home and auto insurance policies from a single provider and save.
  • Comparison shopping: Use our free online tool to receive quotes from dozens of the most-trusted providers in Canada, offering the best Vancouver home insurance at the lowest rate.
  • Don’t smoke: You may be eligible for discounts if you don't smoke.
  • Group discounts: Many alumni organizations offer insurance discounts. 
  • Install alarms: When you take steps to reduce risk to your home, you may be able to save on your condo insurance. This can include installing smoke and CO2 alarms as well as burglar alarms.
  • Pay upfront: Condo owners who agree to pay the annual cost of their insurance may be able to reduce their overall insurance premium. 

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How to get your Vancouver condo insurance quotes on RATESDOTCA

1

Tell us about your home

Answer a few basic questions about your home.

2

Find your quote

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3

Choose the right coverage

Find the right protection for your home.

Secure your rate

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Frequently asked questions about Vancouver condo insurance

Here’s what else you need to know about condo insurance in Vancouver

How much does condo insurance cost in Vancouver, B.C.?

The cost of condo insurance varies, but generally speaking, you’re likely to pay at least $20-30 a month if you live in an urban center.

In addition to any savings, discounts may be available to those who: 

  • Bundle condo insurance with any other insurance policy. Bundling home and auto insurance is a very common approach.
  • Have monitored fire, burglar and CO2 alarms.
  • Don’t smoke.
  • Have paid off their mortgage.

You may also qualify for a discount if: 

  • You’re above a certain age - 65 and older.
  • You’ve been with the same insurer for several years.
  • Your condo is a recent build.
  • You have not recently made a home insurance claim.

Which company offers the best condo insurance in Vancouver? 

No condo insurance provider in Vancouver offers cheap, flat-rate insurance. Instead, getting the best coverage means securing a policy that meets your needs at the lowest possible rate. Comparing rates is one of the most effective ways to reduce insurance costs. We recommend that you use our free online tool to compare condo insurance rates from dozens of the most-trusted providers in Canada. 

How do I make a condo insurance claim in Vancouver? 

If your unit is damaged by a covered peril, we recommend that you immediately contact your insurance provider. While they’ll guide you through the claims process, it helps if you’ve taken an inventory of your belongings beforehand. This can be achieved with a simple video shot on your phone or by tracking items on a spreadsheet. There are also many free apps that will help itemize everything in your condo.

Will my Vancouver condo insurance cover appliances?

Yes, most condo insurance policies cover the cost of replacing appliances damaged by covered perils. However, they don't cover costs resulting from day-to-day use. 

How much insurance coverage do I need for a condo in Vancouver?

It’s an individual choice that depends on your priorities. If you’re most interested in a low premium, you can secure a policy with basic coverage. However, this approach means that your unit and its contents are damaged, and you may not be compensated as much as you’d like. 

An important consideration for any home insurance policy is whether to opt for replacement cost or actual cash value. The former means that you’ll be compensated for the full cost of a damaged item without its depreciation being factored in. The latter means that you’ll be compensated for the item's current value, i.e., with depreciation factored in. When you opt for actual cash value, you may be able to lower the overall cost of your coverage.  

My condo building in Vancouver has condo insurance; do I need more?

Yes. The building's insurance policy will not extend to your specific unit. It protects against any damage to common areas and shared spaces. 

*Shoppers who obtained a quote on RATESDOTCA from January to December 2021 saved an average amount of $566. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.

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