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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.
Here’s a breakdown of what typical condo insurance policy cover:
There are lots of ways to reduce your condo insurance costs. Here are some of the easiest to implement:
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Answer a few basic questions about your home.
See the best quote for your property.
Find the right protection for your home.
Connect with the provider and secure your rate.
Here’s what else you need to know about condo insurance in Vancouver
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:
You may also qualify for a discount if:
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.
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.
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.
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.
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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