If you live in a condo, you'll need extra insurance outside of what's covered by your strata corporation.
A Condo Insurance Policy That Fits Your Lifestyle
Insurance coverage for your condo or townhouse is easy with AMC
We are committed to helping customers like yourself, get the best townhouse or condo insurance policy
Your strata corporation will have the insurance coverage for your building and common areas, but not for your personal property or the improvements that you do to your own unit. Our insurance experts will ask you all the relevant questions to ensure that all of your possessions are covered.
What Our Condo Insurance Policies Cover
As a leading agent in the Vancouver and Surrey home insurance market we sell thousands of condo insurance polices a year. Our comprehensive condo insurance polies are set to cover you in:
- Water damage
- Unit contingency liability
Condominium and Townhouse Insurance
Living in a condo or townhouse brings with it certain securities that may not apply immediately when you own a home. This is primarily thanks to the fact that your strata corporation will already have the insurance coverage for your building and common areas. However, while some of your insurance is already covered, meaning external damage dealt to your condo or townhouse can be covered by the strata corporation, this does not extend to things such as your personal belongings or any upgrades you may make to your place after purchase.
With condominium and townhouse insurance, you can account for what your strata corporation doesn’t cover by default, including coverage for your personal belongings, liability, water damage, unit contingency, and additions and alterations.
These five are essential to good condo/townhouse insurance coverage.
As the default insurance offered by your strata corporation usually only accounts for damage sustained to the building you live in, it does not cover any damage or loss of the personal belongings you have inside your unit. Personal belongings include furniture, kitchenware, clothing and linen, appliances and electronics, and so on.
Certain personal belongings may not be covered under more standard coverage, but you can usually extend your coverage to account through such belongings with an additional policy/add-on. Such belongings may include high-value jewellery, personal collections (stamps, cards, etc.), fine art, and antiquities.
Liability applies to coverage in the event a third-party holds you liable for any injury they sustain while on your property. A basic example is if someone were to fall while inside your condo and alleged it was due to a hazard you hadn’t addressed such as a flimsy step or unsecured power cable. By doing so, they may demand you pay for their medical fees or some form of compensation. The liability portion of your insurance policy would cover these costs.
Your strata corporation may or may not cover the exterior of your building for all causes of water damage, but it’s very likely this will not extend to the interior and, by extension, your own belongings. With condo/townhouse insurance, many causes of interior water damage will be covered. You may need to invest in some add-on insurance for causes such as water damage from flooding.
Unit contingency simply refers to the fact that your insurer will insure your unit so it is protected in the event that your strata corporation’s insurance is not sufficient.
Additions and Alterations
This section of the policy covers upgrades to your condo or townhouse, such as built-in sound systems or custom counters, which may exceed the standard insurance limits offered by your strata corporation’s default insurance.
To ensure you get the best policy for your condominium or townhouse, it’s always worth it to look at several insurers. However, we understand that doing so can be time consuming and overwhelming. At AMC Insurance, we can do the searching for you. Thanks to our decades in the insurance brokering industry, we have developed strong relationships with many of Canada’s top insurance companies. That means we can source the very best policies at the most competitive prices for you.
With 7 offices located throughout Metro Vancouver and the lower mainland, an AMC Insurance office is never far away.
When it comes to insurance, finding an affordable insurance provider who also offers good coverage is not an easy task. If you are looking for condo insurance, car insurance, life insurance or health insurance, we have the expertise to help you make the right choice.