When you purchase a townhouse or apartment in BC it is very important to consider the benefits of condo insurance. The building and common area will already have insurance in place to cover a loss of the structure. However, content insurance is your responsibility. Adequate coverage is extremely important and not all insurance policies are equal.
Here are some key features and benefits that you will want to ask insurance companies about when you are shopping around:
All Risk or Comprehensive Policy
We cover your contents for “all risks”, not specific losses or “perils”
Off Premises coverage – contents
Insures your personal property while temporarily away from your premises.
Replacement Cost – on contents
Payment is based on Replacement Cost on your contents, with no allowance for depreciation.
Special Levy Coverage
Covers any special levy assessed by the Strata Corp. made necessary by a direct loss to the complex, caused by an insured peril or assessed due to a liability loss.
Improvement and Betterments
Covers any improvements to your unit that are not covered by the Strata Corp.
Unit Owners Protection
Covers direct damage to your unit, by an insured peril, if the Strata Corp. policy is inadequate.
No Deductible for Losses over $10,000
Temporary Relocation Costs Protection
Covers your additional expenses if you need to move out of your home as a result of an insured loss.
Insures a student’s personal property while at school.
If the insurance company increases any included coverage, you immediately get that coverage – at no extra charge.