Frequently Asked Questions About Contents Insurance for Condominiums.
Buying Contents Insurance for your first condominium can be overwhelming. You’re already spending your life savings on a place you’ve only seen a handful of times. You’ll be signing legal documents that you may not understand. Add onto that – the confusion of two types of insurance, one for the building and one for Contents Insurance; the whole situation can seem very daunting.
Here are a few answers to our Frequently Asked Questions to help clarify the condo insurance process.
Why do I need two insurance policies for my condo?
Your two policies cover you for two different things.
The Condominium Corporation policy covers the building itself. The Strata purchase this policy as a group, and the insurance cost is divided amongst the strata owners. The insurance cost will generally be included in your monthly strata fees. To simplify things, this policy will pay to rebuild the building if there is a claim, but it wouldn’t pay to replace any of your stuff in the building.
As the strata purchase this policy as a group, it is easy to ignore it. We recommend reviewing the policy before closing on the condominium sale and every year on renewal. This will ensure you are aware of any clauses that may cause the building to be uninsured.
The Condominium Contents Insurance policy covers your contents. If you turn your condo upside down, this policy will cover the items that fall out. It will also cover you for liability, upgrades that may have been made to your unit, and additional coverage if the Condominium Corporation policy isn’t adequate. You can also be covered for the deductible on the Condominium Corporation policy if you have to pay it. This policy is where you get to make the decisions. How much do you need to be insured for? What deductible do you want? Do you want (or need) extra coverage for your bicycles or jewelry?
Before getting a quote for Contents insurance, you may think it will break the bank. After getting a quote with Harbord – The Home Insurance People, you’ll notice that most Condo Contents policies are incredibly reasonable. Some clients have full insurance coverage and pay about $17 a month. The insurance premium for your Condominium Corporation policy is included in your monthly Strata fees, so you probably won’t even notice the cost of that policy.
Click here to compare Condominium Contents Insurance quotes from up to 5 of BC’s leading insurers in less than 10 minutes.
Why can no one explain my policy to me in plain language?
You will often come into contact with two types of insurance representatives when buying insurance. Either the representative is knowledgeable about insurance but cannot clearly explain the details, or your insurance representative doesn’t know anything about insurance outside the policy they’re selling.
We are experts when it comes to Condominium Insurance Policies. Not only that, but our representatives are passionate about ensuring everyone understands what they are paying for when they buy insurance. If you need someone to talk to you in plain English about what your Condominium Contents Insurance policy covers, please email us at [email protected] or call us at 1.844.544.4663. Additionally, you can contact us through our website here. We’d love to chat with you about your insurance questions!