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Types of coverage we provide
Protects you if you cause injury or property damage to others in an accident. Helps cover medical costs, legal fees, and/or repairs.
A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.
This allows for the protection of your “claims-free discount” in the event of your first claim.
Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.
When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.
Actual cash value policies are based on the items' depreciated value while replacement cost coverage does not account for depreciation
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Victoria, the capital city of British Columbia, is the largest city on the island, located on the southern coast of Vancouver Island, off Canada’s Pacific coast, and is home to just under 400,000 residents. Because of the location, there are numerous ocean views from many parts of the city, and the downtown core is set on a picturesque marina. Victoria sees many tourists during the summer months who visit for the natural beauty and various cultural attractions the city holds. And, just outside the city, on Vancouver Island, there are many natural wonders to explore from the forests, lakes, ocean, and mountains for both residents and visitors.
Condos are a popular choice among people who either want to downsize, who don't want a lot of yard work and house maintenance, and who like the amenities that a condo building provides! It gives people the opportunity to embrace homeownership without the hassle of menial tasks such as yard work, snow removal, or home repairs - you just have to worry about your own living space.
Condo Insurance in Victoria - What You Need to Know
Condo insurance protects the units within a condo building. You would get it to protect your contents such as appliances, clothing, and furniture (and would also cover items stored in a locker).
It would also provide additional living expenses in the event of an insured loss (if you had to temporarily move out) as well as the condo owner's liability for any bodily injury or property damage that was unintentionally caused by others in the building.
You will need to get strata insurance in BC (also known as condo insurance).
All strata corporations in B.C. are required by the Strata Property Act to carry insurance. So you will need to have it before moving in, or before purchasing the unit.
Major perils, such as fire, wind, water, and lightning, must be covered under the strata insurance policy. A typical strata insurance policy covers damage to the common property such as the hallways and party rooms of the building.
In British Columbia and some parts of Alberta, condominiums are also known as strata. The definition of what is owned by the unit owner depends on the condominium or strata declaration. As the unit owner, you have title to your unit as well as a share in the common property of the condominium. The common areas of buildings include places such as the lobby, rooftop patio, swimming pool, parking garage, and other amenities.
A 'bare land' strata or condominium may have only a few common areas (not many amenities) such as streets or roadways that provide access to the units. These are usually common with older condominium buildings.
In British Columbia and some parts of Alberta, strata housing is often referred to as condos or condominiums. However, strata housing not only includes apartment-style condominiums but can also include: duplexes, townhouses, fractional vacation properties, and even single-family homes in bare land strata corporations (“strata subdivisions”).
No, condo, home, or tenant insurance is not mandatory in Canada, although the condo association, or the owner of the condo, may require you to have to move in. You also need insurance to secure a mortgage to purchase a home or condo. So, even though it is not legally required to have, there are other outlets that may require the homeowner to purchase it.
If you own a condo or rent a house or apartment, some landlords may require tenants to have tenant insurance before moving in and condo corporations and lenders may require condo unit owners to show proof of insurance before moving in as well.
Condo building insurance is different. This is purchased by the condo corporation to cover damage to the building and the common areas and liability on the property. This is usually included in the monthly condo maintenance fees.
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Related condo insurance guides
Explore helpful guides that explain how condo insurance works in Canada, including coverage basics, cost factors, and common policy terms.
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