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Condo Insurance Victoria

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Victoria, the capital city of British Columbia, is home to just under 400,000 residents. It is the largest city on the island, located on the southern coast of Vancouver Island, off Canada’s Pacific coast. 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 gets many tourists in the summer months who visit for the natural beauty and many cultural attractions the city holds. Just outside the city, on Vancouver Island, there are a number of natural features to explore from the forests, lakes, ocean, and mountains. Victoria has a high cost of living but is a safe, family-friendly place to live.

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. 

Comparing rates from Canada’s leading Condo insurance providers
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Types of Coverage We Provide
Home Insurance

This provides coverage for loss and damage to your property and/or any assets.

Liability Coverage

This would provide protection against a lawsuit resulting from damaged property or personal injuries


A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.

Sewer Backup, Overland/Ground Water

These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding.

Claims Forgiveness

This allows for the protection of your “claims free discount” in the event of your first claim.

Scheduled Items

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.

Comprehensive Insurance Coverage

When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.

Broad Coverage

When you purchase broad home coverage, it limits your contents coverage to only specific coverages, (ie. theft, fire, water damage, etc.)

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.

Best Cafes in Victoria
  1. Macchiato Caffe
  2. Bean Around the World
  3. Hey Happy
Best Shopping in Victoria
  1. The Bay Centre
  2. Mayfair Shopping Centre
  3. Market Square
Best Parks in Victoria
  1. Clover Point Park
  2. Beacon Hill Park
  3. Trafalgar Park

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There are many advantages to living in a condo! Here are a few:

  • Flexible living, you can just lock up and go
  • More affordable than single-family homes
  • Cheaper insurance
  • Great sense of community in the building with your neighbours
  • Living in the heart of the city gives you proximity to entertainment & business districts (closer to your work)
  • Top-notch amenities, such as gyms,  pools, party rooms etc.....
  • Appliances included
  • Covered maintenance in your condo fees - building maintenance and cleaning of communal areas

Landlord insurance differs from condo insurance as it protects the property owner from various unique landlord-related risks, like lost rental income.

Rental income coverage:  This coverage ensures that if there is a loss-related reason that their tenants cannot stay living in the condo, like fire or water damage, then Rental Income coverage will pay the condo-owner their rent money until the tenant can move back in.

Damages coverage: If your tenant causes damages to your condo, the policy will extend to cover the cost of the repairs. For example, if the tenant drops a towel on a hot stove and it catches fire doing damage to the kitchen, for insurance to respond the condo-owner would need to make sure that they had a Landlord Condo insurance policy. If the condo wasn't insured properly on the Landlord form, the insurance policy would not respond and the condo owner would be required to pay for the damages themselves.

Liability Coverage: If your tenant causes damages to the building itself -exterior or interior common spaces - the condo corporation will come back against the owner of the condo to pay for the damages. The condo-owners policy will only respond if it is insured on a Landlord form.

If you own a condo unit and are planning on renting it out, you should chat with your Surex insurance advisor about purchasing a landlord insurance policy.

Most insurers provide coverage for pets if notified beforehand. However, there are limitations on the type and breeds of pets that will be insured. While most insurers provide coverage for dogs, there are limitations based on the type of breeds. Pit bulls, for instance, may be difficult to insure given the perceived higher risk of bites. Also, most insurance providers have limitations on the type of pets that can be insured.

You can reduce the cost of your condo insurance without increasing your deductible. Minimizing the probability of accidents from occurring is a clever way to reduce the cost of insurance. For instance, installing a fire alarm system and security system ultimately reduces the chances of fire-related accidents and theft.
These questions may seem complicated especially for a first-time homebuyer. To ensure you get your condo insurance needs right, always work with a reputable insurance provider or agent.

Many condo owners sublet their homes. But with platforms like Airbnb, some people end up commercializing their condos, ignoring the provisions of the insurance. If you are planning to rent out your apartment for, say, six months, you can always modify your coverage. This ensures that your condo insurance is not rendered ineffective. Your insurance will not be cancelled if you live in the condo part-time, provided you do not rent it out. However, the condo should still be occupied and not vacant.
Point to note: Always inform your insurer or agent in case you decide to sublet or lease your condo

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