Why should the words ‘condo insurance Vancouver’ be so important to British Columbians thinking of buying a condominium? After all, your BC condominium association already has insurance, so why do you need a policy?
Although you are protected under your association’s master insurance policy, these policies typically only cover general liability for the physical structure and damage to common areas that you share with other condo unit owners.
Condo Owner Insurance Gives Added Protection
You need your own condo insurance policy to protect upgrades you have made inside your home. Having condo owners insurance can also protect your furniture and other personal belongings in case of fire or theft.
Most importantly, you need your own Vancouver condo insurance policy to protect yourself against liability for injuries to guests in your home or for damage you may accidentally cause to your neighbours’ property.
Of course, every condominium and condo association is different, which makes the prospect of buying condo insurance a somewhat daunting task.
Fear not: the key to finding the best Condo Owners Insurance is to do a little homework in advance.
Before Buying Condo Insurance
Before you contact a condo insurance broker, you should find out exactly what is and isn’t covered by your condominium association’s master policy – that way your insurance broker can work out the best condo homeowners insurance to protect you where the association’s coverage leaves off.
Also, ask yourself the following before requesting a condo insurance quote:
How much would it cost to replace or repair my condo?
What’s the total worth of all my personal items?
Do I own especially valuable items such as jewellery, antiques or collectibles?
Do I run a business out of my home or often work from home?
How to Lower Condo Insurance Premiums
The average cost of condo owners insurance depends on many factors, including your geographic region and credit score. If you want to lower your insurance premium, you may consider raising your deductable – but bear in mind you’ll be obliged to pay for smaller insurance claims out-of-pocket.
Condo insurance rates may also be affected by initiatives you take in your own home.
Discuss with your broker what discounts are available for initiatives such as installing smoke detectors and burglar alarms, or even maintaining your home as a smoke-free environment.
You may also save money by purchasing a home and auto insurance package through the same insurer. However, don’t be tempted to skimp when it comes to your protection.
For example, when given the option of replacement coverage or actual cash value coverage in your condo insurance quote, choose the former: cash value policies only reimburse you for what you paid for your items, minus depreciation, but with replacement insurance you’re reimbursed for what it will cost to replace your possessions at today’s market value.
Ask Us for a Condo Insurance Quote
Although the type of condo coverage you need greatly depends on your unique situation, you’ll definitely want to find the best condo insurance quote that also protects you against theft, damage and personal liability incidents.
Depending on where you live, you may also need flood insurance or other special coverage. A professional broker can help you determine exactly what your condo insurance policy should contain, at a rate that is suitable for you.