Condo Insurance Overview
The perks of living in a condo or townhome in B.C. are substantial – flexible living, affordability in comparison to most detached homes in Vancouver, a great sense of community, top notch amenities, and routine maintenance. Since you have title to your own unit, as well as a share in common property such as the lobby, hallway, swimming pool, parking garage and other amenities, you also have an insurable interest in the building itself.
You may already be aware of coverage for break-ins, fire damage, and water damage but did you also know your Strata Corporation can assess you up to hundreds of thousands of dollars for damage you accidentally cause to the building?