The Importance of Personal Condo Insurance


Why every Owner (and Tenant) should have their own Insurance Policy

I read through a lot of Strata Minutes and Documents, so I read about a lot of situations (always unexpected accidents) in which personal insurance comes into play, and all too often, situations in which the owner didn’t have proper insurance. Every set of AGM Minutes, regardless of the building, stresses the importance of owners having personal insurance on their unit, and for good reason. Here’s why.

Note: Your Insurance Agent is the expert here. Query them, and ensure you’re covered.

Every Strata Building has an Insurance Policy (renewed every year) that covers common building assets, common and limited common property and original fixtures (those outdated carpets, counter tops, lighting, etc). The most important part of the Strata’s insurance are the deductibles! A deductible is the amount of money that you have to pay upfront, before the insurance policy kicks in.

  • Water Damage: can be anywhere from $5000 and up
  • Flood Damage: can be anywhere from $5000 and up
  • Sewer Damage: can be anywhere from $5000 and up
  • Earthquake: 10%
  • Lock & Key: $250

One of the most important reasons to have your own personal insurance policy is to ensure that you’re covered for the Strata’s deductibles, in case you can damage. For a simple example, say the water damage deductible for your building is $25,000. If you leave the sink running, and end up causing $100,000 worth of damage to the unit, you would have to pay $25,000, and the Strata’s insurance would pay the remaining $75,000. If your personal insurance covers the deductible, they would pay the $25,000, while your Strata would cover the rest. This is well worth the small monthly cost of personal insurance.

Many Mortgages are subject to you having your own insurance to cover potential damages.

It is your responsibility to ensure that fixtures in your home are working properly (i.e. dishwashers, hot water tanks, clothes washer, etc), because if they leak, it’s your fault, but your own personal insurance can cover you in these situations.

Here’s a great answer to the question: Who Foots the Bill for Under-Insured Damages? 

Questions to Ask your Insurance Broker

You need to have your insurance in place for the day the property officially becomes yours (Completion Day!). Inquire with Insurance Brokers beforehand to have the policy in place, and feel free to shop around to get a sense of the different rates you can get.

First things first, always have your building’s insurance policy with you to give to your Insurance Broker. You can get this policy from your Strata Property Manager, or you can usually find the newest policy attached to the most recent AGM.

Secondly, here are a few questions that you can ask to clarify what you’re covered for:

1. If the strata suffers damage that started in my unit, what amount of coverage is provided in the event that I am charged back the strata’s deductible? 

2. If there is damage to my unit that is covered by strata (walls, floor, and ceiling) but the damage is under the strata deductible (i.e a roof leak) what amount of coverage is provided to repair this damage? 

3. Are my contents covered, for damage or theft, whether or not it’s my fault? Are the upgrades and renovations I did to my home covered? 

Insurance is very important, whether you’re an owner or a renter, so make sure that you’re covered. A couple extra dollars a month can save you time and money in event of an accident.

[x] close

Login for Full MLS Access





Budget: -

Square ft.: -

# of Bedrooms:

# of Bathrooms:


Key criteria:

Terms of Use

The term Virtual Office Website ("VOW") refers to a Participant's (REALTORS®) Internet website, or a feature of a Participant's Internet website, through which the Participant provides real estate brokerage services to Registrants (clients and prospects) with whom the Participant has first established a relationship where the Registrant has the opportunity to search for MLS® data, subject to the Participant's oversight, supervision and accountability. By agreeing to these "Terms of Use" you:

  1. acknowledge and understand that the Terms of Use do not create an agency relationship and do not impose a financial obligation on the Registrant or create any representation agreement between the Registrant and the Participant;
  2. understand that all data obtained from the VOW is intended only for your personal, non-commercial use;
  3. do have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered through the VOW
  4. agree not to copy, redistribute or retransmit any of the data or information provided;
  5. acknowledge the Board/Association ownership of and the validity of the copyright in the MLS® database.
  6. agree that all information provided may be provided to the relevant Board and may be used to administer and operate the VOW and to investigate any breach of security of the data or the MLS® rules
  7. that a "mouse click" is sufficient acknowledgement and agreement to the terms
  8. must supply a user name and a password, the combination of which must be different from those of all other Registrants on the VOW, before being permitted to search and view information from the MLS® database via the VOW.
  9. must provide a valid email address. The Registrant may be permitted to access the VOW only after the Participant has verified that the email address provided is valid the Registrant's agreement to the VOW's Terms of Use is confirmed.
  10. understand the Participant must at all times maintain a record of the name, telephone number and email address supplied by the Registrant, and the username and current password of each Registrant, such records to be kept for not less than 180 days after the expiration of the validity of the Registrant's password. If the Board/Association has reason to believe that a Participant's VOW has caused or permitted a breach in the security of the data or a violation of MLS® rules related to use by one or more Registrants, the Participant shall, upon request, provide to the Board/Association a copy of the record of the name, email address, telephone number, username, current password, and audit trail, if required, of any Registrant identified by the Board/Association to be suspected of involvement in the violation.
  11. Understand that information on this site is deemed to be valid but is not guaranteed. It is the responsibility of the registrants to confirm all information on their own. Broker may not have reviewed or approved listing enhancements. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
  12. Understand any agreement entered into at any time between the Participant and Registrant imposing a financial obligation on the Registrant or creating agency representation of the Registrant by the Participant must be established separately from the Terms of Use, must be prominently labelled and may not be accepted solely by mouse click
  13. have received, read and understand the brochure published by the British Columbia Real Estate Association entitled Working With a REALTOR®

Having agreed to the terms and conditions of use, I would like to have access to this VOW information.

 Terms and Conditions I agree to the Terms and Conditions

[x] close

Login for VOW Access

Remember me

Don't have an account? Register now!