As a condominium owner, you have special insurance needs. Ordinary insurance coverage may not give you the protection you require. That’s why we’re proud to specialize in condominium insurance at HUB International Coastal. It’s part of our overall focus on the best in strata insurance.
We insure over 2,000 condominium corporations throughout BC. We understand that condominium ownership brings with it the added responsibility to protect your contents, your unit and your share of the common property. To that end, we strongly recommend that you buy the most comprehensive form of condominium unit owners insurance available. Given the nature of condominium claims - and the reasonable premium level – we believe this is not an area in which to penny pinch.
Those living in condominiums experience some of the best aspects of home ownership and renting. As a condominium owner, you have title to your own "unit" as well as a share in common areas such as the lobby, swimming pool, parking garage or garden. You are a shareholder in the corporation from which you "rent" access to the common areas.
It’s important to note, however, that you and your fellow owners can be held personally responsible if things go wrong. A condominium unit owners insurance policy is a low-cost way to remove some of the financial worries of condominium ownership.
Contents coverage is as important for condominium owners as it is for all home owners and tenants. Here are some other important considerations:
Owner’s Improvements & Betterments
Coverage in the area of owner’s improvements and betterments is an important consideration because the strata corporation's policy excludes coverage for betterments that you make to your unit, or that a prior owner of your unit has made.
Loss assessment is another important coverage feature. You are covered for a substantial limit for any assessment made by the strata corporation due to damage to common property by an insured peril.
If the unit owner is charged back the strata’s deductible as a result of claim that the unit owner is responsible for, there is coverage up to $50,000. This limit can be increased for additional premium up to $100,000.
Rented Condominium Coverage
If you rent out your unit, it is important for you to not only advise the tenant to purchase tenant's insurance but also have a rented condominium policy for yourself. The tenant’s policy will cover the tenant's possessions (i.e. furniture, clothes) and provide personal liability, should they be found responsible for harm caused to any part of the building in which they live or to others who live or visit there. As the owner of the unit, you should also purchase a rented condominium policy to cover the unit improvements, furniture (i.e. stove, washing machine, refrigerator), loss assessments, rental income, as well as liability.
The true measure of insurance service is the response to you when you have a claim and need assistance. At HUB International Coastal, we measure ourselves in responding to your claims efficiently and effectively to ensure you are supported when you need it most.
Claims may be reported in person, by fax, or by telephone during regular office hours. If you have an after hours emergency that cannot wait until the office reopens, please call our 24 hour emergency service at 1-866-552-6278.
Typical emergencies requiring immediate assistance include: burst pipes, explosions or sewer back-ups.
In the event of an emergency, insurance policies generally require that you take measures to protect your property from further loss. For more serious claims (car accidents, thefts in your home or car and personal injury), it is important that you contact the police. You should also get the names and phone numbers of all individuals involved in the accident as well as any witnesses. If your car accident is the result of a hit-and-run (i.e. your car was damaged by an unknown vehicle while parked) it is important you report the claim to the police within 24 hours.