What Does Condo Insurance in BC Cover?
9 Jan 2020 Insurance Products
Knowing what condo insurance in BC covers can help you ensure that your property and assets are being properly protected. At Mountainview Insurance, they want to help you keep your property as safe as possible. That is why they offer a range of insurance products, including condo insurance.
What Does Condo Insurance Cover?
As a condo owner, you have to make sure that you are not only protecting your condo but also the areas of shared common property in your building, such as the lobby, rooftop patio, swimming pool, parking garage, or other amenities. Condo insurance policies can be used to protect against a number of things. Some of the different types of insurance that can be used to cover your condo in BC include:
All-Risk Condo Insurance
All-risk condo insurance works to cover all of the contents in a condo, as well as any improvements and betterments that have been made to the unit, from losses as a result of a range of predetermined risks.
Personal Liability Insurance
Personal liability insurance is designed to protect you from having to pay damages to someone who is unintentionally injured, or their property is damaged, while inside your condo.
Contents insurance protects your belongings (including when you travel), up to a specified amount, from losses due to common types of risks.
Replacement Cost Coverage
Replacement cost coverage works by insuring the contents of your condo for the amount that it would cost to replace them without any depreciation.
Additional Living Expenses Coverage
Additional living expenses coverage can help pay for reasonable and necessary expenses, such as hotel and food costs, in the event that you are forced to leave your condo for a period of time after an incident, such as a flood or fire.
Improvements and Betterments Protection
Improvements and betterments protection are designed to cover any upgrades that have been put into your condo (including upgrades by the previous owner), on top of what the building originally provided, up to the replacement value of the upgrade.
Loss assessment is designed to protect the common property areas of a condo in which you share responsibility with the other owners in your condo building. This type of condo insurance ensures that your portion of any loss of common property caused by a peril is covered.
If you would like to learn more about what condo insurance in BC covers, or if you are interested in one of their insurance products, please contact Mountainview Insurance at 604-557-0255 or by filling out a contact form on their website.