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4 Common Myths about Condo and Townhouse Insurance


Like a mythological centaur, condo and townhouse insurance is one of those topics that remains shrouded in mystery for many British Columbians. In this article, we’ll tackle some of the most common condo insurance myths and set the record straight once and for all.



Myth: #1: My strata corporation has insurance, I don’t need my own policy

Fact: The strata corporation’s insurance provides protection for the building, common areas and common property. It does not protect you or your belongings. Imagine having to buy everything you own brand new! The average cost to replace the contents in a 2-bedroom condo is $60,000. Condo and townhouse insurance includes coverage to protect your belongings.



Myth #2: Condo insurance is just contents insurance

Fact: In addition to contents insurance, it also includes coverage for personal liability, upgrades to your unit, and additional living expenses for if you’re out of your home due to a covered loss. Plus, condo and townhouse policies will usually include some strata coverages including strata deductible assessment insurance. If an insurance claim for a strata corporation originates in your unit, you could be assigned (“assessed”) the strata’s insurance deductible. These can range from $5,000 to $500,000 or more. Strata deductible assessment coverage can help cover this cost.

Example: A dishwasher breaks down in your unit, causing $100,000 in damage to common property and 3 other units below you. This loss is covered by the strata corporation’s policy and you are determined to be responsible. Because of the strata’s bylaws, they decide to assess their $25,000 deductible to you. Strata deductible assessment coverage would cover this.



Myth #3: Changes to my strata corporation’s insurance don’t impact me

Fact: Your strata corporation will review and renew their insurance annually. Across BC, strata building insurance deductibles have been increasing. Some buildings have been unable to secure coverage. To protect your financial well-being, we recommend you familiarize yourself with the limits and deductibles for your strata’s insurance and compare them to your Condo or Townhouse policy.



Myth #4: All condo and townhouse policies are the same

Fact: Policies can vary greatly among insurers, especially when it comes to the big-ticket items such as strata deductible assessment coverages, water damage coverage, living allowances and earthquake options. To ensure you have the coverage you need to protect your family and your home, speak to an Insurance Advisor.


Now that we’ve busted these common myths, you can see how important condo or townhouse insurance really is if you want to protect your home and your belongings.

Learn more about condo or townhouse insurance or get a quote with BCAA. Everyone welcome, but Members save up to 20%.