Live in a condo or townhouse? You get shared amenities such as gyms, patios and BBQ decks, you pay less to maintain your home and you can have a strong sense of community. But condo life also comes with risks that can hit your home and your wallet.

Here are five of the most common condo concerns and what you can do to protect yourself.

1. Water damage is the worst
   Did you know: water damage is the number one insurance claim for BC condo owners and it’s definitely one of the most costly. Water damage often starts small, with a leaking (hard to see) dishwasher hose or overflowing sink. This can quickly lead to mold, ruined walls, warped flooring that needs complete replacing or even structural damage. And since water flows between units, one leak can turn into a flood that damages multiple units and common areas.
   
   To prevent the horrors of water damage, regularly check your appliances, pipes and fixtures. Look for signs of slow leaks, like brown or black discolouration under your sinks or soft spots in the floor. Replace your old washing machine hoses, spend some money to upgrade to high-quality new fixtures and turn off the water supply, drain pipes and appliances if you’re heading out of town for a while. Some stratas even require water leak detectors or shut-off valves, so check and follow your bylaws.
   
   
2. Know what your strata insurance doesn’t cover
   Many condo and townhouse owners assume their strata’s insurance policy has them covered. But your strata insurance typically only protects the strata building, common property and not your personal belongings. The strata insurance also won’t cover any upgrades, like new flooring or countertops.
   
   Carefully check your strata’s insurance policy and bylaws. Make sure your own insurance fills gaps in protection, including covering you for improvements, your personal contents and emergency living expenses if your unit becomes uninhabitable. You should also review the coverage you have on your insurance policy for a strata’s insurance assessment. Your strata coverages could safeguard you from paying thousands of dollars if you’re assessed a portion or the entire strata deductible for damage to a common area, another unit or the building itself.
3. Liability risks can pop up and surprise you
   Let’s say your guest trips on your rug or a carpenter gets injured while doing renos in your unit or you damage workout equipment in your building’s gym. If somebody sues, you could be charged with legal bills and damages.
   
   To protect yourself, keep your unit safe. Keep it tidy, clear paths for contractors. Get proper permits or strata permissions for renovations and make sure contractors have their own insurance. It’s worth making sure your insurance has adequate personal liability protection. This can cover you for accidents in your unit and as well as shared areas.
   
   
4. Theft and break-ins can strike in shared buildings
   Condo buildings feel more secure compared to detached houses, but shared entrances, the lobby, mailboxes, storage lockers and underground parkades can be targets for thieves. Package theft can be a concern in condos, as delivery people sometimes leave packages in lobbies and mail areas.
   
   You can reduce the risk by using secure parcel lockers or delivery apps that allow you to schedule drop-offs. It's worth getting to know your neighbours, even if it’s an online community group, so you can team up to report suspicious activity. Research getting theft-thwarting smart home devices like cameras, motion-sensor lights for your patios or decks and video doorbells. Get home insurance for peace of mind, as it can cover all your stuff.
5. Natural disasters can cause major disruptions
   BC is no stranger to floods, fires, and even earthquakes and these unexpected events can quickly disrupt your day to day. Yes, your strata or homeowners association may have some coverage against these disasters, but it may not be enough to fully protect your unit or your belongings. You may also not be covered for additional living expenses if you need to move out of your home due to a claim.
   
   Make sure your insurance covers you for natural disasters or even for backed-up sewer flooding. Keep a detailed inventory of the value of all your possessions, build your own emergency kit and have a plan for how and where you and your family will go if you need to evacuate.

Condo and townhouse insurance = peace of mind

Yes, condo and townhouse living can be low maintenance, but that doesn’t mean it’s risk-free. Doing a little preparation (and that includes getting the right insurance) can help you dodge big hassles if life ever goes sideways on you.

Don’t let unexpected risks catch you off guard. Protect your pad with condo and townhouse insurance. Get a fast, free quote today and save big! BCAA Members save up to 20%, plus, you’ll save another 5% when you buy online. Get started at bcaa.com/condo.