Ensure your condo is covered, inside and out
When it comes to condo insurance, what’s inside counts. The right coverage protects your investment and the things that matter most.
Coverage designed for condo living
Get protection beyond your building
As a condo unit owner, you need protection that extends beyond what your condo corporation covers. Typically, a condo corporation’s policy only protects the building itself, along with common areas and assets. It doesn’t cover damage to the interior of the unit, repairs, or personal possessions. Our tailored condo insurance is here to fill in those gaps and more.
Personal property
Covers the personal belongings inside your unit such as furniture, electronics, clothing, jewelry, collectibles, and appliances that aren’t already built in.
Personal liability
Provides protection if you’re held legally responsible for an injury or property damage. This can include coverage for legal costs and court-awarded compensation.
Upgrades and improvements
Protects the updates, renovations, or additions you’ve made to your unit. This could include things like upgraded flooring or cabinetry, built-in closets, and bathroom or kitchen renovations.
Additional living expenses
If you’re forced to leave your condo temporarily because a covered loss requires repairs, this can cover expenses to live somewhere else. It may include things like accommodations, transportation and food.
Loss assessments
If there is a loss affecting the building and the condo corporation’s insurance doesn't fully cover it, you may be responsible for a portion of the cost. This coverage helps pay your share up to the coverage limit.
Deductible assessments
Strata deductibles for water damage and sewer backups can be expensive. If you’re required to pay your condo corporation’s deductible, this can help cover your portion.
Guest medical protection
If someone is injured in your condo, this coverage can pay for reasonable medical expenses.
Condo Experts in your community
Why choose Navacord for condo coverage?
Get personalized advice and condo coverage that’s customized to your unique needs.
Local condo experts
Our experts have decades of experience providing insight and quality coverage to condo unit owners in your area.
Coverage tailored to you
You can feel confident knowing your condo insurance has been tailored to your specific situation.
Support when you need it
In the event of a claim, our in-house team is here to provide efficient and reliable support throughout the process.
Learn from our condo insurance experts
“Condo ownership is often promoted as hassle-free living, but the reality of shared common property adds complexity. Complete protection is achieved when the condo corporation’s and unit owners’ insurance policies work together, seamlessly covering all aspects of your property and personal assets.” – Dani Russell | Burnaby, BC
FAQs for condo insurance
The condo corporation’s master policy usually only covers common property, the building itself, and any fixtures the developer installed in the original construction. This includes things like the lobby, elevators, or amenities such as a gym.
Our expert advisors can review your condo corporation’s policy and adapt your own condo insurance policy to fill in the gaps.
Condo insurance policies feature standard coverages to help you repair damages, replace your belongings or cover upgrades made to your condo. These policies can help cover legal costs if someone is injured on your property, or you accidentally cause damage to somebody else’s property. Condo insurance can also provide coverage for additional living expenses if you’re temporarily forced to live somewhere else.
Working with our advisors, your limits can be adjusted, and additional coverages can be added based on your individual needs. Depending on the location of your unit, you may wish to add special protections such as sewer backup or overland water, which are typically not included in a standard condo unit owner’s policy.
Common sources of claims include theft, vandalism, fire/smoke, explosions, wind, and water damage (the leading cause of claims).
Condo insurance is generally affordable with premiums starting as low as $500. Pricing depends on a variety of factors. This includes the specifics of the building such as its location, age, type, construction materials, and more. Your personal details such as your age, credit rating and claims history also factor into the price, as does the replacement value of your personal belongings and the condo unit itself.
Lastly, the variables in your policy (deductible, limits, and any endorsements) will also impact the cost of your coverage.
Yes, there are a few ways you keep your rates low:
- It starts with creating an inventory of your personal belongings. This helps ensure you have enough and aren't paying for coverage you don’t need.
- Installing certain mitigation devices could be eligible for insurer discounts. This could include alarms for smoke, carbon monoxide, and water leaks, as well as monitored security alarms. It could also include devices like sump pumps and backwater valves.
- It’s important to review your insurance annually or when you experience a major life change to ensure your coverage aligns with your current situation.
- Allow your insurance company to run a soft credit check. It won't affect your credit rating and could help you save on your condo insurance premium.
- Insurers often reward those who’ve been consistently insured and pay their premiums. So stay on top of insurance payments.
- Consider submitting a claim only when you can’t cover the cost yourself. Even smaller claims can affect your insurance premiums.
Yes, you will still need separate condo insurance. A condo insurance policy provides coverage for any upgrades or improvements you’ve made to the unit. It also provides coverage for loss assessment, personal liability, and loss of income if you’re unable to rent out your unit.
After a claim on the condo corporation’s insurance policy, you may be required to pay a portion of the deductible, and the cost can significant. As an example, if the condo corporation has a $250,000 deductible and there are 10 condo unit owners, each owner could be required to pay $25,000. What’s more, if the damage originated in your unit, you may be responsible for the entire deductible.
Some condo corporation policies also provide earthquake coverage that are based a percentage of the total insured value and can further increase the deductible cost. Deductible assessment coverage protects you from having to pay a portion or all of these costs.
