There are so many aspects of coverage to a home insurance policy. From your Yaletown’s physical home structure to coverages that protect you even when you aren’t at home. Your home insurance will cover the damage to your home from any risks outlined in your policy to ensure that you’re able to get back to normal as quickly as possible. A few of the risks discussed in a policy include fire, water damage, wind, theft, and vandalism.
WHAT IS THIRD-PARTY HOME INSURANCE?
Third-party insurance is recommended to cover you personally as a strata owner. This can cover personal items or furniture that are damaged or lost or if anyone is injured. It can cover improvements, renovations, or additional installations to your property. It can provide additional coverage on top of strata insurance or cover living expenses due to a claim. It can also cover you if you’re found liable for damage to common property or other strata units (for example, you cause a flood in your condo that damages the condo below it and the strata find you at fault, you may need to pay the deductible or cover certain costs).
LIVING EXPENSES COVERAGE
Suppose your home can’t be occupied, whether due to damage or during repairs related to an insurance claim, your home insurance policy will cover cost of alternative living arrangements during this time.
PERSONAL LIABILITY
You’re protected in case a visitor gets injured inside your home, or if you’ve accidentally damaged someone’s property and have to pay for the damages.
WHAT IS STRATA INSURANCE?
All stratas in BC are required to have property and liability insurance, which covers the building, its features, assets, and communal areas. It also covers the homes within the strata, but usually in a limited way. For example, it will cover the costs of your condo if the building burns down, but it may just cover the original costs, not any updates or renovations you’ve completed after purchase. Your strata fees will include the strata insurance fees.
WATER DAMAGE COVERAGE
Extensive water damage coverage from a variety of water-related scenarios. Covers events which cause water damage by sewer backup and sump overflow, below ground seepage through foundations and floors, and overland water from any stream or body of freshwater which enters the home.
PERSONAL PROPERTY COVERAGE
It’s all of your special belongings, furniture and collections that make a house a home. From clothing to electronics and jewellery, sports equipment to musical instruments, we can help make sure that you’re covered.
It is important to get a quote and get familiar with the building’s insurance policy before you purchase a home. Some Yaletown buildings will have insurance with water deductibles at $500,000 which will effect your monthly insurance cost.
Here are a few home insurance providers:
RBC can have great rates and great coverage: RBC Insurance
Easy to use and navigate online provider: Square One
Another great solution is TD Home Insurance: TD Insurance
Are you considering buying a condo in Yaletown and have questions about specific buildings and their insurance policies? Browse all homes for sale in Yaletown HERE and get in touch for any questions via hello@liveyaletown.com
Yuliya
