If you own a condo in British Columbia, Canada, it’s essential to have the right kind of insurance coverage. With a correctly chosen policy, you can rest assured knowing that your investment is protected against potential damage or disasters. We at Total Restoration see too many cases where Kelowna residents lack the necessary coverage to properly protect their home and themselves, leading to costly disasters.
To help avoid this situation, we've identified certain items you should make sure your condo insurance has.
Sufficient ALE Coverage
Additional Living Expense (ALE) coverage is essential in case of a major event, such as a fire or flood, which could require you to move out while repairs and restoration are completed. The minimum ALE coverage you should have included in your policy is one year, however, we have seen cases where it can take up to three years to completely restore a condo building after a substantial loss.
Content Limits & Strata Deductible
Condo insurance should also include limits that cover the entire process of restoration, including pack out, cleaning, storage and pack-in of items deemed unsalvageable. Your policy should also cover the strata deductible amount if you are found liable for damages. This means that you will be paid for all damages up to the deductible amount, without having to pay it out of pocket.
Liability Insurance
Liability insurance is essential for protecting yourself in the event of a lawsuit or other costs that could arise due to injury or damages caused by you, your family members, pets, or any visitors to your property. This coverage usually pays legal fees and judgments up to the limits of your policy.
Sewer Backup Coverage
This refers to the coverage of damage or loss caused by a backed up sewer line. This is an essential item in your condo insurance policy due to the potential for costly water or sewage damage that could occur if your complex’s sewer lines were to backup into your unit.
All-Risk Insurance
All-risk insurance is a comprehensive policy that covers all types of property damage, except for those specifically excluded. It covers losses resulting from such things as fire, theft and water damage, among others. Usually, the more coverage you have, the higher your premium will be.
It’s important to remember that depending on where you live in British Columbia, Canada, different items may or may not be covered by your condo insurance policy. Make sure that you speak with Total Restoration to identify which items you should include in your policy and make sure that you are adequately covered. This can save you time, money and stress in the event of an unexpected disaster striking your home.
