Your home is one of your life’s biggest investments, so it makes sense to get homeowners’ insurance to protect it from unforeseen events. Unlike auto insurance in BC, home insurance isn’t legally required, yet as a property owners you are wise to insure for peace of mind and in case of damage by burglary, fire, water, or some other disaster. Also, your mortgage company will require it as a condition in your contract.  

Home insurance typically covers you for damage to the building and detached structures on your property (such as a shed or garage). It also covers theft or damage of contents inside the home as well as, personal liability if someone injures themselves while visiting. Home insurance policies will also cover Additional Living Expenses if you’re forced to leave your home due to an insured loss or damage. 

For home insurance you have a range of optional coverages, so an experienced insurance agent can help you choose the package that best suits you. You should be able to get a comprehensive insurance policy at an affordable price, including sub-limits for specialty items like jewelry. You may also choose to schedule your jewelry separately. 

Your main benefit of home insurance is that if something happens to your home or belongings, you won’t have to pay out a large sum of money all at once to replace them. Your annual premium for the policy that you pay to the insurance company means that they are the ones who will cover the replacement cost of your home or belongings, not you! 

Condominium insurance is slightly different than a standalone detached house. When you buy a condominium, it’s considered strata unit ownership, which means that you own your own unit and you also own a share in the common property of the building. Condo insurance, therefore, takes the form of two separate policies. One for a unit owner and one for the common strata corporation. 

Insurance for the condo corporation provides coverage for damage to the building, the common property around it, and the common areas inside the building (the lobby, elevator, swimming pool, etc.). You pay for this insurance within the monthly strata fee you remit to your property manager. 

Individual unit owners also purchase condo insurance to cover their personal belongings (furniture, appliances, clothing etc.) that is not insured by the common strata insurance policy. Personal condo insurance will also cover you for additional living expenses and third-party liability. 

In some cases, common condo corporation insurance has a very high deductible, sometimes over $100,000. This means that if you cause a loss, you would be held responsible to pay the $100,000 deductible. It is worth noting that within a personal unit owner’s insurance policy, coverage for this possible strata deductible is available to cover this deductible on your behalf. 

If you are a landlord, you need rental property insurance to protect your investment. This means that you’ll want to at least have your home and rental income covered in case of an insured loss, whether it’s a condo, townhome, or a detached house. 

Rental property insurance policies are similar to a home insurance policy, but are designed specifically for landlords. Landlord insurance coverage generally includes: 

Detached homes – covers the structure of the building itself and damage to the interior. 

Condos – covers unit improvements and contents not included in condo corporation insurance. 

Third party liability – covers accidents that happen on your premises to your tenants and their visitors. 

Lost rent – coverage in the event of an insured loss. 

An experienced, licensed agent at King Insurance will always make sure that you’re receiving the appropriate policy for your situation. Not all landlord insurance policies are created equally so it pays to choose the best policy for you.

As a tenant, renting a house or apartment, and buying a Tenant’s Insurance policy, means that you will generally want two basic kinds of coverage – liability and contents. 

Contents coverage is what most renters are concerned about. Contents coverage allows you to replace or repair your belongings if they are lost or damaged in the event of fire or theft.  Your belongings may be covered even if they were lost outside of your home.   

Liability coverage is similar to the liability coverage in a typical homeowner’s policy and it protects you if you or your guests cause accidental damage to the building – whether to your unit or to the whole building.  This coverage may also protect you if someone is injured in your unit and sues for damages. 

It is wise to insure for an amount representing the replacement cost of all your belongings, as most people are very surprised by how much it would cost to replace everything – all at once. 

Your Tenant’s Insurance policies also include the additional living expenses which you must spend as a result of a covered loss, in the event that you cannot live in your home.  Expenses you may incur include hotel or other rental costs and in some cases meals.   

King Insurance, as your insurance broker will be able to explain what the limits of coverage will be for your policy (dollar amounts and time covered) as well as details about:  

• Replacement cost 
• Deductibles 
• Discounts 
• Scheduled articles coverage