DEEP COVE INSURANCE
Fawcett InsuranceAre you covered? We make sure!
Rental Condo Insurance
When you are the owner of a unit in a stratified Condominium or Townhouse which you rent to others you are responsible for Personal Property you own (usually limited to appliances) and Personal Liability which is provided on a premises only basis (including legal costs).
There is coverage for;
- Unit Improvements & Betterments (any upgrades done to the unit after original construction),
- Loss Assessment (for any damages levied against you for damages you are liable for),
- Unit Additional Protection (covers any shortfall on the Strata Corporation policy which would create financial loss for your unit)
- and coverage for the Strata Corporation deductible in the event you are required to contribute to pay for damage to the building insured by the Strata policy with varying limits available.
Most insurance companies will require landlords to complete Rented Dwelling Questionnaires to gather details on the tenants that will be occupying the property and some will require a property manager be in place for locations in other cities.
Coverage is generally for long-term tenants but some insurers will allow short term nightly rentals. As these are income generating secondary properties there are limited discounts available.
Do I need home insurance in British Columbia?
Home insurance is not required by law in British Columbia, but virtually every mortgage lender requires it as a condition of financing. Beyond the lender requirement, a homeowners policy covers the structure, your belongings, additional living expenses if the home becomes unliveable, and personal liability. Fawcett Insurance in North Vancouver quotes homeowners coverage across multiple insurers through the InsureBC Group.
How much is home insurance in North Vancouver?
Home insurance premiums on the North Shore depend on the rebuild cost of the home, its age, roof and wiring, distance to a fire hall, claims history, and your coverage limits and deductible. North Vancouver properties are also rated for local exposures such as slope, wildfire interface near Seymour, and water and sewer backup. Because rates vary widely between insurers, a broker quote comparison is the only reliable way to get a real number. Fawcett Insurance provides free estimates at 604-929-3494.
What insurance do I need if I own a condo or townhouse in BC?
Strata owners need their own condo policy even though the strata corporation insures the building. The strata policy covers common property and the original standard unit; your personal policy covers your contents, upgrades and betterments, personal liability, additional living expenses, and — importantly — your share of the strata's deductible if a loss originates in your unit. Strata deductibles in BC can run into the tens of thousands, so deductible assessment coverage matters. Fawcett Insurance writes condo and townhouse policies throughout North Vancouver.
Do renters need tenant insurance in BC?
Tenant insurance is not required by provincial law, but most BC landlords and strata rental rules now require it in the tenancy agreement. A tenant policy covers your personal belongings, personal liability if you accidentally damage the building or injure someone, and living expenses if the unit becomes uninhabitable. It is typically one of the least expensive policies available. Fawcett Insurance quotes tenant insurance for renters in North Vancouver and Deep Cove.
What insurance do I need as a landlord in BC?
A standard homeowners or condo policy does not cover a property you rent out. Landlords need a rental dwelling policy, which covers the building, loss of rental income while the property is being repaired, and landlord liability. Rental condo owners need an equivalent policy covering their unit, contents left for tenants, and their share of the strata deductible. Fawcett Insurance writes both rental home and rental condo policies in North Vancouver.