Contents Insurance for Condominiums – Some Frequently Asked Questions

Buying Contents Insurance for your first condominium can be overwhelming. You’re already spending your life savings on a place that you’ve only seen a handful of times.  You’ll be signing legal documents that you may not understand. Add onto that the confusion of two types of insurance, for the building and for Contents Insurance, the whole situation can seem more than daunting.

Here are a few answers to our Frequently Asked Questions to help make the insurance a little clearer.

Why do I need two insurance policies for my condo?

Your two policies are covering you for two different things.

The Condominium Corporation policy is covering the building itself.  This policy is purchased by the Strata as a group, and the cost of the insurance is divided amongst the owners of the strata.  The insurance cost will generally be included in your monthly strata fees.  To simplify things, this policy is going to pay to rebuild the building if there was a claim. It wouldn’t pay to replace any of your stuff in the building.

As this policy is purchased by the strata as a group it can be really easy to ignore it. We recommend reviewing the policy before closing on the condominium sale and every year on renewal. This will make sure you are aware of any clauses that may cause the building to be uninsured.

The Condominium Contents Insurance policy is covering your contents. If you turned your condo upside down, this policy will cover the items that fall out. It will also cover you for liability, for upgrades that may have been made to your unit, and will cover you if the Condominium Corporation policy isn’t adequate. You can also be covered for the cost of the deductible on the Condominium Corporation policy if you have to pay it for some reason. This policy is where you get to make the decisions. How much you need to be insured for? What deductible do you want? Do you want (or need) extra coverage for your bicycles or jewelry?

If I’m paying for two policies doesn’t that mean I’ll be paying WAY too much for my insurance?

Prior to getting a quote for Contents insurance, you may think that it’s going to break the bank. After getting a quote with The Home Insurance People you’ll notice that most Condo Contents policies are extremely reasonable.  We have some clients that have full insurance coverage who pay about $17 a month. The insurance premium for your Condominium Corporation policy is included in your monthly Strata fees, so you probably won’t even notice the cost of that policy.

Click here to compare Condominium Contents Insurance quotes from up to 5 of BC’s leading insurers, in less than 10 minutes.

Why can no one explain my policy to me in plain language?

You will often come into contact with two types of insurance representatives when buying insurance. Either the representative is super knowledgeable about insurance, but can’t explain the details in an understandable way, or your insurance representative seems like they don’t know anything about insurance outside of the policy they’re selling.

We at The Home Insurance People are experts when it comes to Condominium Contents Insurance policies. Not only that, but our representatives are passionate about making sure everyone understands what they are paying for when they buy insurance.  If you need someone to talk to you in plain English about what your Condominium Contents Insurance policy covers, just send us an e-mail at or call us at 1-866-544-4664. We’d love to chat to you about your insurance questions.

Behind the Scenes