How Are Condo Insurance Rates Determined in BC?
Several factors regarding the condo building, the local neighbourhood and your personal circumstances are considered when determining condo insurance rates.
For examples, insurers will look at the following building details:
- Building type (i.e., high-rise, townhouse)
- Building construction materials
- Age and type of roof
- Age and type of electrical, plumbing and heating
- The installation and use of devices such as security alarms, sump pumps and more
- Proximity to a fire hydrant and fire station
- Proximity to natural hazards such as bodies of water
Insurers will also consider neighbourhood specifics, such as:
- The crime rate of your neighbourhood
- The claim rate of your neighbourhood
And insurers will also factor in your personal details, including:
- Your age
- Your credit rating
- Your insurance and claims history
- The replacement value of your personal belongings
- The replacement value of your condo unit
Lastly, choices you make about your coverage—such as your deductible, policy limit and the addition of any endorsements—will also impact the cost of your condo insurance.