Condo insurance in BC.
Most BC condo policies don’t cover the strata deductible. Yours might be one of them.
Loss assessment limits at $25,000 or $50,000 worked in 2015. Today, BC strata deductibles run $50,000 to $1 million. If a covered loss originates in your unit and your loss assessment limit is lower than the strata’s deductible, the gap is yours to pay — and the bill arrives in the mail. Most owners don’t find out until this point.
Prime Insurance is a family-owned brokerage in Surrey since 1994. We work with a panel of BC condo carriers across the Lower Mainland. If you just bought, your renewal jumped, your strata sent a special-assessment notice, or your premium changed this year, this is the page for you.
Send us your declaration page — we’ll read it line by line and tell you exactly where you standTypical markup time: under 24 hours. No obligation.
Prefer to talk now? Call 604-582-0557 — a licensed advisor answers during business hours.
New buyer, or want a number first? Get a quote. Or read our BC homeowner insurance page for detached homes.
Pull out your declaration page — these 7 numbers decide if your policy actually works.
Your condo policy has seven things on it. Most BC owners have the wrong limit on at least three — often without realizing it. Read down your declarations column against this audit. If three or more limits don’t match the right column, bring your policy to us.
| Coverage | What it covers | Most BC policies | What it should be in BC |
|---|---|---|---|
| 1Loss assessment your share of the strata’s deductible |
Strata deductible chargeback after a claim originating in your unit. | $25,000 or $50,000 | Match your strata’s largest deductible — commonly $50K–$250K, sometimes $500K+. Section below. |
| 2Improvements and betterments your renovations and upgrades |
Renovated kitchens, hardwood, custom built-ins, bathroom redos. | Often unset or developer-grade | Full replacement cost of the upgrades on your specific unit. Section below. |
| 3Personal property everything you own inside |
Clothes, electronics, furniture, jewellery, art — anything not bolted down. | $40,000–$75,000 | $40K–$75K typical; $150K+ for higher-value units. Replacement cost from most BC carriers. |
| 4Personal liability damage you cause to others |
If a leak in your unit damages units below. | $1,000,000 | $2M floor. $5M for owners with significant assets to protect. |
| 5Loss of use OR fair rental value | Hotel and meals (live-in) or rental income (rental). | Often unverified | Match how you actually use the unit. Mutually exclusive. |
| 6Sewer backup | Backups from the building’s sewer into your unit. | Included on most current policies | Confirm it’s on yours. Cheap to add, expensive to be without. |
| 7Endorsements (optional) | Earthquake; scheduled jewellery, art, watches; identity theft. | Excluded by default | Decide deliberately, not by default. Earthquake section below. |
The biggest gap on most BC condo policies is row one — loss assessment. The default $25,000 or $50,000 limit was reasonable a decade ago. With current strata deductibles, it isn’t even close. If that number is wrong, the rest of the policy won’t matter in a large claim.
Counted three or more mismatches against your policy?
Send us your declaration page — we’ll mark it up against these seven points
Just bought a condo? Get the coverage right before you close.
If you’re buying, your lender needs proof of insurance before completion — but the binder your realtor or lender accepts is rarely set up with the right loss assessment limit for your building. That’s the part that matters most, and it’s the part that gets defaulted to $25,000 or $50,000 without anyone checking your strata’s deductible.
Before you close, send us two things: the strata’s insurance summary (your realtor or the strata can provide it) and the coverage your lender is asking for. We’ll set the policy up so it covers the actual deductible your building carries, not a generic default — and have the binder ready for your completion date.
Closing soon? Send us the details and we’ll have your binder ready in time
Strata deductibles vs. your policy — where most condo owners get caught short.
This is where most BC condo policies fail. Pay attention to this section.
How a claim turns into a $50,000–$1,000,000 bill.
Your strata corporation has a master insurance policy that covers the building’s structure, common property, and a baseline level of in-unit fixtures. That policy has a deductible — usually a single deductible for water damage claims, often a different one for fire, and possibly a higher one for earthquake. The strata’s deductible is the strata’s responsibility to the insurer, but BC strata legislation and most strata bylaws allow the strata to charge back the deductible (or a portion of it) to the unit owners whose units caused or were affected by the claim.
When a covered claim originates in unit 305 — say, a hot water tank fails or a dishwasher hose lets go — and the strata files for the damage to the units below and the common areas, the strata’s deductible can be charged back to unit 305 in full or in part. That’s a $50,000 to $1 million bill arriving in the mail.
Loss assessment coverage on your personal policy is the only thing standing between that bill and your bank account.
What BC strata deductibles look like in 2026.
Five years ago, BC strata deductibles for water damage were typically $10,000 to $25,000. That world is gone. Insurance carriers, hammered by the volume of water-damage claims in BC condo towers, have pushed strata deductibles up dramatically. The numbers we see now in Prime’s book of business:
- The highest strata deductible we’ve seen is $1 million.
- $500,000 deductibles appear regularly across Lower Mainland buildings.
- $50,000 to $250,000 is now the common range.
- Under $25,000 is rare and usually means a small, low-rise, or strata that hasn’t had a serious claim history.
Most BC condo policies default to $25,000 or $50,000 in loss assessment — numbers that haven’t kept up with today’s deductibles. That number was reasonable in 2015. In 2026, it’s not even close. If your strata’s deductible is $250,000 and your loss assessment limit is $50,000, you’re personally responsible for $200,000 if a claim originates in your unit.
How much loss assessment coverage to carry.
The rule is simple: your loss assessment limit should match your strata’s largest deductible — water, fire, or earthquake, whichever is highest — plus a margin.
- If your strata’s water deductible is $250,000 → carry $300,000 in loss assessment.
- If your strata has a $500,000 fire or earthquake deductible → carry $500,000, or as high as your carrier will write.
- If your strata’s highest deductible is $50,000 → carry at least $100,000 — the cost difference is small and the buffer matters.
How to find your strata’s actual numbers.
Ask your strata council for the most recent strata insurance summary. They have to provide it — it’s a standard request and usually takes a few minutes. Look for:
- Water damage deductible
- Fire deductible
- Earthquake deductible
The highest of those three is the number to plan around.
A separate but related coverage on most condo policies is called deductible assessment or unit owner’s deductible — this is specifically for paying toward the strata’s deductible when it gets charged back. Sometimes it’s bundled into loss assessment, sometimes it’s a separate line. The total amount available to pay a strata-deductible chargeback (whether through one line or two) is what matters. If you’re not sure, bring us your declarations page and we’ll work through it.
Bring us your strata’s insurance summary and your declarations page — we’ll match them up
Two policies cover your condo — and most owners don't know where the gap is.
The strata's master policy covers the building. Your condo package covers your unit. The boundary between them is set by your strata bylaws — and most owners don't know where it is until they have a claim, when it's too late to adjust the coverage.
Master Policy
Held by your condo corporation. Covers the building and shared spaces for every owner.
- Building exterior — roof, foundation, exterior walls
- Common areas — lobby, hallways, elevators, amenity rooms
- Shared systems — HVAC, plumbing, electrical, fire protection
- Parkade, exterior lighting, grounds
- Liability for incidents in shared spaces
Condo Package
Held by you. Covers what's inside your unit and your financial responsibility as an owner.
- Your belongings — furniture, electronics, clothing
- Additional living expense if you can't live in your unit
- Personal liability for incidents inside your unit
- Deductible assessment — your share of the strata's deductible
- Loss assessment — your share of uncovered strata losses
Where does the master policy end and yours begin?
Most BC strata buildings fall into one of three types. Standard unit is the most common type for BC condos built in the past 15–20 years. The type determines whether the master policy stops at the bare drywall, includes original fixtures, or extends to your renovations. Pick yours to see what shifts.
Standard unit — master covers original drywall and fixtures.
What the strata covers
- Roof, foundation, exterior walls
- Common areas, lobby, hallways
- Building systems, parkade
- Original drywall, paint, ceilings
- Original fixtures (basic flooring, basic cabinets)
What you cover
- Personal belongings (contents)
- Additional living expense
- Personal liability inside your unit
- Deductible assessment
- Loss assessment
- Upgrades and improvements
- Built-ins, custom finishes, renovations
What people learn after a claim — too late.
These are the items that turn a manageable loss into a financial event. Each one is something your condo package should address.
Strata deductible chargeback
When the strata makes a claim, the deductible can be charged back to the unit responsible. BC strata water deductibles now commonly run $50,000 to $250,000, with $500,000 appearing regularly and $1 million observed at the top end. Loss assessment on your condo package is what pays your share.
Earthquake
Optional coverage — usually as an endorsement. The master policy may or may not include it, and the building deductible alone can run 10–20% of insured value. We can add earthquake to your condo package and walk you through what the strata's policy already covers. No pressure either way.
Liability splits by location
If a guest slips in your kitchen, that's your policy. If they slip in the lobby, that's the strata's policy. Both need to be in place — and your personal liability follows you off the property too.
Send us your strata bylaws. We'll tell you what your condo package needs.
Reviewing strata bylaws is part of our job. No charge, no obligation — just a clear answer in plain English, Punjabi, or Hindi.
Water damage — where most condo claims start (and where blame gets assigned).
Water damage is far and away the largest category of condo claims in BC. Burst pipes, hose failures, dishwasher hoses, washing machine supply lines, hot water tank failures, toilet supply lines, leaking shower seals, balcony drains, neighbouring units leaking down or up.
The complexity is that the origin determines who pays. A simplified version of how it works:
- Origin in your unit (a hose under your sink, your hot water tank, your toilet). The strata’s policy may pay for damage to the building and units below — but the strata’s deductible (which can be six figures) can be charged back to you. Your loss assessment coverage is what handles this.
- Origin in the unit above you (their hose, their toilet). The other unit’s policy and the strata’s policy handle the damage. Your contents coverage handles your damaged personal property if there’s a deductible gap or coverage shortfall.
- Origin in common property (a leak in the building’s plumbing, an exterior failure). The strata’s policy handles it, generally without chargeback to any individual owner.
- Origin in your unit but caused by something that wasn’t your fault — say, a contractor working on a renovation in the next unit accidentally hits a pipe in your wall. This is where things get complicated and an advisor conversation matters.
The honest framing: most condo owners discover the difference between these scenarios during a claim, not before. The right time to understand this is when you set up the policy.
What your policy won’t save you from.
Even the best condo policy has exclusions. The big ones:
- Wear and tear. A leaking shower seal that’s been quietly soaking the wall for two years isn’t a covered loss — it’s a maintenance issue.
- Faulty workmanship from a previous renovation. If a previous owner’s contractor did something wrong and it eventually fails, the resulting damage may be covered but the cost of fixing the original error isn’t.
- Acts of war, nuclear incidents, intentional damage. Standard exclusions on every policy.
- Material misrepresentation. If the policy was written based on information that wasn’t true — undisclosed renovations, undisclosed rental use, undisclosed claims history — the carrier can void the policy from inception. Tell your advisor the full picture; what you don’t tell us can hurt you when there’s a claim.
Earthquake on a BC condo — the risk most owners ignore until it matters.
Earthquake is a real risk on the BC South Coast, and most insurers price the endorsement aggressively because the risk is concentrated in one geographic area. Three layers of earthquake coverage on a typical BC condo:
- The strata’s main policy. Most BC strata policies carry earthquake on the building, but with a high deductible (often 10–20% of insured value). If the building is destroyed, the strata’s deductible could be charged back to all owners as a special assessment.
- Your earthquake endorsement. Covers your contents, improvements, and loss of use during a quake. Optional, not cheap. The deductible is usually 5–10% of your contents and improvements limit.
- Loss assessment applied to earthquake. When the strata’s earthquake deductible gets charged back, your loss assessment coverage handles your share — if the limit is right and your policy doesn’t exclude earthquake-driven assessments.
Worked example. A $40 million building with a 15% earthquake deductible would generate a $6 million strata deductible. Spread across 100 units as a special assessment, that’s a $60,000 share per owner. If your loss assessment limit is $50,000, the rest is yours.
The honest answer on whether to carry earthquake: it depends on what you can afford to lose. If a major BC quake destroyed your building tomorrow and your loss assessment was capped at $50,000 against a strata earthquake deductible of $2 million, you’d owe a real chunk of that as your share. Most owners can’t write that cheque.
Earthquake is optional. It’s expensive. And in BC it’s the single risk most likely to become a six-figure problem in a generation. We can walk you through the cost vs. risk based on your building age, construction, and your personal tolerance. No pressure either way.
Renting your condo (long-term or Airbnb)? Your policy likely needs to change.
If you rent your condo out, your policy needs to be set up for it. Two pieces matter:
The right policy type. A standard owner-occupied condo policy is not the right fit for a rented unit. The carriers we work with offer rented condo policies that change the underwriting profile — different liability framing (the tenant’s contents are not your responsibility, but your liability for the unit and the building still is), different rental income coverage, and different terms around vacancy if the unit is between tenants.
Fair rental value coverage. When a covered loss makes the unit uninhabitable, the policy pays the rental income you would have received during the period of repair. Standard limits are usually 12 months. For longer reconstruction timelines after major claims, ask about extending the period.
Short-term rentals (Airbnb, VRBO). Most standard rental policies don’t cover short-term rentals. If you Airbnb the unit even occasionally, you need a specific endorsement or a different policy entirely. Don’t assume your standard policy covers it.
Strata bylaws. Many BC stratas restrict or prohibit short-term rentals through bylaws. Insurance issues aside, check your strata’s rules first.
Bring us the situation and we’ll match the policy. Renting your unit out without telling your insurer can void coverage at claim time.
Higher-value condos — where standard policies quietly fall short.
Lower Mainland condo prices have moved. South Surrey, White Rock, downtown Vancouver, North Shore, the West End — units that were $700,000 ten years ago are now $1.5 million or more. At that value, the standard policy isn’t always the right shape:
- Improvements and betterments limits that were enough at $700,000 of value aren’t enough when the kitchen renovation alone is worth $80,000. Limits need to be specifically increased.
- Personal property limits that worked when contents were $40,000 don’t work when there’s $300,000 of art, jewellery, and designer furniture in the unit.
- Liability at $1 million isn’t right for an owner with significant other assets to protect; $5 million is the appropriate floor for higher-value households.
- Scheduled items for art, jewellery, watches, wine collections, and other valuables that exceed the standard sublimits in the policy.
If your unit is worth $1.5 million or more, or your contents and improvements exceed $200,000, the conversation goes beyond fitting the standard form to selecting from a panel of carriers that write higher-value condo properly. We have access to those markets.
Hard-to-place condos — when standard insurers say no.
Some condo files are harder to write than others. The patterns we see most often:
- Older buildings with major claims history. Buildings that have had multiple large water-damage claims, fire claims, or envelope-failure (leaky building) issues face higher premiums and limited carrier appetite.
- Buildings with significant deferred maintenance flagged in their depreciation report.
- Buildings with ongoing or recent special assessments from claims or repairs.
- Owners with personal claims history. Two or more claims in five years on the personal policy can knock you out of standard markets.
- Vacant or under-renovation units. Different policy entirely while the unit is empty or being renovated.
- Short-term rental operations that the standard market won’t write.
- Older buildings approaching or past 50 years without recent envelope or building system upgrades.
We have access to specialty markets and managing general agents — wholesalers — that handle risks the mainstream condo market won’t touch. Premiums are higher than standard, but most “uninsurable” condos are actually placeable. Bring us the non-renewal letter or your previous declarations page.
What Lower Mainland condo owners say after they bring us their policy.
The reviews below cover Autoplan, home, condo, and commercial — we’ve highlighted the condo and homeowner reviews here. Read all of them on our Google Business Profile.
I usually don’t write reviews, but it wasn’t fair if I don’t praise the services offered by Kuljeet when he helped me with getting the insurance for my condo. Kuljeet is absolutely professional and helpful, easily approachable, and you can be assured the work will be done.
Thank you again for helping me with both my car and condo insurance today —…
I talked to Kuljeet — not only was he able to save me on the ICBC insurance, but he also explained my coverage in detail. I recommend anyone reading this review talk to Kuljeet at Prime Insurance.
Been dealing with Prime for all my insurance needs. They have always provided me with the best coverage based on my and my family’s needs, and excellent after-service when we had a claim. I recommend anyone reading this talk to Kuljeet at Prime. A+.
Frequently asked questions about BC condo insurance.
How much loss assessment coverage do I need?
At least equal to your strata’s largest deductible (water, fire, or earthquake), with a margin on top. The default $25,000 or $50,000 on most BC condo policies is far below what current strata deductibles require — we’ve seen up to $1 million; $500,000 appears regularly; $50,000 to $250,000 is the common range now.
My strata insurance covers the building — why do I need my own policy?
The strata covers structure and common property only. Your policy covers your belongings, your unit upgrades, your liability to other units, your loss of use, and your share of the strata’s deductible if it gets charged back to you.
What’s the difference between deductible assessment and my main deductible?
Your main deductible is what you pay on your own claim ($1,000–$2,500 typical). Deductible assessment (often bundled into loss assessment) pays toward the strata’s deductible when it’s charged back to you after a strata-level claim — the strata-side limit needs to be much higher than the personal-side deductible.
Are my kitchen upgrades covered by my policy or the strata’s?
Almost always yours. The strata covers the unit as originally built; anything upgraded since (by you or any previous owner) falls under improvements and betterments on your personal policy.
I rent my condo out — does my policy still work?
Probably not as written. Long-term tenant rentals need a rental policy with fair rental value coverage. Short-term rentals (Airbnb) need a specific endorsement or different policy — and many strata bylaws restrict short-term rentals, so check those rules first.
Does my policy cover earthquake?
Only if you’ve added the earthquake endorsement. It covers your contents, improvements, and loss of use. Your strata’s main policy may or may not cover earthquake on the building — ask your strata council.
What if my building has a special assessment after a fire or flood?
That’s exactly what loss assessment coverage is for. When the strata files a major claim, the deductible (and sometimes uninsured portions of the loss) get charged back to all owners as a special assessment — your loss assessment coverage pays toward your share. Without it, the bill comes directly to you.
Bring us your policy — honest answer either way.
If you have a condo in BC, the question isn’t whether you need this conversation. It’s when. The right time is now, before a claim, when there’s room to fix what’s missing. The wrong time is after.
If we can find ways to better protect you for the same money or less, we’ll show you exactly where and how. If your current policy is already the best fit for your situation, we’ll tell you that and thank you for coming in. Honest answer either way.
Or get a quote if you’d rather start with a number than a conversation.