Do I need to buy home insurance if I live in a strata in B.C.?

Yes, it's generally advisable to have home insurance even if you live in a strata property in British Columbia. While the strata corporation typically carries insurance for common areas and the building structure, your individual unit and personal belongings may not be fully covered by this policy.

Here are some reasons why having your own home insurance, often referred to as "strata insurance" or "condo insurance," is important:

1. Contents Coverage: The strata corporation's insurance may not cover your personal belongings within your unit. Home insurance for strata properties can provide coverage for your furniture, electronics, clothing, and other personal items in case of theft, fire, or other covered perils.

2. Unit Improvements: If you've made improvements or upgrades to your unit (such as new flooring, cabinets, or fixtures), the strata insurance might not cover these improvements. Your individual home insurance policy can include coverage for these upgrades.

3. Liability Protection: Home insurance typically includes liability coverage, which can protect you in case someone is injured while in your unit or if you accidentally damage someone else's property.

4. Loss Assessment Coverage: In some cases, the strata corporation may assess unit owners for certain losses or deductibles not covered by their insurance. Your individual insurance policy can include coverage for such assessments.

Before purchasing insurance, it's essential to review the strata corporation's insurance policy and understand what it covers. This will help you determine the appropriate coverage you need for your individual unit. It's recommended to consult with an insurance professional who can guide you through the specific details of coverage and help you tailor a policy that meets your needs in a strata property in British Columbia.