Condo and Tenant

Our Condo and Tenant Options

Whether you own or rent your condominium, SeaFirst has the right coverage for you! We offer comprehensive Condo and Tenant Insurance for both owners and renters. Need more information? There is a lot to consider when purchasing Condo Insurance compared to other forms of insurance. Scroll down to see our checklist for condo unit owners.

Insurance Checklist for Condo Unit Owners

Before purchasing (or renewing) your insurance coverage on your unit, take the time to review the coverage to ensure you are fully protected. Here are some of the key things to look for.

Is the coverage on your personal belongings adequate? Remember, most policies provide ‘replacement cost’ coverage, and will pay what it costs to replace your contents with brand new items, despite their age and condition.

Unit Improvements & Betterments limit: this coverage provides for changes that have been made to the unit since it was built, e.g. changes to flooring, fixtures, built-ins, etc.

Loss Assessment: coverage if there is a special assessment on the unit owners caused by an insured peril. For example, you may be required to pay your portion of the deductible on an earthquake loss:

  • Building insured for $13,000,000
  • Deductible 15%, or $1,950,000
  • 38 units
  • Each unit owner would be required to contribute approximately $51,315

Unit Owner’s Contingent Insurance: if the master strata policy is inadequate or ineffective. For example:

  • Building insured for $13,000,000
  • Cost of rebuilding after a total loss: $15,000,000
  • Each owner would be required to contribute 1/38th of the difference, or approximately $52,631

Additional Living Expenses: provides funds for you to live elsewhere while the unit is being repaired/rebuilt after an insured loss.

Personal Liability: covers damage to others (or their property) caused by your negligence.

Comprehensive Condominium Unit Owner's Package

Our Comprehensive Condominium Unit Owner’s Package is designed for our customers who own their own strata unit (e.g. in a duplex, apartment-style condo, or a townhouse).

This policy offers coverages for:

  • Personal belongings
  • Improvements and betterments
  • Owner’s contingency coverage
  • Loss assessment for property and liability
  • Loss assessment for Strata Corporation deductible
  • Personal liability

Tenant’s Insurance

Our Comprehensive Tenant’s Package is for those who rent their residence or apartment, and includes coverage for their personal belongings and personal liability.

The policy offers coverages for:

  • Personal belongings
  • Personal liability
  • Additional living expenses
  • Voluntary medical payments to others
  • Voluntary property damage payments to others

One of the most important things to determine when purchasing this type of policy is the total replacement cost of all of your personal belongings. Doing a complete inventory of your contents, going room by room will help ensure you have a complete listing. In the event of a total loss this becomes a critical tool to help you make your claim.

Click the button below to download our contents inventory form.