# Insurance on Condo's Land Vlaue



## cash (Mar 5, 2011)

I own a condo in Vancouver. Through the strata, the value of the building is insured. Through my own policy, the contents of my unit are insured. The value of the land has no insurance on it, and I would risk a substantial loss if a natural disaster ever devalued the land. The two scenarios I can think of are a rise in sea level or earthquake. Although my building is 10's of meters above sea level, a rise in the water level would effect the city and make the land my building is built on worth less. Similar situation for an earthquake. If one were to ever hit the city, it's probable something could be rebuilt on the land, but it wouldn't be worth nearly as much.

Can I buy insurance to protect the value of my land?


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## Cal (Jun 17, 2009)

You can't buy insurance to protect the 'value' of the land. You don't have insurance that protects the 'value' of your condo. Its value can flucuate up and down, and is basically what someone would pay for it.

You do have insurance that protects your home, and contents. So if your condo where to be destroyed you would be compensated.

If the sea level rises and it ends up that your condo is now waterfront property you may make some money. :biggrin:


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