Condo Strata’s Water Deductible

Oct 12, 2022

Read in full

Congratulations! You just bought a condo or maybe a townhouse.

Do you know what type of insurance you require?

There is Important information you need to review and consider about condo or townhouse insurance.

The Strata has insurance for the building only, this does NOT cover you personally.

You need your own insurance to help cover your exposures.

This includes coverages such as:

  • Personal property
  • Additional Living expenses
  • Betterments and improvements
  • Strata condominium deductible

Let’s talk about one of the bigger exposures, Strata Water deductibles

An example of this. is if your dishwasher line breaks, while you are out, and causes water damage to other units. Your strata may assess you, the full strata’s water deductible, as the source unit for the water damage to the building. You would have to pay the strata’s water deductible.  This could be $25,000, $50,000 or higher.

You don’t want to pay for this out of your pocket. Your personal insurance policy can take care of this.

It would pay for the repairs to your unit and pay the strata’s deductible on your behalf.

To learn more about condo insurance and your exposure living in a strata complex, with regards to insurance.

Give us a call. We will walk you through the process.

Let’s get you the correct coverage for you in your new home.

Share this article on social media

RECENT ARTICLES

Landlords, do your tenants have personal insurance?

Are you a Landlord? Do you know WHY your tenants should have Renter’s insurance? Your Liability exposure is one reason. If your tenant has insurance, their liability claims will go to them first. Otherwise, they go to you and your insurance. Which can raise your rates...

Coquitlam Crunch Challenge & The Community Diversity Fund

The Coquitlam Crunch Challenge, has been brought back after its two-year break! This year's event was a huge success, with the biggest turnout that this event has ever seen! For those unfamiliar with The Coquitlam Crunch Challenge, it is an uphill running community...

Additional Living Expense Coverage

Read in full Let’s talk about addition living expenses or loss of use coverage and how it affects you in a claim. “Additional Living Expenses.” This is where most people find they are underinsured. It pays for all the extra expenses you incur when you cannot live in...

Costs you should be aware of when purchasing your first Home

One of the biggest purchases most individuals will make in their lifetimes is a home. Using this advice, make sure you account for all the expenses associated with home ownership. You've been saving, planning your spending, and looking through open houses and online...