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Strata Tip #1 of the Week - Review the Strata’s Insurance Policy

The current strata insurance situation in BC has been difficult to say the least. Many strata corporations have seen premium increases from 20% to 50%, with some high value/high risk stratas seeing increases in the 200% to 400% range.

While the narrative around this problem has focused predominantly on premium increases, the lesser mentioned factor is that some strata corporations are also seeing their deductible amounts skyrocketing to levels not covered by most personal insurance policies.

For example, if a strata has a $500,000 water damage deductible and an owner can only get $100,000 of coverage, that owner could be on the hook for $400,000 if there is a loss from within their unit. This is a scary reality, so it’s important that consumers are made aware of these figures and advised to seek advice from a qualified insurance broker.

Are your clients looking at newer stratas? Next week we’ll discuss new home warranties in strata corporations. If you have any suggestions for topics you’d like us to cover, please let us know at info@bchomegroup.ca

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