BC FORUM News - From The Advocate, Spring, 2020
Understanding the two types of insurance for your condo
By Nicole Lychak-Smith, Branch Manager
Working Ventures Insurance
Did you know?
Strata condominiums have two policies in force. Your personal condominium policy is intended to cover your personal property (contents), the increased costs of building repairs arising from any upgrades or improvements and betterments made inside the unit as well as your personal liability.
The Strata Corporation carries the building policy.
These two policies are intended to complement one another but not to provide overlapping coverage.
As a unit owner, you should be aware of the coverages to both of the policies.
It is recommended that you review the strata corporation’s insurance policy annually to ensure your personal condo insurance policy provides sufficient coverage should you be assessed a deductible from the strata corporation’s insurance policy.
You may need to consider making increases to the following:
• Personal property
• Improvements & Betterments
• Loss Assessment
• Corporate Strata Deductibles
Rented and Seasonal Condo policies would be insured differently.
They may not automatically provide coverage for a number of perils such as burglary, vandalism/ tenant vandalism, sewer back up, overland water, replacement cost, and contents.
These coverages may be available to add to your policy depending on the insurance carrier.
Please call one of our experienced unionized Brokers at 1-800-663-4200 to review your options.