BC FORUM News - From The Advocate, Summer, 2020
Has your strata corporation’s deductible changed?
With rates increasing throughout North America, some B.C. strata corporations have had to work hard to maintain coverage.
As strata policies are renewed, you may find there has been a significant increase in your strata corporation’s deductible. Water damage and sewer backup deductibles are increasing to as much as $250,000 – even more in some cases.
WV Insurance can help In response to this situation, WV Insurance is now offering coverage for the excess water damage deductible not covered under existing condo owner policies.
This covers water damage deductibles up to $250,000 in cases where the unit owner is deemed responsible for the strata corporation’s deductible.
Here’s an example of how this works:
• The strata corporation’s deductible is $200,000.
• Deductible coverage under the unit owner’s condo policy is $75,000.
• Excess water damage deductible coverage pays $125,000.
Individual circumstances will vary so be sure to check how your strata corporation’s insurance has changed.
WV Insurance is offering excess water damage deductible coverage for:
• Unit owners who are living in their unit.
• Seasonal condos used solely by the unit owner.
• Units rented to a single family with a signed annual lease.
If you’re concerned that your coverage may now be inadequate, contact WV Insurance for more information and a quote. Call 1 800 663-4200 or email firstname.lastname@example.org.
For a special discount, please mention that you are a member of BC FORUM.