Strata Insurance - Are you covered?

There has been a lot of talk and attention about rapid increase in Insurance Premiums for strata complexes throughout BC. We’ve been seeing a lot of complexes especially in high-rises where the deductible for water damage has risen dramatically. Some have gone from 5000-25,000 but some are even in excess of 100,000. It’s critical that your individual policy as a condo or townhouse owner knows about any increase or change to the strata coorporation’s insurance. Your individual policy is there to cover you in case a problem occurs where you are on the hook for the large deductible. If you are an executor of an estate - we reccomend you review both policies early and ensure the correct coverage. We can help if you have questions or are wondering about your situation.