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Is there a simple mechanism for buyers and owners to access insurance documents or at least be aware of the current state of renewals and costs? It also occurred to me that if I caused a claim in the building, I could be on the hook for a $100,000 deductible. I managed to obtain homeowner insurance to cover that amount, but it was also a significant additional cost.
— Jenny M.
In the summer sitting of the legislature, Bill 14 included several new obligations for strata corporations under the Strata Property Act, with two amendments that specifically apply to insurance disclosure and notice.
The first is with respect to owners and tenants. “A strata corporation must inform owners and tenants as soon as feasible of any material change in the strata corporation’s insurance coverage, including any increase in an insurance deductible.”
Prior to this amendment,