Condo Smarts: Always request a copy of the strata insurance summary

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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.

Dear Jenny:

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,

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House Insurance Coverage Summary: The Importance of Insuring Your Home and Property

If you’re looking for house insurance coverage, it’s important to have a good understanding of what it is. This type of insurance typically provides coverage for your private home, and in the event it is damaged or loss, compensates you. How much of the property that is covered, and how much compensation money you can receive, depends on the insurance company itself as well as the policy, deductible, and what is exactly covered in the policy.

Property damage can be covered in your policy if you want to protect the property itself, including the yard and any items of value other than the house, such as the storage building, gazebo, or garage. There is also home contents insurance that protects your valuables from loss or theft.

Your geographical location and local weather play a role in the type of policy you get. Most places require fire and flood insurance, even … Read More