Excess Strata Water Deductible Coverage
for Condo Unit Owners
In recent months, a large number of BC Strata Corporations have seen their water damage deductibles increase significantly. In many cases, these new deductibles now far exceed the limits offered on condo unit owners’ policies. This can leave strata owners financially vulnerable in case of an unexpected loss. With InsureBC's Strata Water Deductible Insurance, you can rest assured that you will be protected from the financial burden of high deductibles
Has Your Strata’s Water Deductible Increased Recently?
If your Strata’s Water Deductible is above and beyond the limit offered under your Condo Policy limit, you may be responsible for the difference between the two. This example illustrates the amount that you could be on the hook for if you do not have the right coverage in place.
Why are Strata Insurance Deductibles Increasing?
According to BC’s Condominium Home Owner’s Association (CHOA), many Strata Corporations are seeing their insurance rates jump from 40-250%.
There are a variety of reasons for these rate increases such as the hardening of the global insurance market, which has impacted Canadian insurers as well as their re-insurers. However, some other reasons include the following:
Get an Online strata Water Deductible Quote
How Does Strata Water Deductible Buy Back Coverage Work?
While a standard condo insurance policy includes coverage for your Strata’s deductible assessment, it is typically capped at $100,000, depending on your insurance carrier. In many cases, these limits are not high enough to cover the entire Strata water deductible assessment. Therefore, if your Strata has a higher water deductible than what is covered on your primary condo policy, you could be responsible for the gap.
To combat these increases, InsureBC has developed a policy to close the gap between the coverage offered on a standard condo policy and the amount required by the Strata Corporation. Our policy addresses the exposure after both the strata corporation has used their policy and the condo unit owner has used theirs, so you won’t be personally responsible to pay the difference.
Frequently asked Questions
What is strata water deductible, and why would I need to top it up?
How does a deductible work with strata insurance?
Does Strata Water Deductible Insurance cover my home or condo insurance deductible?
What is a deductible in insurance?
Why should I consider raising my strata water deductible?
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