Strata property ownership brings a range of special insurance considerations.

A personal condo insurance policy has similarities to both a homeowners policy and also with tenants coverage. But being a strata property owner brings with it some unique needs of its own. Our residential insurance experts can work with you to navigate these unique circumstances. Additionally, our personal insurance team has the added support of our Commercial Account Executives, who have extensive experience with commercial strata insurance and can therefore provide additional feedback and insight for condo unit owners.

Much like a home or tenants coverage, a condo policy includes the main coverages for your household contents, additional living expenses, and personal liability. However, it also includes three very unique coverages specifically for strata property owners. Living in a condo development also has other risk management and insurance considerations when it comes to dealing with your strata council, assessments made to unit owners, or deductibles applicable to common property.

Coverage Considerations

  • Unit Contingent Coverage – The primary insurance for a strata building (and therefore your actual unit within it) is the commercial strata policy. Should that coverage not be adequate or in force, or (more likely) the loss is less than the strata deductible, then this coverage will respond for repair to your unit.
  • Loss Assessment – If a unit owner is assessed their share of a loss to common property, again perhaps because of coverage not being properly in force or due to deductible, then this coverage form applies
  • Improvements & Betterments – The strata building policy will respond to replace original quality of finishes. The extra cost of improvements you have made to your unit, such as higher grade floor finishings or countertops would be picked up by this coverage section.
  • Strata owners also need to be mindful of the deductibles on the strata corporation’s insurance policies, particularly for catastrophe coverages such as flood, earthquake or other water damage. Assessment of larger deductibles to owners could mean that amendments might be necessary for your personal insurance policy.
  • Our brokers can also explain some of the other implications of living in a strata, such as responsibilities and requirements during the claims process, between individual owners, their neighbours, and the strata corporation itself.