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Do you and your tenants have enough Strata Insurance?

The Strata Manager reminded all Owners to obtain their own insurance coverage for personal property contents as well as third party liability coverage.

Individual homeowner or Tenant insurance coverage is strongly recommended. Owners should also obtain additional coverage if they make any major improvements within their strata lots, such as upgrading of appliances, fixtures, floor coverings, hardwood floors, etc. (subject to approval as outlined in the Strata Corporation Bylaws).

Displacement coverage would also assist Owners or Tenants who would have to move out of their suites during a major loss, and loss of rental coverage is recommended for those individuals who rent out their units for investment purposes.

Non-resident Owners should be sure that their Tenants clearly understand that in the event of a fire, flood or some other incident, if a resident’s possessions are damaged, that resident must make a claim for compensation to his/her own insurance.

Strata Lot Owner and/or Tenant Insurance Coverage Recommendation
It is recommended that all strata lot Owners and/or Tenants acquire the applicable coverage:

  • Personal property, such as furniture, clothing and similar personal property in the strata lot or designated storage space in the building, subject to a deductible.
  • Strata lot betterments and/or improvements completed at a stratalot Owner’s expense, such as upgraded flooring, millwork, fixtures, etc.
  • Additional living expenses incurred by a resident as a result of the insured premises being uninhabitable as a direct result of an insured loss or damage.
  • Loss of rental income incurred by a strata lot Owner as a result of the insured premises being uninhabitable by the tenant as a result of an insured loss or damage.
  • Strata Corporation’s deductible chargeback (e.g. water, fire) incurred in the event of a claim that originated from within an Owner’s strata lot. 

(Information courtesy of Avesta Strata Management - thank you!)

Posted by Denise Brown on

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