People who live in townhouses, condominiums or strata properties need this type of insurance to protect not only their personal property but also from assessments levied by the strata against their unit. These levies may include special assessments that are related to losses arising from water damage, strata deductibles, common property loss assessments and earthquake damage to the structure. These assessments are different than those levied due to maintenance/repairs to the strata property that were underfunded by the strata’s building funds.
Your personal property includes any betterments and improvements that were made to your unit after the residence was initially constructed. Often people finish basement areas or upgrade the original countertops or flooring. These values need to be included in the total content amount. Unlike the insured value of a home which is calculated through an evaluation process, personal property value in a condo policy is up to the owner to determine, however, minimum amounts apply usually starting at $40,000.
Additional living expenses and legal expense coverages are included as they are with homeowner policies. Condos rented to a third party can also be insured with respect to legal liability, plus the landlord’s property in the rental unit. Rental income protection is also available.
Contact Fraser Heights Insurance Services in Surrey, BC for an insurance quote for your condo, town home or strata property.
This information is for reference only and is not intended to be a complete list of exposures or recommended coverages.