Whether you’re a first-time condo buyer or have been living in strata-title situations for years, it’s important that you get fully covered for the risks that are unique to condominium living.
Sharing ownership of buildings and common areas can bring challenges but that’s nowhere near as challenging as attempting to protect your investment in your condo once you’ve suffered a fire or other significant loss without having a good insurance policy.
Finding out what your strata deductibles are can be an extremely important move. In some cases, strata corporations select high deductibles for their insurance to keep their premiums low. But if they wind up having to file a claim, the money for that large deductible – sometimes as high as $50,000 to $100,000 –will have to come from unit owners in the complex.
We sell hundreds of condominium insurance policies every year but only after working with each of our clients individually to ensure they’re adequately protected given the situation they’re in.