Estimated reading time: 6 minutes
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Key Takeaways
- Understanding strata insurance is crucial for owners to ensure full coverage.
- Unit owners need insurance to cover risks not included in the strata corporation’s policy, like water damage.
- Cover for Phase 2 and Quarter-Shares covered in the strata, no additional insurance may be required. Check rules.
- Owner locker insurance in Phase 2 and Quarter-shares fall under home insurance policy.
- Disclose to insurance rep the nature of the property and who will occupy it.
- Strata insurance covers the building but not personal contents, improvements, or living expenses after a claim.
- Owners must carry insurance for deductible assessments as strata bylaws often require coverage for property damage.
- Preventive measures can help reduce claims and liabilities associated with strata insurance.
