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Strata insurance doesn’t cover everything…

You’ve got a lot of advantages by living in a condo – no need for yard maintenance, and somebody else is in charge of a lot of the day-to-day repairs that come with owning property. However, as the owner of a condominium or townhouse you are also exposed to unique risks that detached dwelling owners don’t face.

With multiple policies in force to protect your assets they should be designed to fit seamlessly. Your strata and personal insurance need to work together to make sure you’re fully protected, without coverage slipping through the cracks or items being double-insured.

Your condo and townhome insurance protects your unit as well as your personal property anywhere in the world. Items in a safety deposit box and your child’s property while they’re away at school are also covered.

All condo and townhome policies also include coverage for your own personal liability worldwide and in your own home. If you were to accidentally cause the bathtub in your hotel to overflow and caused water damage – this is your personal liability insurance. When a dear friend slips and falls on your icy front step, breaking their leg and hitting their head – this is your condominium liability insurance as well.

Make sure your policy covers:

  • Property Loss Assessment – If there’s a loss to the common property of your strata and a special assessment is applied to you as the responsible party or the unit owners collectively this is the coverage that protects you.

  • Liability Loss Assessment – this is an important coverage to have when you live in a strata. If your strata has a claim made against it that exceeds their liability coverage limits the additional amount will be assessed back to the unit owners – you. Liability loss assessment coverage protects you from this.

  • Unit Improvements and Betterments – any upgrades or betterments you make to your own unit won’t be insured by your strata insurance. Upgraded cabinets, granite countertops, and any other item that makes your unit special are covered under your unit improvement and betterments coverage.

  • Strata Deductible Coverage — This is sometimes included under ‘property loss assessment’ coverage. It provides coverage if the strata applies an assessment for its deductible to you as the unit owner.

How much insurance do I need?

Many people don’t have enough personal property insurance on their condominium policies. It’s hard to imagine having to replace every single thing you own — down to the shampoo in the shower and the dishes in the sink.

We recommend putting together a personal inventory of everything you own. It takes some time but you only have to do the work once and then it’s easy to keep updated. A simple spreadsheet with items and values can help enormously if there’s a loss and you have to provide an account of what was damaged.

The Nesika Insurance Services Inc. Difference

You may think you want the cheapest insurance, but realize that you may not be getting everything you bargained for …

… While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring their policies. Minor differences in wording can mean major differences in what’s covered after a loss.

You can be confident that all of the condo and tenant’s insurance policies offered by Nesika are underwritten by premium markets that have a proven track record of paying their claims.

There’s no such thing as a one-size-fits-all insurance policy. Call us at 604-448-9196 or send an email to info@nesika.ca now to have our experts put together the policy that’s right for you.