Why is it so important to have personal insurance when you buy a strata property?
When you purchase a strata property, the building itself would be covered by the strata insurance policy but what about those items that are not covered?
You will need to have your own insurance for
- All of your personal items, furniture, electronics, clothing etc.
- Additional living expenses – if there is a fire or flood for example and your home is not liveable for a time.
- Betterments and improvements – this will provided coverage for any renovations you have done to the home such as updated flooring, countertops etc. Anything that was not originally put in the unit by the builder but is an upgrade.
- Strata Deductibles – your strata insurance will have deductible amounts, such as water damage. You need to be insured for these deductibles that are payable, they can range from $5,000 to $100,000. For example, if you live in a condo and you have a water leak that damages a unit below, you will be responsible for repairs and you need to be insured for this.
- Personal Liability – This will protect you in the event that someone against you for property damage or bodily injury.
When we receive strata documents there will be a Strata Insurance Summary attached that you would need to send to your insurance broker in order for them to obtain a quote for your personal insurance. Personal insurance is an additional cost but so important in order to protect yourself.
For more information on anything related to Real Estate reach out to Garry Voigt 604 789 2140 or email info@garryvoigt.com