The current situation with strata insurance in BC has seen a huge hike, not only in strata insurance premiums but also in the amount of deductibles now payable by strata corporations in the event of a claim. It is not unheard of to have a deductible that was previously $10,000 rise to $100,000 for claims such as flooding/water damage. It is the responsibility of the strata corporation to find the funds to pay for the rise in premiums, but it is up to the individual strata lot owner to ensure they are insured to cover the deductible amounts in the event of a claim.
When you purchase a strata property you should ask for a copy of the strata “Summary of Coverage’ and take this to your insurance broker. They will be able to take a look at the coverage and deductible amounts for the strata corporation and quote for your personal insurance accordingly.
If you already live in a strata, make yourself aware of when your insurance is renewed each year and be sure to reach out to your strata manager for a copy of the summary at least a week before renewal. That way, you can be adequately prepared if there is any adjustment to the previous years policy. Be pro-active, do not rely on your strata corporation to reach out to you.
It is not only deductibles that need to be covered, you should also consider purchasing insurance for items below.
- Personal Property – Although the common property and limited common property is covered by strata insurance, the interior of your strata lot is not and it is your responsibility to get personal insurance to cover household contents such as furniture, clothing, household goods, electronics, etc.
- Personal liability – for any bodily injury or property damage unintentionally caused to others whilst on your strata lot.
- Improvements (“betterments”). If you make improvements to your strata lot, such as new flooring, finishing a basement etc. you need to let your insurance company know. These are considered ‘betterments’ and may need additional coverage. If you don not and you make an insurance claim, you run the risk of only being covered for original fixtures and all your improvements will not be covered.
- Additional living expenses. If there were an event such as a flood in your strata lot and it becomes uninhabitable for a period of time, you would need to be covered for expenses such as alternative accommodation and living expenses.
- Additional coverage (deductibles) In the past year we have seen deductibles rise to as much as $100,000. What this means is, if you have a flood or other damage to your property, or an event originates in your strata lot and damages another strata lot, the deductible would be charged back to you. If you do not have adequate coverage for strata deductibles you could be liable to pay 10’s of thousands of dollars.
- Fixtures installed by the owner-developer if, as per Strata Property Regulation 9.1 (1), these can be moved without damaging the building such as fridges, ovens, microwaves and other items.
- Losses to common property or other owners’ units – As with deductibles, if an event that causes damage to another strata lot, originates in your strata lot, you may be liable for the costs of repairs to the other damaged unit.
Recent court cases have determined that responsibility for an insurance claim does not mean that the strata owner must be at fault in order to be responsible for paying the corporation’s insurance deductible.
For example, a dishwasher overflows in a strata unit and causes water damage to common property and other strata lots. The strata owner is responsible and the strata corporation can sue the strata owner for the cost of the strata corporation’s insurance deductible even if the strata owner was not “at fault.”
Stay informed, be pro-active in knowing what changes there are, each year to your strata corporation’s insurance. Talk to your insurance broker and be sure you are fully covered for every eventuality.
BLACKBERRY LANE 3 – Here is your chance to own this stunning, substantially renovated, 1 bed + BONUS LARGE DEN (Could be a second bedroom), in a very quiet building! The kitchen features SS appliances, including Samsung convection oven, refinished cabinets, quartz counters, under cabinet lighting & opens to the dining/living area. Cozy up in front of the gas fireplace with stone surround or enjoy your coffee on the oversized west facing covered deck! The large master has a walk-in closet with custom organizers and updated spacious ensuite with quartz counters. Other upgrades include new doors, laminate floor, fresh paint throughout & custom organizers in the den as well! Across from Linwood park, off leash dog park + Tons of extra parking on the street. BONUS, Newer Roof, Decks & Boiler!
242 5660 201a Street. Welcome to PADDINGTON STATION, this bright, open, junior 2 bed condo (2nd bed has a closet but no window) faces south for tons of natural sunlight. Kitchen with stainless steel appliances and granite counters, opens to airy dining and living room. Newer laminate floor installed throughout. Cozy up in front of the fireplace or drink your coffee on the south facing deck. Large master bedroom has his & hers closets, cheater door to bathroom plus bonus AIR CONDITIONING! Excellent building amenities, bike storage, gym, amenity room with kitchen, kids craft room and a guest suite. Convenient in suite laundry and essential storage room! Very family friendly building in the heart of Langley, walk to shopping, parks, schools & a short drive to box stores. Pets and rentals allowed (dogs up to 22″).
For more information call Garry Voigt 604 789 2140 or email email@example.com
Welcome to The TERRACES. Three bedroom, 3 bath West Coast style townhouse with a HUGE ROOF TOP PATIO. Features include hardwood floors on the main, NEST smart thermostat & central AIR CONDITIONING! This light, bright open plan, home has a large kitchen with contemporary 2 tone cabinetry, Bosch 5 burner gas range & Dishwasher, Fischer Paykel French door fridge, tons of quartz counter space & large eat up peninsular. Bright open plan dining & living room with cool feature fireplace. Bonus powder room on the main floor. The 24’ x 22’ Roof top patio is an entertainer’s dream with tons of space for outdoor furniture plus a gas hook up for the BBQ. The large side by side garage features parking for 2 plus large storage area! Central but peaceful location, close to walking trails and Brydon Park!
For more information, call or email Garry Voigt firstname.lastname@example.org or 604 7789 2140
The Fraser Valley Real Estate Board processed 2,231 sales on its Multiple Listing Service® (MLS®) in September, an increase of 66.1 per cent compared to the same month last year and an increase of 9.4 per cent compared to August 2020. This is the highest recorded sales for September in the history of FVREB.
In the last three months, Fraser Valley has seen a defined shift in demand towards single family detached homes with sales in July through to September garnering 47 per cent of the three main residential types, compared to 43 per cent during the same period last year.
*Stats above based off data from Fraser Valley Real Estate Board stats centre.
For more information contact Garry Voigt – 604 789 2140 – email@example.com
TOP FLOOR CORNER PENTHOUSE , Gibbons Layne! Meticulously clean, like new condition, this gorgeous unit has a wide OPEN, BRIGHT floor plan, 9ft ceilings & tons of windows for natural light. HUGE 1,152 sq/ft condo has two good size beds on opposite sides for privacy, open kitchen with tons of storage, newer SS appliances, shaker cabinets, eat up island, dining area big enough for 8 people. BBQ on the N/W facing wrap around deck with nice afternoon/evening sun. HUGE living room for entertaining, crown moulding, updated LED lights. Master easily fits a king with spa like ensuite, heated floors, soaker tub & separate shower! Laundry room with storage + a storage locker & 2 PARKING! Central location in Langley city close to shopping, transit, restaurants, parks & walk to Nicomekl Elementary!
For more information call or email Garry Voigt 604 789 2140 or firstname.lastname@example.org