A strata insurance certificate (also called an insurance summary) is a short document that summarizes the strata corporation's insurance coverage, including the insurer, policy number, coverage limits, deductibles, and effective dates. Under the Strata Property Act, SBC 1998, c. 43, strata corporations must obtain insurance for common property and common assets, and this certificate provides a quick reference for owners, buyers, lenders, and insurers. Verify current details with a BC lawyer or notary before acting.

The Strata Property Act, SBC 1998, c. 43, does not explicitly mandate that a strata corporation provide a standalone "certificate" separate from the Form B Information Certificate, which must include details of insurance coverage under the Strata Property Regulation. Many strata corporations provide an insurance summary or certificate as a courtesy or as part of a Form B to help owners and buyers understand coverage quickly, but the specific format is not prescribed by statute. Verify current details with a BC lawyer or notary before acting.

A strata insurance certificate typically lists the insurer's name, policy number, coverage limits (property, liability, earthquake, etc.), deductibles for various perils, the policy effective and expiry dates, and whether any special coverage or exclusions apply. This information helps owners, buyers, lenders, and insurers quickly assess what the strata corporation's policy covers and identify potential gaps. Verify current details with a BC lawyer or notary before acting.

Lenders want to confirm that the strata corporation carries adequate property insurance (including rebuild coverage) and that deductibles are reasonable, because the lender's security (the strata lot) is partly dependent on the strata's insurance. The certificate helps the lender assess whether the buyer needs additional insurance (e.g., strata-lot deductible coverage) and whether the strata's coverage meets the lender's underwriting requirements. Verify current details with a BC lawyer or notary before acting.

The Strata Property Act, SBC 1998, c. 43, and Strata Property Regulation require a strata corporation to obtain and maintain property insurance for full replacement value of common property and common assets, and liability insurance (the minimum amount was historically set by regulation but is subject to change). The strata must also insure against major perils and obtain directors' and officers' liability insurance, but specific dollar minimums and deductible caps may be set or recommended by the regulations or the strata's insurer. Verify current coverage minimums and requirements (as of 2026-07-27 — verify current) with a BC lawyer or notary before acting.

A strata deductible is the amount the strata corporation (and, under the Strata Property Act, SBC 1998, c. 43, potentially the owner responsible for the loss) must pay before the strata's insurance policy begins to cover a claim. The Strata Insurance Certificate typically lists separate deductibles for different perils (e.g., water damage, earthquake, fire), which can range from hundreds to tens of thousands of dollars (as of 2026-07-27 — verify current). Owners may purchase separate strata-deductible insurance to protect themselves from large assessments if a claim originates in their unit. Verify current details with a BC lawyer or notary before acting.

Under the Strata Property Act, SBC 1998, c. 43, an owner or a person authorized in writing by an owner is generally entitled to inspect the strata corporation's records, which include insurance policies, and to obtain copies on payment of a reasonable fee. The Strata Insurance Certificate is simply a quick-reference summary; the full policy contains complete terms, exclusions, and endorsements. Verify current access rules and fees with a BC lawyer or notary before acting.

A buyer should check that the strata's coverage limits are adequate for full replacement of the building, that deductibles (especially for water and earthquake) are not prohibitively high, that the policy is current and renews before or shortly after the completion date, and that there are no unusual exclusions or claims history red flags. Because insurance coverage and deductibles can significantly affect an owner's risk and monthly fees, buyers should review the certificate (and ideally the full policy) and consider strata-deductible insurance. Verify current details with a BC lawyer or notary before acting.

Many strata corporations in BC carry optional earthquake coverage, and if so the Strata Insurance Certificate will typically show the earthquake coverage limit and the separate earthquake deductible (often a percentage of the insured value, such as 10% as of 2026-07-27 — verify current). Earthquake insurance is not mandatory under the Strata Property Act, SBC 1998, c. 43, but some strata bylaws or lender requirements may effectively require it; if the strata does not carry earthquake coverage, the certificate may state "not insured" or show no earthquake line. Verify current details with a BC lawyer or notary before acting.

Strata insurance policies in BC are typically renewed annually, and the Strata Insurance Certificate should be updated whenever the policy renews or if coverage, limits, or deductibles change mid-term. Under the Strata Property Act, SBC 1998, c. 43, the strata council has a duty to maintain current insurance and to keep owners informed of material changes, so an up-to-date certificate is essential for owners, buyers, and lenders. Verify current details with a BC lawyer or notary before acting.