General information only — not legal, tax, financial, or real-estate advice. Verify with a licensed BC professional before acting.
Strata insurance is the master insurance policy held by the strata corporation covering the buildings (excluding tenant improvements in some cases), common property and common assets. Under Section 149 of the Strata Property Act, the strata corporation must obtain and maintain full-value insurance based on the replacement value. Individual strata-lot owners are typically responsible for their own contents insurance, personal liability, in-suite improvements ('betterments'), and — importantly — insurance against the strata's deductible if a covered loss originates from the owner's lot. Insurance markets change; premiums and deductibles have risen materially in BC in recent years. Consumers should discuss coverage with a licensed BC insurance broker.
Yes. The strata policy covers the building and common property; it does not cover your personal belongings, personal liability inside your unit, or (in most cases) improvements you have added ('betterments'). An in-suite condo policy is standard.
Deductible coverage (sometimes called 'loss assessment' coverage) protects an owner if the strata's own deductible is charged back to their strata lot after a covered loss. BC strata deductibles have risen sharply — consumers commonly discuss appropriate limits with a licensed insurance broker.
Verify the specific statutory language, thresholds, deadlines and current guidance directly with the governing authority: