Does a strata corporation’s insurance provide protection for all strata lots within a strata complex?

As per the Section 149 (1) of the Strata Property Act the strata corporation must obtain and maintain property insurance on:

(a)    Common property,
(b)    Common assets,
(c)    Buildings shown on the strata plan, and
(d)    Fixtures built or installed on a strata lot
         a.    Only if the fixtures are built or installed by the owner developer as part of the original construction on the strata lot.

Section 149 (4) of the Strata Property Act states that the Property Insurance must be on the basis of full replacement value and insure against major perils, as set out in the regulations, and any other perils specified in the bylaws.

As a Strata Lot owner it is recommended that you purchase “Condominium Home Owners Insurance” to insure your personal belongings within your strata lot.   As the strata corporation’s insurance has deductibles for all insured perils; and under certain circumstances these deductible can be charged to the homeowner.  It is therefore recommended that you have coverage for all deductibles listed on the strata corporation’s insurance policy.  This coverage is available on your Homeowners Policy.  It is also recommended that owners carry a minimum of $ 2,000,000.00 in comprehensive general liability as well as coverage for betterments to your strata lot as betterments (changes made after the original construction) are not be covered by the Strata Corporation’s insurance.

We recommend contacting a qualified insurance professional for all of your insurance inquiries so that they may provide you with the correct information and assist you in determining the appropriate coverage for your strata lot.

If you wish to review a copy of the Strata Corporations insurance policy you may retrieve it from your most recent Notice of your Annual General Meeting or call our office for a copy.

Success Stories

Abbotsford: 306 - 2777 Gladwin Road, Abbotsford, B.C. V2T 4V1 
Phone: 604.864.0380     Fax: 604.864.0480

Surrey: 17651 57th Avenue, Surrey, B.C. V3S 1H1 
Phone: 778.574.3454     Fax: 778.574.3448