Insurance Guidelines
Last Updated: 29 March 2023
It is the responsibility of the Strata to have adequate full replacement value insurance for the common property, common assets and buildings on the strata plan and fixtures. Every owner should carry and insurance policy that will cover the Strata deductibles.
An owner should consider insurance coverage for any or all of the following:
(a) loss or damage to the owner's strata lot and the fixtures
(i) against perils that are not insured by the strata corporation, and
(ii) for amounts that are in excess of amounts insured by the strata corporation;
(b) fixtures in the owner's strata lot;
(c) improvements to fixtures;
(d) loss of rental value of the owner's strata lot in excess of insurance obtained and maintained by the strata corporation;
(e) liability for property damage and bodily injury, whether occurring on the owner's strata lot or on the common property.
Tenant Insurance
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The strata corporation’s insurance and the landlord’s (strata owner’s) insurance will not cover tenants (renters).
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Tenants (renters) are advised to purchase insurance to cover their needs. Tenant insurance can be purchased for:
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personal property, e.g., household contents such as furniture, clothing, household goods, electronics, etc.
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liability
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additional living expenses over and above the normal cost of living in the event of an insured loss
Insurance Information
Insurance Policy
Updated 29 April 2025
You can download the Strata's Insurance Policy by clicking the download button
Deductibles
Water Damage deductible: $50,000
Sewer Back Up deductible: $50,000
Earthquake deductible: 10% (of estimated damage), $100,000 minimum
Who Pays?
For more information on who pays and who doesn't check out this link
This information is not to be taken as legal advice.