Strata and Condominium Water Deductible Insurance
Strata Condominium Water Deductible Insurance helps. As a Strata or Condominium owner, you may find that facing a water damage claim can be financially overwhelming, especially when you exhaust primary insurance limits. Fortunately, a solution exists to bridge this gap and offer peace of mind.
What is Strata Condominium Water Damage Insurance ?
Strata Water Deductible Coverage is a specialized insurance product that steps in when you exhaust the limits of your primary strata and condominium unit owner’s policy. Moreover, this coverage complements standard residential property insurance, ensuring you have adequate protection in the event of a claim.
How Does It Work?
Here’s a step-by-step overview of how this coverage works:
- Strata Condo Building Insurance: When a water damage incident occurs, the Strata Building Insurance responds first.
- Condominium Owner Insurance: The insurance policy for your specific unit responds next, covering its portion of the deductible.
Condominium Owner Insurance
Condominium Owner Association - Additional Insurance: If you have any other insurance policies, they will respond third.
- Strata Condominium Water Deductible Insurance: Finally, this policy responds to cover the excess of all other policies in place, reimbursing you for your part of the deductible.
To obtain a quote, you need to provide a copy of your primary policies (both strata and condo) and any other insurance policies you have in place.
Strata and Condominium Water Deductible Insurance Requirements
To qualify for Strata Water Deductible Coverage, you must meet the following conditions:
Occupancy
- Unit owners must be living in their unit.
- Seasonal condos must be used solely by the unit owner.
- Rented units must be rented to a single family with a signed annual lease.
No Losses
- Your unit must not have had any water losses originating from it within the last five years.
- You must have been loss-free for the past three years. First-time purchasers are eligible if they have been loss-free for three years.
Available for
- Unit owners living in their unit
- Seasonal condo which is used solely by the unit owner
- Units rented to a single family with a signed annual lease
Coverage Details
- Coverage up to $500,000 for Strata Condominium Water Deductible Buy-Back Assessment with a minimum of $25,000. Additionally, assessment coverage required on primary Condominium policy.
- Minimum 25k Deductible. Underlying Water and Fire Limit must be EEL(Each and Every Loss) not Aggregated
- This coverage exceeds the deductible coverage provided by the primary unit owners’ policy and will only be triggered once you have made a payment under the underlying unit owners’ policy and exhausted the available limits
- The condominium owner policy serves as the deductible and therefore no further deductible applies
Exclusions
This product does not cover:
- Short-term rentals of less than one year.
- Earthquake, flood, or fire damage.
- Rental income or additional living expenses (ALE).
Availability of Strata and Condominium Water Deductible Insurance
Currently, this coverage is available for BC and Ontario apartment buildings only.
Full and detailed 5 years loss history required.
In addition, all claims warranted on the policy for accuracy.
Please feel free to contact us for a consultation
ON/AB: 1-888-298-6526 BC: 1-888-267-4461
Weekdays: 9:00am – 5:00pm Eastern or Pacific Standard Time