Most condo owners do not realize that their own strata’s can assess them for a loss assessment. The typical myth most condo owners believe is that “their strata has insurance.” Well, that may be true, however the strata has insurance to cover the building and the strata can assess you-the condo owner-to recover their insurance deductible and more.
- What if the strata’s insurance won’t cover the damage to your unit?
- What if the strata’s insurance runs out of money midway through fixing your unit?
- What if your tenant leaves the tap on accidentally and you get sued for damages?
- What if a pipe bursts in your unit through no fault of your own and damages the units below you?
- What if your neighbor upstairs has a burst pipe that leaks into your unit?
- What if your neighbor besides you falls asleep with a cigarette in their hand and burns down your unit along with a few others?
Your strata’s insurance may or may not cover you and if the strata does, they have the right to put a loss assessment on you or charge you for their insurance deductibles, which could run into the thousands! And, if your Condo burns down, the strata’s insurance won’t cover your costs of moving out and renting a place to live while their insurance company rebuilds the building.
Your own Condo insurance will protect you from these things and more. Your own Condo insurance will pay for your rent while your Condo unit is being fixed or rebuilt. Your own Condo insurance can cover your strata’s insurance deductible if they come back to you for it. Your own Condo insurance can protect you if your own Strata’s Insurance runs out of money.
You need your own Condo insurance and for less than the price of half a tank of gas a month it just makes sense to protect yourself from your own Strata insurance’s inadequacies.
Welcome to Vancouvercondoinsurance.ca. Your specialist for condo insurance. For the most common questions regarding common condo insurance, please visit the condo insurance F.A.Q section. You’ve reached the right place for:
- Owner occupied Condo Insurance
- Investment Condo Insurance and
- Tenant Occupied Condo Insurance
Our Condo Insurance Packages include:
- Condo Liability Insurance
- Coverage to pay for the Strata insurance Deductible (up to a certain limit as every insurance company sets their own limits on how much they would like to cover you for.)
- Additional Liability Insurance
- Additional Living expense
- Contents Insurance
Are you running a home based business in your condo? You may need home based business Condo Insurance. Ask for the right Condo Insurance Package for you today.
If you are a tenant, or have a tenant, ask for a Condo Tenants’ Insurance package.
You may have a lawyer on retainer, but in the meantime, while you’re waiting to slug it out in court with your strata….ask yourself if you have the cold hard cash to find a new place to live while fighting your own strata.
Because the only time you can buy insurance is before something bad happens..
Your Only Condo Protection is your own personal Condo Insurance. Get a Quote Now!
(Information provided by Nelson Chow, licensed broker with GNK Insurance Services Inc.) 