You just bought a brand-new condo downtown. Congrats! The views are great, you’re focused on decorating, and you don’t have a care in the world because your strata takes care of everything….right?
Strata insurance does cover structural damage to the building, including damage caused by water, but it won’t be at zero cost to you. Even though you pay your strata fees monthly, you’ll still be responsible to pay your portion of the strata deductible in the event of a claim. What does this mean for you? Alongside your monthly strata payment, you could potentially be responsible for deductible amounts from $25,000 to $200,000!
While we’re sure that you have an emergency fund (you can learn more about those here), we’re assuming that it’s not nearly large enough to fund an emergency like this.
Don’t worry, this is a good news story.
You can be prepared for this sort of a situation by having Excess Strata Water Damage Deducible Coverage as part of your home insurance plan. This means that you’ll have an extra layer of protection in case you need it, and most importantly, you won’t have to drain your savings (and potentially take out a loan) in the event that strata submits a claim.
Not sure if you have this extra coverage? Do you want to know more? Our insurance experts can review your strata needs and find the best coverage option for you to ensure your financial health and security. Click HERE to contact an insurance agent.