Earthquake Deductible Calculator
Convert the earthquake deductible percentage in a strata corporation's insurance summary into a dollar amount using the building's full replacement value.
This is the strata corporation's gross percentage deductible based on the numbers you entered. It is not an estimate of an individual owner's share or a prediction of what an owner would owe after a loss.
Keep your inputs, result and assumptions together. Replace any example values before saving. Review the report to print it or save a PDF through your browser. The file is created on your device.
Why a percentage deductible becomes a large dollar amount
The Province of British Columbia says strata earthquake deductibles are typically expressed as a percentage of the building's full replacement value rather than a percentage of the loss. It cites a common range of 10% to 20%.
For example, if a building's full replacement value is C$25 million and the earthquake deductible is 15%, the gross deductible is C$3.75 million. The calculator performs only that arithmetic using the values you enter.
Province of B.C. — Insurance for strata corporations →Do not use this number as your personal share
A strata corporation can have different ways of funding a deductible after a covered loss, including the contingency reserve fund or a special levy. B.C. law also allows the corporation to recover a deductible from an owner in specified circumstances when the owner is responsible for the loss or damage.
An individual owner's financial exposure therefore cannot be calculated safely from building value and percentage alone. Review the current strata insurance summary, bylaws, the circumstances of the loss and the owner's condo policy.
What to compare with your condo policy
Use the current amount in the strata insurance documents or appraisal rather than an old real-estate value.
Enter the actual percentage in the current policy. Do not assume every B.C. building uses 10%, 15% or 20%.
Review whether your unit-owner policy includes earthquake protection and what deductible applies to that coverage.
Check what your condo policy says about strata corporation deductibles and the applicable limit or exclusions.