Strata Insurance for B.C. Condo Owners
Separate the strata corporation's policy from the unit owner's condo policy, then review large deductibles, earthquake exposure, short-term rental use and insurance-related special levies.
What does the strata corporation insure?
B.C.'s Strata Property Act requires strata corporations to maintain property insurance and liability insurance. The corporation policy is built around common property, common assets, buildings shown on the strata plan and specified original fixtures. The Strata Property Regulation sets the minimum corporation liability limit at C$2 million.
The building policy does not insure every owner's financial exposure
The Province strongly advises strata owners to purchase their own condo policy. Owner insurance can address contents, improvements, additional living expenses, personal liability and some exposure to the strata corporation's deductible or an insurance-related coverage gap.
Read the strata owner insurance guide →B.C. strata insurance deep dives
Each guide below isolates a different insurance problem. A large corporation deductible, an earthquake percentage deductible and a special levy are related but should not be treated as the same coverage question.
A strata can restrict hosting even when provincial rules would otherwise allow it
B.C. strata corporations can maintain bylaws that restrict or ban short-term rentals and can set fines of up to C$1,000 per day for a breach of a short-term-rental bylaw. If a condo is used for paid guest stays, the owner also needs to review the personal condo policy because provincial registration and strata permission do not confirm insurance coverage.
B.C. cites strata deductibles from C$100,000 to C$750,000 or higher
The size of the corporation deductible makes the current insurance summary important. A unit owner should compare the latest building deductible with the personal policy's deductible-assessment or related coverage rather than assume an old limit is still enough.
Read the strata deductible guide →Earthquake requires a separate review
Earthquake is not one of the mandatory major perils listed for strata corporation insurance. The Province strongly advises earthquake-prone strata corporations to consider it and says earthquake deductibles are commonly expressed as 10% to 20% of the building's full replacement value.
Documents to review before renewing a condo policy
Check insured property, limits, exclusions and every material deductible.
Document renovations and betterments that may sit outside the corporation's original-fixture coverage.
Compare contents, liability, improvements, additional living expenses and deductible-assessment protection.
Review both the corporation earthquake position and the owner's own earthquake limit and deductible.