Strata Owner Insurance in British Columbia: What the Condo Policy Covers
Strata corporation insurance protects the corporation's insured property and liability interests. A unit owner's own condo policy addresses different exposures such as contents, improvements, personal liability, additional living expenses and some strata-deductible exposure.
What the strata corporation is required to insure
British Columbia's Strata Property Act requires the strata corporation to maintain property insurance and liability insurance. The corporation's property policy is designed around common property, common assets, buildings shown on the strata plan and specified original fixtures. That corporate policy is not a substitute for the owner's personal condo policy.
What an owner policy can protect
The Province says strata homeowner insurance can protect household contents, additional living expenses after an insured loss, improvements or betterments to the unit, personal liability and some exposure to the strata corporation's insurance deductible. Owners can also review water, sewer backup, earthquake, home-business, vacancy and rental-use coverage where relevant.
Bring the strata insurance summary to the annual review
The Province recommends reviewing the owner's policy every year together with the strata corporation's insurance summary. Comparing the two documents helps identify differences in insured property, deductibles, exclusions and limits instead of assuming the building policy fills every gap.
Original fixtures and improvements are different questions
The corporation policy can cover certain fixtures installed by the owner-developer as part of the original construction, while later improvements or betterments are an owner-policy issue. Renovated flooring, cabinetry and other upgrades should therefore be documented and discussed when selecting the unit-owner limit.
Use the current strata insurance summary
B.C. requires strata corporations to review insurance annually and report on coverage at the AGM. Material changes, including deductible increases, must be communicated to owners and tenants. Those updates are a practical trigger to review the personal condo policy.
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