All Owners and Residents are reminded that the Strata Corporation Insurance Policy does not provide for individual contents, betterments or improvements (i.e., clothing, furniture, decorating, upgrading of flooring, etc.). Owners and Residents must carry their own "tenants package" insurance for this coverage. You should contact your personal insurer to determine if you have adequate insurance coverage. Attached to these Minutes is an outline of personal insurance that should be carried by each Resident.
Section 149 (1-4) and Regulation 9.1 of the Strata Property Act set out the responsibilities of the Strata Corporation regarding insurance: Section 149 states:
Property Insurance required for strata corporation
149 (1) The strata corporation must obtain and maintain property insurance on (a) common property, (b) common assets, (c) buildings shown on the strata plan, and (d) fixtures built or installed on a strata lot, if the fixtures are built or installed by the owner developer as part of the original construction on the strata lot.
(2) For the purposes of subsection (1) (d) and section 152 (b), "fixtures" has the meaning set out in the regulations.
(3) Subsection (1) (d) does not apply to a bare land strata plan.
(4) The property insurance must (a) be on the basis of full replacement value, and (b) insure against major perils, as set out in the regulations, arid any other perils specified in the bylaws.
Regulation 9.1 states:
9.1 (1) For the purposes of sections 149 (1) (d) and 152 (b) of the Act, "fixtures" means items attached to a building, including floor and wall coverings and electrical and plumbing fixtures, but does not include, if they can be removed without damage to the building, refrigerators, stoves, dishwashers, microwaves, washers, dryers or other items.
(2) For the purposes of section 149 (4) (b) of the Act, "major perils" means the perils of fire, lightning, smoke, windstorm, hail, explosion, water escape, strikes, riots or civil commotion, impact by aircraft and vehicles, vandalism, and malicious acts.
Owners who will be away for an extended period of time are encouraged to leave a suite entry key in care of the Strata Council. Failing that please leave a key with a neighbour or agent and advise the Property Management Company (StrataWest) or your contact person. Most personal insurance policies require that you have a neighbour or agent check your suite every 48 to 72 hours.

What the Strata Corporation Insures:

The Strata Corporation must insure:
  • To Full Replacement Value, common property, common assets, the buildings shown on the Strata Plan plus fixtures built or installed on a Strata Lot, if the fixtures are built or installed by the owner-developer as part of the original construction on the strata lot. The Property Insurance for Strata Corporations is normally arranged on an "All Risks" form including protection for damage caused by flood or e arthquake.
  • Public Liability Insurance for bodily injury or property damage to protect the Strata Corporation.
  • The Strata Corporations insurer has no way of knowing what improvements have been made to the unit by you or your predecessors. It's therefore up to you on your personal insurance policy to insure the value of any upgrading, improvements or generally anything that had been paid for by you or the previous owners in improving your unit from its original state. These items are called "Improvements & Betterments". (See "What the strata lot .owner should insure?")
In addition, the Strata Corporation may insure:
  • Strata Council Directors & Officers Liability Insurance
  • Exterior Glass Insurance
  • Boiler & Machinery Breakdown Insurance
  • Accident Insurance for Volunteers, including Council Members
  • Pollution & Remediation lrisurance

The Summary of Coverages for 2020-2021, effective 2020-10-01.

What the Strata Lot Owner Should Insure:

The Condominium Unit Owners Package Policy has been designed far the Strata Lot Owner/Occupant. Coverage is normally written on a Broad "All Risks" form with earthquake protection offered as an option. remiums are based on the limit of insurance purchased. Such limits should reflect the full replacement value of all household furniture and personal effects (including jewellry and other valuable items).
In addition to the contents insurance most Condominium Unit Owners' Poncles include (at no additional cost) coverage for additional features:
Additional Living Expenses
If the ownen;/occupant is forced to leave their home due to a loss that's covered, they may need substantial sums to live elsewhere while the damage is being repaired and/or replaced.
Improvements and Betterments
The Strata Corporation's Insurance Poliy will provide coverage for "fixtures built or installed on a strata lot, if the fixtures are built or installed by the owner-developer as part of the original construction on the strata lot." Any subsequent Improvements or Betterments will be left to the Unit Owner to protect. Each Condominium Unit Owners' policy will include a basic limit for this coverage varying from 50% to 250% of the Contents Limit of Insurance. Additional limits can be purchased if required. It is wise to ensure that the limit of insurance purchased for Improvements and Betterments accurately reflects the replacement value of all improvements or betterments forming part of the strata lot whether or not such improvements or betterments have been acquired or installed by the current owner.
Special Assessments
This coverage provides protection for the owners' share of levies for damage to the common property (not wear and tear) that may be charged for a variety of reasons. This coverage only comes into effect where there is insufficient insurance.for an insured peril under the Strata Corporation's Insurance Policy.
Strata Policy Deductible
Some insurance policies provide coverage for the deductible of the Strata Corporation's policy if the deductible is assessed as the responsibility of the unit owner. The amount varies by insurance company and some charge an additional premiun for this coverage. As of September 30, 2020, the deductibles are:
  • Water and Sewer Damage $25,000.00 (increased from $15,000.00)
  • All Risks Damage $25,000.00 (increased from $5000.00)
It is highly recommended that you cover the deductible amounts through your home insurance.
Personal Liability
This protects for legal responsibility to others worldwide for claims arising from bodily injury, property damage, fees for legal defense, legal liability to occasional employees, voluntary property damage and voluntary medical payments, and covers lability arising from the use & ownership of the Strata Lot.
Other Insurance
We recomnend that specific insurance be arranged on such property as jewellery, expensive sporting equipment and other valuable items.

© 2023 British Columbia Strata Corporation #1419.