Century 21 Queenswood has partnered with Christie Phoenix to get our Strata's the most inclusive coverage at the best price.

Condominium Unit Owners Policy Tips:

Your personal Insurance policy for your unit should be reviewed with your personal insurance broker to make sure that you have the coverage that you need. Attached is a Summary of Coverage for the Strata Building policy that you and your broker can refer to with respect to the coverage and deductibles applicable to the Strata building policy.

Your personal policy should cover the following items:

  1. Personal Contents: The Strata building policy covers anything permanently attached to the building(cabinets, fixtures) if they are original to the unit but it does not cover the appliances in the unit or any other move able contents. You will need to get coverage for the contents through your personal
    policy. Most policies are on a replacement cost basis and your coverage limit should reflect the cost to replace all of your items brand new.
  2. Improvements and Betterments: The Strata building policy will cover anything that was original to the building when built. So if anything has been improved such as flooring or counter tops then they need to be insured on your personal policy for the cost to replace them.
  3. Loss Assessment: If noted in your by-laws, you will be assessed the deductible from the Strata’s policy if there is damage to the Strata building which is caused by water originating from your unit whether or not you were negligent in causing the damage. Refer to the water damage deductible
    shown on the Summary of Coverage to make sure your personal policy has enough coverage. You will also be assessed your portion of the Strata policy’s Earthquake deductible in the event of an Earthquake. Please refer to the Summary of Coverage to make sure you have coverage on your
    personal policy for this assessed Earthquake deductible. Ask if this limit can be increased if needed. The Earthquake deductible is divided among the unit owners based on unit entitlement. Please keep in mind that you have to carry Earthquake coverage on your personal contents in order to have the Earthquake deductible assessment coverage.
  4. Personal Liability: Your policy covers your personal liability for any claim causing bodily injury or property damage to a third party. This is worldwide coverage. Check with your broker to review your coverage limit.
  5. Time away from your unit: There will possibly be requirements in your personal policy of steps you need to take when you are away from your unit on holidays. Check with your broker to find out what you need to do when absent from your unit so that coverage will not be denied in the event
    of a claim.

 

Rented Condominium Unit Owners Policy Tips

Even when your condo is rented out, there are a number of exposures to your unit that require insurance coverage. Please check with your personal insurance broker to make sure you have the coverage that you
need. Attached is a Summary of Coverage for the Strata Building policy that you and your broker can refer to with respect to the coverage and deductibles applicable to the Strata building policy.

Your personal policy should cover the following items:

  1. Landlord’s Contents: The Strata building policy covers anything permanently attached to the building (cabinets, fixtures) if they are original to the unit but it does not cover the appliances in the unit or any other moveable contents. You will need to get coverage for the appliances and contents through your personal policy.
  2. Improvements and Betterments: The Strata building policy will cover anything that was original to the building. So if anything has been improved/changed since then such as flooring or counter tops then they need to be insured on your personal policy for the cost to replace them.
  3. Loss Assessment: If noted in your by-laws, you will be assessed the deductible from the Strata’s policy if there is damage to the Strata building which is caused by water originating from your unit whether or not you were negligent in causing the damage. Refer to the water damage deductible shown on the Summary of Coverage to make sure your personal policy has enough coverage. You will also be assessed your portion of the Strata policy’s Earthquake deductible in the event of an Earthquake. Please refer to the Summary of Coverage to make sure you have coverage on your personal policy for this assessed Earthquake deductible. Ask if this limit can be increased if needed. The Earthquake deductible is divided among the unit owners based on unit entitlement. Please keep in mind that you have to carry Earthquake coverage on your contents in order to have the Earthquake deductible assessment coverage.
  4. Premises Liability: Your personal policy should cover liability for any claim causing bodily injury or property damage to a third party that occurred at your property. Check with your broker to review the coverage limit that you have. Your tenants will need their own policy for damage the resulted from their negligence.
  5. Rental Income: Do you count on receiving the rents from your tenants? If a fire or water damage rendered your unit uninhabitable then you would be out the rents until the repairs are completed. You can purchase rental income coverage for lost rents as the result of an insured loss. Your tenants should have coverage for their additional living expenses to live somewhere else temporarily. Your tenants will need their own policy for their contents, personal liability and additional living expenses.