Strata Tip of the Week - The Strata’s Insurance Policy is About to Expire

When evaluating a strata corporation, it's important to make sure the documents you receive are up to date. As always, you can refer to our Strata Documents Checklist for a comprehensive list of documents we recommend you obtain and review when purchasing a strata-titled property.

If the strata’s current insurance policy is set to expire within one month or less, we recommend taking the following steps:

1. Obtain the Necessary Documents

• Current Insurance Policy: Obtain and review the strata’s current insurance policy.

• New Insurance Policy: Request a copy of the new insurance policy, if it’s available.

• Insurance Quotes: If a new policy hasn’t been finalized, ask for any quotes the strata has received for potential coverage.

2. Key Insights

The new insurance policy or insurance quotes can help consumers identify:

• Premium Increases: Any notable upcoming hikes in the strata’s insurance premium.

• Deductible Changes: Significant upcoming changes in the strata’s deductible amounts.

• Coverage Updates: Adjustments to the coverage the strata has or plans to secure.

3. Why This Matters

Understanding upcoming or potential changes in the strata’s insurance policy is critical for consumers. It allows them to:

• Anticipate risks they might face as strata property owners.

• Evaluate their need for additional insurance coverage to manage those risks.

• Plan for any extra expenses that could arise from purchasing supplementary coverage.

Lastly, speak with their insurance broker. Reviewing the strata’s coverage and exploring their options for additional insurance can provide valuable peace of mind before making a purchase decision.

That’s it for this week. If you have any suggestions for other topics you’d like us to cover, please let us know at info@condoclear.ca.