Please be advised that the insurance for the Strata Corporation will be renewed
effective October 31, 2019. This year, the deductibles have increased substantially
and this will affect all owners in the event of an insurance claim. It is important that
you present a copy of the strata’s insurance policy to your personal home
insurance provider for review in order to ensure that you are covered for the
deductibles in the event there is a claim.
- In the last 2 years the Strata sector has seen more losses than normal.
- We continue to see changes for 2019 with increased insurance rates and
deductibles due to the catastrophic losses we have experienced worldwide
and within our own province.
- Insurers have advised us of new guidelines due to increased insurance costs
and rising loss ratios.
- All risk deductible will increase from $2,500 to $5,000
- Sewer Backup and Water Damage deductibles will increase from $10,000 to $25,000
- Flood Deductible will increase from $10,000 to $25,000
Please confirm with your insurance provider that you have adequate coverage for
the increased deductibles.
Thank you for your attention.