Why might an owner still face a cost?
This video focuses on the strata insurance deductible. When an insured loss occurs, the building policy may require part of the cost to be borne before the insurer pays. The existence of a building policy does not automatically cover each owner’s belongings, temporary accommodation or potential responsibility for a deductible.
Three separate questions are worth checking: What does the strata policy cover? How large is its deductible, and when could an owner be responsible for it? Does the owner’s own policy provide relevant coverage, and what limits and exclusions apply? The answer depends on the incident, the policies and applicable rules—not simply on whether the building is insured.
The Government of British Columbia’s guide to strata owner and tenant insurance explains that a strata corporation’s policy and an owner’s personal policy meet different needs. In some circumstances, the corporation may recover a deductible from an owner responsible for a loss. Review the building policy summary and your own policy with a licensed insurance broker familiar with strata coverage. This video is general information; actual coverage depends on the policy terms.
Insurance consultant Alfred He speaks in Mandarin. The video has Simplified Chinese and English subtitles.
Originally published on Guaranti’s YouTube channel.