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Across BC, strata corporations are significantly increasing water damage deductibles. Many buildings now carry deductibles of $100,000 or more. If a water loss originates from your unit, you may be responsible for that deductible amount. Unfortunately, many condo policies still carry lower deductible assessment limits. That difference can leave
Strata water damage deductibles across British Columbia have been steadily rising. In some cases, they now exceed $250,000. When a water loss originates from a unit, that unit owner may be assessed for the strata’s deductible. Many condo policies do not automatically adjust to reflect these higher amounts.
Across British Columbia — including here in Victoria — strata corporations are increasing their water damage deductibles. In many buildings, deductibles now sit at $100,000, $250,000, or even higher. If a water loss originates from your condo unit, you could be assessed for the strata’s full deductible amount. The
Across British Columbia, strata corporations continue increasing their water damage deductibles. It’s not uncommon to see deductibles of $100,000 to $500,000. If a water loss originates from your unit, you may be assessed for the strata’s deductible. Many condo insurance policies were not built with today’