Strata Water Deductibles Are Climbing — Is Your Condo Coverage Keeping Up?
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 challenge?
Many standard condo insurance policies haven’t kept pace with these increases. That gap could leave owners responsible for a substantial out-of-pocket expense.
Introducing: Strata Water Deductible Buy-Back (WDBB)
Strata Water Deductible Buy-Back (WDBB) is now available, offering a streamlined quoting process and fast turnaround. This coverage is specifically designed to bridge the gap when a strata water deductible exceeds your condo policy’s deductible assessment limit.
How It Works
WDBB acts as excess coverage:
- Your condo policy responds first
- Your full deductible assessment limit must be paid out
- Any additional water coverage must respond
- WDBB then applies to the remaining eligible amount
There is no separate deductible under WDBB — your condo policy effectively acts as the deductible.
Coverage Highlights
Available Limits: $25,000 up to $500,000
Requirement: Minimum $25,000 water deductible assessment coverage on your condo policy
Covers:
✔ Excess strata water deductible assessments (subject to wording)
Does Not Cover:
✖ Earthquake
✖ Flood
✖ Fire (unless specifically approved)
✖ Rental income
✖ Additional Living Expenses (ALE)
Why Victoria Condo Owners Should Review This
Strata deductibles are rising quickly. Without proper limits in place, owners could face assessments reaching into the hundreds of thousands of dollars.
If you’re unsure what your deductible assessment limit is, now is a good time to review it. Our team at InsureBC Victoria can provide a quick coverage check and help determine if WDBB is right for you.
