Do you feel secure with your condominium protection? Are you aware of what is included in your insurance policy? If you answered “no” to either question, it’s time to review your coverage.
“Condominium owners often think the building’s strata insurance covers any problems that might arise, such as leaks,” says Solvi Stokholm of Stokholm Insurance in New Westminster. “But what they don’t know is that the strata won’t cover replacement costs of upgrades, like hardwood floors.”
According to Solvi, here are a few more things condominium insurance covers that you may not have considered:
Personal liability:If someone trips in your place, you’re covered. And with Stokholm Insurance, you also get worldwide coverage if you accidentally injure someone and they sue you.
Identity fraud: With many people having credit card numbers stolen, it’s getting easier for thieves to steal your identity. Coverage for this is included for free in the homeowner’s insurance policy.
Break-ins and mysterious disappearance:In other words, if you are at a restaurant and you hang a purse over a chair and someone takes it, you’re covered!
Windstorm: You are covered if a tree falls and creates an opening in the building it hits.
Scooters and motorized vehicles: Both types of vehicles are covered for persons with disabilities.
Water damage:Many people don’t know how expensive water-damage from someone else’s sink or washing machine overflowing can be, says Stokholm. In one example, water pouring through a vent and light fixture from upstairs damaged her client’s furniture and hardwood flooring after a recent a renovation. He had to pack everything up, move it into storage and rent another apartment. His apartment then had to be checked for damage and mould. His claim came to $90,000.
“People just don’t realize how quickly the costs can add up,” says Stokholm. “And it can be covered for a few hundred dollars a year.”
Stokholm is quick to point out how confusing it can be to deal with strata corporations in Metro Vancouver. At Stokholm Insurance, customers don’t have to deal with strata corporations by themselves, she says.
“Our insurance company will take on your claim and take care of things on your behalf.”