Contents insurance on Strata units - do I need one?
My name is Irina Bartnik and I am Notary in Cloverdale area. Very often I see clients surprised when I tell them that they need to purchase Contents insurance for the Strata homes. It is common misconception that Strata fees cover all of your expenses of insuring and marinating the home.
Yes, strata fee include the fees for the insurance of the building, but that insurance only covers outside walls of the unit. Nothing inside of your unit is protected. For example, if your bath tub overflows and water damages your floor and unit underneath you, it is your responsibility to cover the damages. If you have contents insurance, insurance office will deal with the repairs of your property and unhappy neighbour next door. Some Stratas has it in their bylaws, for owners to have Content insurance. If you do not have the insurance you may be in a violation of the bylaws for the complex.
If you have any more questions, please call me office and I am happy to discuss the details with you.
