How can a strata scheme avoid underinsurance?

We cover you for damages to the building, its contents, loss of rent and various owners' liabilities that you have. i The growing construction costs have led to an increase in the insured values of B.C. strata buildings (i.e., the replacement and repair costs that insurers ... Jan 23, 2025 ... There are many specific requirements for insurance in strata schemes but as a general rule all insurances are taken out by the body corporate. The Strata Insurance is a multi class insurance policy specifically designed to insure jointly owned properties by multiple stakeholders such as Unit owners, ... NRMA's Residential Strata Insurance offers cover for both the strata titled building and common areas, such as gardens, balconies and pools, against loss or ... Jun 12, 2023 ... Many strata insurance policies provide an optional section of cover called “Machinery Breakdown” or “Equipment Breakdown” to guard against monetary losses. With InsureBC's Strata Water Deductible Insurance, you can rest assured that you will be protected from the financial burden of high deductibles. Dec 16, 2024 ... This guide outlines essential changes in how SCA members disclose strata insurance practices. At Vantage Strata, we're proud to follow this guide. Strata insurance protects the building and common areas or facilities, with the premiums paid for by the owner's corporation. We are going to chat about the insurance that this entity must carry, what's inside this policy, and how it directly affects unit owners.