What is building insurance in strata?

With insurance rates for condos and townhouses climbing 50 to 300 percent – and in one case nearly 800 percent – condo and townhouse owners in BC are worried. Jul 30, 2021 ... The issue that we're all facing is the high deductibles for sewer/flood under the entire building's insurance that strata buys every year. Strata Insurance is general insurance that covers common property under the management of a strata title or body corporate entity. The premiums for Strata ... Strata insurance protects the building and common areas or facilities, with the premiums paid for by the owner's corporation. Jul 10, 2023 ... The strata insurance market continues to harden with insurance premiums subject to sustained increases. Even where there has been no claims ... Who should consider it? Strata insurance is a compulsory in every state - so if you're part of an owners' corporation in a townhouse, unit, flat, apartment or ... Strata insurance typically covers common area contents, the building and shared property in the event of loss or damage. Generally, events like theft of common ... In this article, we will explore the coverage provided by flood insurance policies, debunk misconceptions about flood cover, and provide insights into ... Effective Nov. 1, 2020, amendments will require insurers or insurance agents to provide 30-day advanced notice directly to strata corporations of their ... Sep 7, 2021 ... The SCA Strata Insurance Taskforce brings together the strata management, insurance and broking industries with representation from across ...