STRATA CORPORATION INSURANCE
Strata Corporation
Insurance Programs
Why What You Are Buying And Who You Are Buying It From Matters
BY BARB DE RUITER, ACCOUNT EXECUTIVE, WAYPOINT INSURANCE
S
trata properties are a popular
choice for many Canadians,
as they offer convenience,
security, unique amenities,
and value prices. In fact, in
British Columbia alone, over 1.5 million
people live in stratas.
While the word strata is often used in
reference to a condo, strata housing
can include townhouses, duplexes, or
even single-family homes in certain
circumstances. This is important to keep
in mind, as insurance needs for stratas
(strata corporations in particular) are
complex and governed by law in B.C.
The insurance requirements laid out
in the Strata Property Act are detailed,
which can create an administrative
burden for strata corporations and
owners alike. As such, it’s important to
work alongside a qualified insurance
broker to understand the insurance
needs of strata corporations, particularly
to secure the right level of coverage
and avoid costly litigation. Navigating
the complex world of strata coverage
can be a challenge. As an industry
expert, Waypoint Insurance Services
Inc. is your go-to resource for your strata
corporation.
Strata insurance is a unique topic,
especially when you consider that it
involves multiple parties—the strata
corporation and strata unit owners.
When it comes to strata insurance, there
are effectively two policies to keep in
mind: the Strata Corporation Policy and
the Unit Owner Policy.
One of the most difficult things to
understand is the relationship between
a strata corporation’s policy and a unit
owner’s policy. Each individual policy
covers very specific exposures. To avoid
any gaps in coverage, it’s important to
understand how the various types of
strata insurance complement each other.
The accompanying information provides
a high-level overview of the types of
exposures each policy covers:
A STRATA CORPORATION’S POLICY
COVERS:
• The buildings shown on the strata
plan
• Common property such as hallways,
stairs, roofs, pools, garages, and
driveways