Condominium and strata unit owners have special insurance needs. They will require coverage for their personal property and contents of their unit. This policy protects the insured against any gaps in the strata insurance policy.
In the event of a total loss, your Strata Insurance policy would provide the coverage to rebuild your condo building EXACTLY as it was before, however any betterments or improvements you or any previous owner have done would be covered under your own Condominium policy.
Special coverages that are included with this type of policy are:
- Condominium Deductible Assessment: Coverage is provided for you if your strata corporation makes an assessment for part of their deductible.
- Condominium Unit Owners Loss Assessment Coverage: Provides coverage for a unit owner’s share of a special assessment levied by the Strata Corporation for direct loss or damage to condominium property collectively owned by the unit owners.
- Condominium Unit Owners Additional Protection: Provides coverage for your unit within the strata corporation, excluding your improvements, in the event that the Strata corporation has either no insurance or its insurance is inadequate or is not effective.
