APARTMENT & STRATA PLANS

These are similar in providing residential accommodation for many in one or a group of buildings.  The main difference in insurance needs is that:

1. Apartment owners need rental income protection to cover ongoing financial commitments (e.g. mortgage) whilst their building is being rebuilt or repaired.

2. Strata Plans need Directors & Officers Liability to defend legal suits brought against board members arising from their bad decisions or wrongful acts;

3. Strata Plans should purchase volunteers accident cover for injuries sustained by the members whilst working voluntairly under the direction of the Strata council

We recommend important elements of an insurance package that should be included;

1. Insure your "Property of Every Description" rather than simply "building" as this will pick up items like lobby furniture and lawn mowers in storage;

2. Include Building By-Laws.  Without this you won’t be reimbursed for the increased cost of reconstruction to meet current building codes nor the cost to demolish and clear away undamaged portions of the building as ordered by the local building inspector;

3. Include Underground Services and Foundations.  Major fires and earthquakes can destroy these;

4. Earthquake coverage as this peril can destroy an entire complex.

5. Buy high limit General Liability insurance. It's inexpensive and if a limit is insufficient to cover the judgement and costs from a lawsuit, then other assets, such as the building, will have to be liquidated to satisfy the amounts awarded;

To receive a proposal please fill out the Apartment or Strata Insurance Quote Form (Building coverage) or contact Steve Hodges.

To insure your contents please click  Condo Unit Owners or Tenant's Contents Insurance (Personal Property/Contents).