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Insurance Bureau of Canada/yt/Insurance 101/Condo Action Plan/Condo/Strata Owners

Condo/Strata Owners

Information for condominium or strata owners.

What You Can Do Now

There are many actions condo or strata owners can take if they have questions or concerns. These include: 

  • Being an advocate and asking your condo or strata corporation questions, such as:
    • What is the maintenance strategy?
    • What is being done to mitigate risks? 
    • How much is in the reserve fund?
    • Is the reserve fund adequate for foreseeable maintenance and repairs?
    • Are there any maintenance issues or repairs that need to be addressed?
    • How many insurance claims have been made?
  • Looking at what you can do within your own unit to help mitigate risks.
    • Many claims can be prevented by maintaining and repairing your unit when required.
  • Calling IBC’s Consumer Information Centre at 1-844-2ask-IBC for more information.

Condominium and Strata Insurance

How Does Condominium Insurance Work?
Condominiums are also known as a strata in British Columbia and some parts of Alberta. The definition of what is owned by the unit owner depends on the condominium or strata declaration.

As a unit owner, you have title to your unit as well as a share in common property such as a lobby, rooftop patio, swimming pool, parking garage and other amenities. A bare land strata or condominium may have only a few common areas such as streets or roadways that provide access to the units.

What Is Common Property?
Any area that is available for use by all unit owners is considered common property or a common element. Some examples may include the lobby, elevators, gardens, swimming pool and other recreational facilities. Unit owners share the expense of maintaining common property by paying monthly maintenance fees. Limited access common property – such as a balcony or storage locker – maybe common property or a common element even though a unit owner has exclusive use.

Typical Coverages for a Unit Owner

You can expect that your condominium or strata policy may include coverage for:

  • Your personal property such as clothing, appliances and furniture, as well as items stored in your locker.
  • Improvements to your unit or strata.
  • Additional living expenses, in case you can't live in your unit in the event of an insured loss in certain circumstances.
  • Your personal liability for any bodily injury or property damage unintentionally caused to others.

What Insurance for Condo/Strata Corporations Generally Covers

  • The buildings and structures shown on the condominium or strata plan and declaration.
  • Common property or elements such as hallways, stairs, roof, pools, garages, driveways, etc.
  • Fixtures built or installed as part of the original or standard construction such as floor and wall coverings, and electrical and plumbing fixtures – some corporations have specific definitions for what is considered an "original" or "standard" unit.
  • Assets such as lobby furniture, building maintenance equipment, etc.
  • Liability of the condominium or strata corporation for claims of property damage and bodily injury suffered by others.