Send building information to your insurer
Request the current strata insurance summary and relevant records.
- Explain how you intend to use the home.
- Ask what the building policy covers and what your own policy needs to address.
More on send building information to your insurer
Do not rely on the previous owner’s arrangement.
Confirm coverage before completion
Keep written answers with your purchase documents.
- Discuss deductibles, contents, improvements, liability and possible coverage gaps.
- Ask whether more documents are needed before coverage can be confirmed.
More on confirm coverage before completion
Coordinate the policy start date with your legal and financing requirements.
The basics
Two policies, one home
In a strata, the strata corporation insures the buildings and common property. You insure your own things and your own risks. Neither policy does the other’s job, so you need both.
The strata policy must cover full replacement value against perils listed in the regulations, such as fire, smoke, windstorm and water escape. It must also carry at least $2 million in liability insurance. Your policy, sometimes called condo or strata owner insurance, fills the gaps.
Why it matters
Why the gaps can be expensive
The strata policy does not cover your belongings, your personal liability, your hotel bills after a loss, or improvements you make. It also does not pay the strata’s deductible if a claim starts in your unit and you are found responsible.
That deductible can be large. The BC government says strata deductibles can range from $100,000 to $750,000 or higher. An owner can be held responsible even without being at fault.
How it works
Getting your coverage right
Read the insurance summary
Since April 1, 2023, the Form B must include a summary of the strata’s insurance. Note each deductible, especially water damage.
Check what is not required
Earthquake and overland flood cover are not required by the regulations. Ask whether the strata buys them and at what deductible.
List your own needs
Contents value, improvements beyond the original finish, liability, and living expenses if you must move out during repairs.
Ask about deductible coverage
Tell your insurer the strata’s deductibles and ask how much deductible cover your policy can include.
Send the documents early
Share the summary and any certificate the insurer requests well before completion.
Set the start date
Coordinate your policy start with completion and any lender requirement. Keep written confirmation with your purchase file.
Avoid these
Insurance gaps buyers fall into
Assuming the strata covers everything
It covers the building, not your laptop, your liability or your hotel stay.
Ignoring the water deductible
Water claims are the ones most likely to start in a unit. Make sure your cover reflects the strata’s deductible.
Forgetting earthquake deductibles
The government notes earthquake deductibles are often 10% to 20% of the property value. Ask how that would be shared among owners.
Under-valuing upgrades
New flooring or cabinets you add may not be covered by the strata policy. Tell your insurer about them.
Example
Seeing a deductible gap
Illustration only. Suppose a leak from your dishwasher damages units below and the strata claims on its policy.
| Strata water damage deductible (hypothetical) | $100,000 |
|---|---|
| Your policy’s deductible cover (hypothetical) | $50,000 |
| Gap if you are held responsible | $100,000 − $50,000 = $50,000 |
| With $100,000 of deductible cover | $100,000 − $100,000 = $0 |
Your own policy deductible and terms also apply. Ask your insurer to walk through a scenario with the real numbers from the Form B.
Questions to ask
Questions for each party
Your insurance agent or broker
- How much strata deductible cover can I add, and for which perils?
- Are my upgrades and contents covered at replacement cost?
- Does this policy cover living costs if I must move out?
- What do you need from the strata before binding coverage?
The strata or property manager
- What are the current deductibles for water, flood and earthquake?
- When was the last replacement cost appraisal done?
- Have there been recent claims, and did deductibles change?
Your lawyer or notary
- Do the bylaws let the strata charge a deductible back to owners?
- When must my insurance be in place for completion?
FAQ
Common questions
Does the strata insurance cover my unit?
It covers the building, including fixtures from the original build, at full replacement value. It does not cover your belongings, liability, improvements you add or living expenses after a loss.
What happens if a leak starts in my unit?
If you are found responsible, the strata may recover its deductible from you, even if you were not negligent. Deductible coverage on your own policy can help.
Is earthquake insurance required for stratas?
No, earthquakes are not on the required list of perils, though the BC government strongly recommends it in seismic areas. Ask the strata and check the Form B summary.
How does the strata know its replacement value?
Insurers usually ask for a recent replacement cost appraisal, done within the past two or three years. Ask when the building’s last one was done.
Must the strata tell owners about insurance changes?
Yes. Material changes, such as reduced cover or higher deductibles, must be shared with owners and tenants as soon as feasible.
A practical example
Prepare a focused insurer conversation
Send the available building information through the insurer’s preferred process and describe your intended use of the home.
- Keep a question list covering the unit, contents, improvements and potential gaps.
- Ask what must be confirmed before the policy can take effect.
Save the answers with your other completion documents.
A detail to keep in mind
A previous owner’s arrangement should not be assumed to cover your circumstances or intended use.
Official information
Start with these resources, then confirm the details for your property and circumstances.
BC: strata documents for buyers and sellersGovernment of BC: Insurance for strata corporationsGovernment of BC: Strata owner and tenant insuranceGovernment of BC: Changes to strata legislationReference review: October 6, 2026