When buying a strata property — whether it’s a condo, townhouse, or apartment — many people assume the strata corporation’s insurance will cover everything. Unfortunately, that’s not the case. If you’re living in a strata and haven’t secured your own home insurance policy, you could be exposing yourself to massive financial risk.

Here’s why having your own policy isn’t optional — and the serious repercussions if you don’t.

🔍 What Does Strata Insurance Actually Cover?

Strata corporations typically hold insurance that covers:

• The building structure and common property (like hallways, elevators, and roofs)

• Liability coverage for injuries that occur on common property

• Major systems like plumbing, electrical, and HVAC — but only if the damage originates in common areas

What it doesn’t cover is:

• Anything inside your unit (flooring, cabinets, appliances, personal belongings)

• Damage caused by you or your guests

• Upgrades you've made to the unit (also called betterments and improvements)

• Loss of use (temporary accommodations if your unit is uninhabitable)

• Strata deductibles (which can range from $25,000 to over $100,000)

⚠️ What Happens If You Don’t Have Home Insurance?

Here are real examples of what could go wrong if you're uninsured:

1. You Could Be On the Hook for the Strata Deductible

Let’s say a dishwasher leak in your unit causes damage to other units or common areas. Even if it’s a fluke and you weren’t negligent, you could be responsible for the strata’s insurance deductible — often $25K to $100K.

2. You're Left Paying for Damage to Your Own Unit

If a flood, fire, or electrical issue damages your floors, drywall, or furniture, strata won’t cover that. Without your own policy, you’re stuck paying out-of-pocket to repair or replace everything.

3. No Coverage for Your Belongings

Strata insurance doesn’t protect your personal property. That includes clothes, electronics, jewelry, furniture — everything you own.

4. You're Not Protected from Being Sued

If someone trips in your unit or you accidentally cause damage to another unit (like a fire or flood), personal liability coverage in your own policy protects you. Without it, you’re wide open to legal and financial consequences.

✅ What Should Your Home Insurance Policy Cover?

When living in a strata, you should look for a comprehensive condo or unit owner’s insurance policy that includes:

• Personal property coverage

• Unit improvements & betterments

• Personal liability

• Loss of use (additional living expenses)

• Strata deductible coverage — this is a big one!

🧠 Bottom Line: Don’t Gamble With Strata Living

Just because you’re in a strata doesn’t mean you’re fully protected. A small leak, an electrical surge, or a fire could leave you on the hook for tens of thousands of dollars without proper insurance.

The cost of a solid condo insurance policy? Often less than $40–$50/month.

The cost of not having it? Financial ruin.

Buying or living in a strata? Let’s make sure you’re covered.
As a local real estate expert, I help clients understand what’s covered — and what’s not — so they can avoid costly surprises down the road.

Want a recommendation for a trusted insurance broker? Just reach out.

– Tyler Waldron
Realtor | Royal LePage | South Surrey / Fraser Valley
Helping you buy smart, sell right, and stay protected.