Quote:
Originally Posted by squiggs96
In most cases, and quite possibly this one, you are correct. If you have a condo that has water damage and needs an insurance claim, you would go through the strata's management company which should have insurance coverage in place. There is likely a bylaw stating that a unit will be entitled to the coverage and will be the deductible, assuming it's the not occupant's fault. A homeowner or occupant could buy content insurance, but that would cover clothes, TVs, other personal items from theft or damage. Flood or workmanship is not covered under content insurance.
If you had a single family home, you'd have to purchase all of this insurance yourself.
|
No but most condo insurance policies have either water coverage or some sort of specific blanket coverage for major issues.
So let's say your condo corp has some huge multi million dollar coverage but the deductible is $5000 (or more, maybe $20,000).
You can actually buy coverage to protect your liability within the building in case your interior flooding causes 10s of thousands of dollars worth of damage to other places in the building. Your condo corp will not pay that deductible for you. They'll make you pay it.