Can You Afford to Pay Your Earthquake Insurance Deductible?

by Mike Coates
If your living in a townhouse or condominium development your strata corporation's insurance policy most likely covers your building for loss due to earthquake or shock damage. However, most earthquake coverages are subject to a 10% deductible which in the case of major shock damage
could cost each strata owner thousands of dollars. If this were to happen in our strata complex my wife and I could be facing an assessment of up to $25,000 as our share of the strata insurance policy deductible.
I have discovered a solution to this potential financial risk. Our insurance company, who covers us for the contents of our townhouse, also offers an optional "Strata Deductible Assessment Rider." This rider provides coverage of up to $25,000 and costs less than 50 cents a day. Needless to say,  we have now added this rider to our home owner contents insurance policy, have eliminated this personal financial risk and no longer have to worry about having to pay large deductibles.

The following article in today's Vancouver Sun on Earthquake Insurance coverage in BC is also worth reading.

2 comments:

Anonymous said...

Hello, just wondering who your insurance company is? Can't seem to find one that offers a Strata Assessment Deductible Rider.
Thanks,
Cheryl

Unknown said...

BCAA is an insurance company who offers this coverage but I am sure there are others who also offer it.