Deductible Coverage for Water Damage & Sewer Backup.
Building insurance policies are experiencing an unprecendented increase in their deductibles for water damage and sewer backup claims. This, in turn, has forced residential strata corporations to ensure that the individual unit owners are appropriately protected through their own policies.
Most condo insurance policies protect the individual unit owner for $25,000 related to water damage claims made under the ‘master’ strata policy. While this may seem sufficient, renewals being offered to residential buildings have deductibles reaching $250,000 leaving the unit owner exposed by a tremendous $225,000!
Alteri Insurance offers condo and townhome owners the opportunity to cover this void through a water and sewer backup deductible buy-down policy. Inquire today and get quoted!
Strata policies are changing. Yours should too.
Ready to insure it?
Do you know what your current Strata’s policy has for coverage and deductibles? If not, ask your property management company for a copy of the dec page. They can be confusing, so send it to us and we will happily explain what is currently in place.