Where to find it on your insurance document: Open your strata’s Summary of Coverages and read the Deductible column, and the premium on the insurance invoice or renewal quote. Ask your broker for quotes at other deductible levels.
How to use it: type your numbers in the boxes (the examples are only there to show how it works) and the results update right away. Nothing is sent to us. Use Save my numbers to keep a copy on your own computer.
What this tool does and does not include
- The starting numbers are examples only. Replace them with your own.
- Simplified estimates for a BC strata corporation. They leave out many real-life details such as your bylaws, the exact policy wording, lender conditions and GST.
- Rates and rules change. Confirm them with the firm or the government before you act.
- Information only. This is not tax, accounting, legal or financial advice.
Good to know
- A higher deductible usually lowers the premium, but owners carry more of the cost when a claim happens.
- Ask your broker for quotes at two or three deductible levels, and for your strata's claims history, before deciding.
- Check that the reserve fund or operating budget could pay a larger deductible without a special levy, and what the bylaws say about borrowing and spending.
- A council normally takes advice from a broker and the owners before changing coverage.
Strata help in BC
Links open other websites. Programs change, so check each one is current.
- Strata Insurance Lines Explained – every line of a strata insurance summary in plain and technical language
- Strata Special Levy Calculator – each unit’s share of a levy by unit entitlement
- Strata financial reviews – an independent CPA review of the strata’s financial statements
- Types of strata voting (Province of BC) – how votes work
- Strata Property Act (BC Laws) – the rules for stratas in BC
- Talk to the firm – book an initial consultation
More strata tools
Want advice for your own situation?
This free tool is a courtesy of HJ Wu & Company Inc. (CPA), a Vancouver CPA firm offering accounting, tax, financial reporting and review assurance. Feedback on the calculators is welcome.