Where to find it on your insurance document: Open your strata’s Summary of Coverages and read the Deductible column next to Water Damage, Sewer Backup, All Risks, Flood, Glass, Equipment Breakdown and Earthquake. For your own policy, look at the declarations page of your condo insurance for Loss Assessment.
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
- Water damage is the claim most owners meet first. A deductible of $50,000 shared by unit entitlement is small for each owner, but billed to one unit it is not.
- Whether a deductible can be billed to one owner depends on the Strata Property Act, your bylaws and who was at fault.
- Check the loss assessment limit and the deductible on your own condo insurance. Ask whether it responds for each of these perils, including earthquake.
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
- Strata finances and insurance (Province of BC) – official guidance
- 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.