krista@kristafreeborn.com
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Crest Realty Westside
Independently Owned and Operated

PROTECT YOURSELF: STRATA WATER DEDUCTIBLE REVIEW REMINDER

The majority of strata Annual General Meetings are coming up over the next few months presenting an ideal opportunity for strata lot owners to verify that their home owner insurance policy water deductible coverage matches that of the strata corporation's master building policy and if not advise their insurance broker immediately. 

The BC Strata Property Act requires that any AGM Notice includes a copy of the strata corporation's insurance policy summary. This summary page will include a notation on what the building’s current water deductible amount is.Depending on any resultant water damage claims filed in the past policy year and the extent of damage, this deductible amount can increase to a staggering amount from the previous year. It is not uncommon for strata's today to have a deductible in the $50,000 to $100,000 range from the days of when they were $5,000 to $25,000.  

WHY IS THIS IMPORTANT TO YOU AS A STRATA OWNER?
Deductible assessment coverage is an additional coverage that has become increasingly important in light of the increasing cost and frequency of resultant water damage claims. For example, if the building is damaged due to a water leak, the strata corporation would generally file a water damage claim with its own insurance company.
Section 158 of the Strata Property Act states that the insurance deductible in respect of a claim is a common expense, but the strata corporation may sue an owner in order to recover the deductible portion of an insurance claim if the owner is responsible for the loss or damage that gave rise to the claim. Two landmark BC court decisions in 2007 determined that the strata corporation need not prove negligence in order to determine owners' responsibility. A strata corporation may sue a strata lot owner to recover the insurance deductible even though the owner was not negligent and merely caused or brought about the events that resulted in the damage.

To remove ambiguity and potentially save on future legal expenses, some strata corporations have passed bylaws that clarify that owners are strictly liable for damage to common property that originates in their units.

CONCLUSION
It is therefore important that all strata owners review the building policy and advise their insurance broker of the building deductible amounts to ensure their unit policy includes sufficient coverage for all building deductibles including water damage. This information is included in the insurance summary report within the NOTICE of Annual General Meeting that strata corporations are required to provide strata lot owners prior to the Annual General Meeting. Some strata buildings due to frequent or a single extensive resultant water damage claim are now facing water damage deductibles of $50,000 to $100,000.

ADDITIONAL COVERAGE FOR YOU TO CONSIDER
Additional coverage riders available to strata unit owners that are well worth considering are:
  • Increased unit improvements and betterments coverage insures upgrades to the unit a
  • Loss assessment coverage typically pays the owner's share to cover major property and liability losses on common property that may exceed the strata corporation's policy limits.
  • Request your insurance broker to advise you of any other additional riders that you should consider.
SOURCE: Insurance Brokers Association of BC
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I have sold a property at 208 1433 1ST AVE E in Vancouver.
QUIET SIDE of building! This LARGE 1 bed + flex has a large open patio & covered patio totaling 241 sq ft of outdoor fun! Lounging & entertaining is easy w/ this fenced patio! Bring Fido...you & your dog will love it! Lovingly renovated over the years! Ceilings scraped & smoothed + Roxul insulation for sound proofing! Crown molding, potlights, slate flooring w/ design detailing at entry, gas fireplace, industrial hot water tank. Kitchen has solid wood cabinets, granite counters + sit-up bar, integrated D/W, S/S 2 door LG fridge w/ built in water/ice, Blanco Silgranit 3 part sink, under mount cabinet lighting, pull out pantry. Large closets in bedroom, Hunter Douglas blinds. Building has BRAND NEW ROOF & AMAZING ROOF DECK w/ gorgeous mountain & downtown view! Open Sat Nov 6, 2-4pm .
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Gorgeous, bright, sunny 2 bed 2 bath corner unit overlooking the beautiful colours of the Autumn trees! Feel like you are living in cottage country in the heart of the City! Floor to ceiling wall to wall windows bring the outdoors in! Only 4 yrs young, The Crown is sure to delight! Beautiful marble herringbone kitchen backsplash, stone counters, S/S appliances, flat panel Fisher Paykel fridge, gas stove for the urban chef. Sit-up bar for morning coffee or a glass of wine while entertaining the chef! Open concept for mingling w/ family & guests! Master bedroom has walk-through closet to ensuite bathroom w/ frameless glass shower. Parking, locker, gym, party room, games room, outdoor fireplaces & BBQ area, pets, rentals! Showings by appointment.
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Please visit our Open House at 208 1433 1ST AVE E in Vancouver.
Open House on Saturday, November 6, 2021 2:00PM - 4:00PM
QUIET SIDE of building! This LARGE 1 bed + flex has a large open patio & covered patio totaling 241 sq ft of outdoor fun! Lounging & entertaining is easy w/ this fenced patio! Bring Fido...you & your dog will love it! Lovingly renovated over the years! Ceilings scraped & smoothed + Roxul insulation for sound proofing! Crown molding, potlights, slate flooring w/ design detailing at entry, gas fireplace, industrial hot water tank. Kitchen has solid wood cabinets, granite counters + sit-up bar, integrated D/W, S/S 2 door LG fridge w/ built in water/ice, Blanco Silgranit 3 part sink, under mount cabinet lighting, pull out pantry. Large closets in bedroom, Hunter Douglas blinds. Building has BRAND NEW ROOF & AMAZING ROOF DECK w/ gorgeous mountain & downtown view! Open Sat Nov 6, 2-4pm .
Read full post

Please visit our Open House at 208 1433 1ST AVE E in Vancouver.
Open House on Saturday, October 30, 2021 2:00PM - 4:00PM
QUIET SIDE of building! This LARGE 1 bed + flex has a large open patio & covered patio totaling 241 sq ft of outdoor fun! Lounging & entertaining is easy w/ this fenced patio! Bring Fido...you & your dog will love it! Lovingly renovated over the years! Ceilings scraped & smoothed + Roxul insulation for sound proofing! Crown molding, potlights, slate flooring w/ design detailing at entry, gas fireplace, industrial hot water tank. Kitchen has solid wood cabinets, granite counters + sit-up bar, integrated D/W, S/S 2 door LG fridge w/ built in water/ice, Blanco Silgranit 3 part sink, under mount cabinet lighting, pull out pantry. Large closets in bedroom, Hunter Douglas blinds. Building has BRAND NEW ROOF & AMAZING ROOF DECK w/ gorgeous mountain & downtown view! Open Sat Oct 30, 2-4pm by appt
Read full post

I have listed a new property at 208 1433 1ST AVE E in Vancouver.
QUIET SIDE of building! This LARGE 1 bed + flex has a large open patio & covered patio totaling 241 sq ft of outdoor fun! Lounging & entertaining is easy w/ this fenced patio! Bring Fido...you & your dog will love it! Lovingly renovated over the years! Ceilings scraped & smoothed + Roxul insulation for sound proofing! Crown molding, potlights, slate flooring w/ design detailing at entry, gas fireplace, industrial hot water tank. Kitchen has solid wood cabinets, granite counters + sit-up bar, integrated D/W, S/S 2 door LG fridge w/ built in water/ice, Blanco Silgranit 3 part sink, under mount cabinet lighting, pull out pantry. Large closets in bedroom, Hunter Douglas blinds. Building has BRAND NEW ROOF & AMAZING ROOF DECK w/ gorgeous mountain & downtown view! Open Sat Oct 30, 2-4pm by appt
Read full post

I have listed a new property at 802 520 COMO LAKE AVE in Coquitlam.
Gorgeous, bright, sunny 2 bed 2 bath corner unit overlooking the beautiful colours of the Autumn trees! Feel like you are living in cottage country in the heart of the City! Floor to ceiling wall to wall windows bring the outdoors in! Only 4 yrs young, The Crown is sure to delight! Beautiful marble herringbone kitchen backsplash, stone counters, S/S appliances, flat panel Fisher Paykel fridge, gas stove for the urban chef. Sit-up bar for morning coffee or a glass of wine while entertaining the chef! Open concept for mingling w/ family & guests! Master bedroom has walk-through closet to ensuite bathroom w/ frameless glass shower. Parking, locker, gym, party room, games room, outdoor fireplaces & BBQ area, pets, rentals! Open house Sat Oct 23, 1-5pm, Sun Oct 24 2-4pm by appointment only.
Read full post

Please visit our Open House at 802 520 COMO LAKE AVE in Coquitlam.
Open House on Saturday, October 23, 2021 1:00PM - 5:00PM
Gorgeous, bright, sunny 2 bed 2 bath corner unit overlooking the beautiful colours of the Autumn trees! Feel like you are living in cottage country in the heart of the City! Floor to ceiling wall to wall windows bring the outdoors in! Only 4 yrs young, The Crown is sure to delight! Beautiful marble herringbone kitchen backsplash, stone counters, S/S appliances, flat panel Fisher Paykel fridge, gas stove for the urban chef. Sit-up bar for morning coffee or a glass of wine while entertaining the chef! Open concept for mingling w/ family & guests! Master bedroom has walk-through closet to ensuite bathroom w/ frameless glass shower. Parking, locker, gym, party room, games room, outdoor fireplaces & BBQ area, pets, rentals! Open house Sat Oct 23, 1-5pm, Sun Oct 24 2-4pm by appointment only.
Read full post

Please visit our Open House at 802 520 COMO LAKE AVE in Coquitlam.
Open House on Sunday, October 24, 2021 2:00PM - 4:00PM
Gorgeous, bright, sunny 2 bed 2 bath corner unit overlooking the beautiful colours of the Autumn trees! Feel like you are living in cottage country in the heart of the City! Floor to ceiling wall to wall windows bring the outdoors in! Only 4 yrs young, The Crown is sure to delight! Beautiful marble herringbone kitchen backsplash, stone counters, S/S appliances, flat panel Fisher Paykel fridge, gas stove for the urban chef. Sit-up bar for morning coffee or a glass of wine while entertaining the chef! Open concept for mingling w/ family & guests! Master bedroom has walk-through closet to ensuite bathroom w/ frameless glass shower. Parking, locker, gym, party room, games room, outdoor fireplaces & BBQ area, pets, rentals! Open house Sat Oct 23, 1-5pm, Sun Oct 24 2-4pm by appointment only.
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Please visit our Open House at 504 60 RICHMOND ST in New Westminster.
Open House on Saturday, September 11, 2021 1:00PM - 4:00PM Please book an appointment time as per Covid protocols. Masks & hand sanitizing mandatory.
This fabulous RENOVATED, 2 bed, 2 bath + loft, 2 level home has 22' FLOOR TO CEILING WINDOWS & a ROOF DECK with RIVER & MOUNTAIN VIEWS that will WOW you! Beautiful white kitchen with S/S appliances & stone counters, massive LR windows offer privacy & bring the outdoors in, gas fireplace, ceiling fan, roof top deck & balcony, master en-suite has heated floors & walk-in shower, spa inspired large main bath. N & S windows = bright all day! 2 in-suite storage areas approx 13x4x2' each. Rainscreened, newer pipes, roof 2007/2013, guest suite, 1 parking, RV & boat parking, 1 locker, workshop, car wash. Pets: 1 Dog & 2 cats (more w/ permission). One rental allowed for 2 yrs w/ option to extend. Age Restriction 19+. Open house by appointment Sat Sept 11, 1-4pm & Sun 12, 2-4pm, masks mandatory. See Video.
Read full post

I have listed a new property at 504 60 RICHMOND ST in New Westminster.
This fabulous RENOVATED, 2 bed, 2 bath + loft, 2 level home has 22' FLOOR TO CEILING WINDOWS & a ROOF DECK with RIVER & MOUNTAIN VIEWS that will WOW you! Beautiful white kitchen with S/S appliances & stone counters, massive LR windows offer privacy & bring the outdoors in, gas fireplace, ceiling fan, roof top deck & balcony, master en-suite has heated floors & walk-in shower, spa inspired large main bath. N & S windows = bright all day! 2 in-suite storage areas approx 13x4x2' each. Rainscreened, newer pipes, roof 2007/2013, guest suite, 1 parking, RV & boat parking, 1 locker, workshop, car wash. Pets: 1 Dog & 2 cats (more w/ permission). One rental allowed for 2 yrs w/ option to extend. Age Restriction 19+. Open house by appointment Sat & Sun Sept 11 & 12, 2-4pm, masks mandatory. See Video.
Read full post

Please visit our Open House at 504 60 RICHMOND ST in New Westminster.
Open House on Sunday, September 12, 2021 2:00PM - 4:00PM Please book an appointment as per Covid protocols. Masks & hand sanitizing mandatory.
This fabulous RENOVATED, 2 bed, 2 bath + loft, 2 level home has 22' FLOOR TO CEILING WINDOWS & a ROOF DECK with RIVER & MOUNTAIN VIEWS that will WOW you! Beautiful white kitchen with S/S appliances & stone counters, massive LR windows offer privacy & bring the outdoors in, gas fireplace, ceiling fan, roof top deck & balcony, master en-suite has heated floors & walk-in shower, spa inspired large main bath. N & S windows = bright all day! 2 in-suite storage areas approx 13x4x2' each. Rainscreened, newer pipes, roof 2007/2013, guest suite, 1 parking, RV & boat parking, 1 locker, workshop, car wash. Pets: 1 Dog & 2 cats (more w/ permission). One rental allowed for 2 yrs w/ option to extend. Age Restriction 19+. Open house by appointment Sat & Sun Sept 11 & 12, 2-4pm, masks mandatory. See Video.
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I have sold a property at 1307 909 MAINLAND ST in Vancouver.
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I have sold a property at 901 1228 Marinaside CRES in Vancouver.
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I have sold a property at 224 350 2ND AVE E in Vancouver.
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I have listed a new property at 1307 909 MAINLAND ST in Vancouver.
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I have listed a new property at 103 4926 48 AVE in Delta.
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I have sold a property at 557 48TH AVE E in Vancouver.
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