UBC condo owners could be liable to pay for their strata's water damage deductible, even if they're not responsible for damages.
For UBC condo owners, it is important to note that Strata corporation can legally sue an owner to recover the deductible if the owner is responsible for a loss or damage; even if it is beyond the unit owner's control!
For example, if a pipe burst from within the walls of your unit or a faulty washing machine connection causes a water leak, the owner could be held accountable.
If an owner's condo insurance policy does not cover the required limit of coverage they may have to pay out of pocket, and strata building policy deductibles range from $2,500-$150,000.
Condominium insurance usually provides limited coverage for strata deductibles, but you can often increase coverage for a small additional premium.
If you have bought or are considering buying UBC Real Estate it is important to make sure you have enough coverage for your property.
Why not visit the friendly staffs at InsureBC to see if you have enough coverage? They are located at 3318 Wesbrook Mall. They can be reached at 604-558-2411
Do you have any further questions regarding this or any other inquiry regarding ownership and maintenance of UBC real estate? Feel free to contact the UBC Homes office anytime.
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