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Condo Policy Updates

We’re pleased to provide the following enhancements to your policy:

#

Coverage

Detail

Previous

Enhancement

Policy Reference

1

Personal property in a safety deposit box

Items usually kept in an off-site safety deposit box

Not available

Up to $10,000 in coverage

1.1.11 14)

2

Tear out

The cost to repair walls or ceilings that are torn out to access something behind them (such as plumbing or electric wires) that turns out to be an uninsured loss.

Not available

Up to $500 in coverage (no deductible)

1.1.11 8)

3

Water freezing exclusion for temporary un-occupancy

Damage due to water freezing in your pipes while you’re away from home in the winter

Coverage available if the home was checked every day when you were away for more than 4 days.

Coverage available if the home is checked every other day when you’re away for more than 14 days.

1.1.14 9)

4

Strata property damage

Your portion of the cost to repair damage to collectively owned condo property, for a claim the strata corporation and your insurance policy cover, but the strata corporation doesn’t have adequate coverage for.

(e.g.: a fire breaks out in the building’s common room, causing $1MM in property damage, but your strata corporation’s policy only has $750,000 in coverage. The unit owners must cover the remaining $250,000. This coverage would step in to help you cover your share.)

Coverage available was up to 100% of your personal property limit (see Section 1, “C. Personal property” on your Declaration Page)

Coverage available up to 250% of your personal property limit (see Section 1, “C. Personal property” on your Declaration Page)

1.1.11 17)

5

Strata liability

Your portion of the settlement if someone is injured on collectively owned condo property, in the case that the courts award a judgment that's higher than the amount of liability coverage in the strata corporation’s insurance policy, and if your policy covers that type of injury.

Coverage was up to $125,000 or $250,000 (depending on policy type)

Coverage up to $1,000,000

2.1.4 6)

6

Additional living expenses

Funds to help you pay for reasonable and necessary expenses (like temporary accommodations and food costs) in the event you are forced to leave your home following a covered loss.

Coverage available outlined in Section 1, “D. Additional living expenses” on your Declaration Page

Coverage available outlined in Section 1, “D. Additional living expenses” on your Declaration Page. $35,000 minimum coverage

1.1.12
1.1.13

5

Vacancy exclusion

Water damage, glass damage, vandalism in vacant homes

Not available

Available for purchase

3.16


Optional Coverages

We encourage your to consider what optional coverages may also be appropriate for your home. View additional coverage options here.



Insurance is sold through BCAA Insurance Agency and underwritten by BCAA Insurance Corporation. The language in this document may not be the same as the actual policy wording, which will prevail in all instances and is available upon request. Certain exclusions, limitations and conditions may apply.