Unit Contingency Coverage & Loss Assessment Coverage.

There are a couple of clauses within your individual homeowner’s insurance policy that you should pay close attention to and review with your insurance agent.

The Unit Contingency Coverage insures your unit so you are protected in case the Strata coverage is not sufficient.

In the event of major loss/destruction of the complex property the Loss Assessment Coverage covers the owner’s individual share of the Strata’s insurance deductible ($2,000,000) for all our common properties.

Re-building of the complex could NOT begin until all owners pay their share of the deductible. Owners are encouraged to check their home insurance polices to see if they have sufficient coverage for this.