BCAA

Tracey Ayton Photography WINTER 2017 BCA A .COM 25 condo insurance HOME asbestos in several areas, which necessitated extra remediation work (covered by the strata). "We were down to the studs downstairs," says Susan. "We were out of the house for a week." Thanks to their BCAA Condo Insurance policy, the Lowreys' accommodation and meals during this period were covered. The silver lining Since their home was undergoing extensive work anyway, the Lowreys decided to put some of their own money toward a few projects to complement the repairs: a new kitchen backsplash, new upper cabinets (which wouldn't have matched the new set on the bottom otherwise), and a new bathroom vanity and toilet downstairs. They also directed some of the compensation for the damaged Waterworks Most condo insurance claims stem from pipes bursting, appliances leaking or drains backing up. If water from your condo damages the building, or another suite, and you're found responsible – or the strata bills you for its insurance deductible – you're on the hook. Reverse flow If water from a building's common spaces (such as pipes between suites) damages your possessions, your own insurance policy responds, even though it's technically the "fault" of the building. Who covers it? A strata's insurance company doesn't cover condo owners' personal belongings, even if damage occurs as a result of an issue with the building. Owners need their own condo insurance policy. To determine how much coverage you need, take an accurate inventory of your possessions and their replacement cost.

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