In this week's video blog, Kelowna Realtor, Brendan Stoneman, sits down with Home Insurance expert, Anita Petersen of Axis Insurance to discuss the options condo owners have to protect their personal contents and upgrades they've made to the strata unit, in the event of major damage to the building or suite. Did you know that in addition to protecting your contents, this type of policy would also cover your living expenses in the event you are ever displaced from the property as a result of a flood or fire?
We hope you enjoy this short video and If you have any further questions please don't hesitate to ask! For all your Home Insurance needs in the Kelowna area - Anita's contact info is below.
Here's the Transcript of this Video:
BRENDAN - Hi there, this is Brendan Stoneman with RE/MAX Kelowna. And I'm sitting down with Anita Peterson- she's a home insurance expert with Axis Insurance. So now when people are buying into a Strata community, we know that the strata is responsible for maintaining insurance on the strata common property, the buildings, the amenities, the clubhouse, that sort of thing. Are there policies available for the individual owners to protect their own personal contents?
ANITA - Absolutely, it's called a condominium insurance policy, it covers all your personal property which is just one key factor of that policy. You have liability on top of that as well. You have additional living expenses, in the event that you're ever displaced from home because of a claim. One of the most important parts of that policy it gives you coverage for your strata deductible. In the event that you're ever responsible for a claim on the building, the strata can approach you saying, "Hey, you're responsible for this claim, "we'd like you to cover our strata deductible." It can range between a thousand and $25,000 depending on the strata. And that gives you coverage to cover that.
BRENDAN - Excellent. What about someone buys an older home and then they do a bunch of upgrades to their unit, is it the strata's policy that looks after that or would that fall under your own individual policy.
ANITA - So betterments and improvements are also included on that policy. You have to let your strata know when you're doing that, because I guess you have to get a permit to do that. And so long as the betterments and improvements are noted on the strata minutes, in the event of a claim, the insurance company can go to the strata and confirm that there have been betterments and improvements.
BRENDAN - So one of the things I know, there's been some condo buildings in the past, where there's been a huge building fire, everybody's been evacuated, the building is essentially condemned and what a lot of people don't realize is that, they keep making their mortgage payment, that mortgage doesn't go away and now they need to find a new place to live. So you mentioned that this sort of policy would cover your out of your living expenses while you're displaced.
ANITA - It is called additional living expenses, and that is a huge coverage that's so important because if you're ever displaced, it's expensive to go and rent another place or stay in a hotel and eat and have to replace some of your clothing and all that kind of stuff. Additional living expenses covers the cost for accommodation, food and all that kind of stuff. So it's an inexpensive policy, it can range from $300 to a thousand dollars, it just depends on how much you think it would cost to replace everything you own.
BRENDAN - Yeah, when you look at the scope of what it all covers, I know it's not mandatory that you have this insurance in place but for a few hundred dollars a year, I mean it's a no-brainer.
ANITA - It's peace of mind. An example, if you have a hundred thousand dollars in contents, percentage gets thrown on for additional living expenses so in that case, it would be $20,000 to go and rent, find somewhere else to live until you're able to move back into your home.
For All Your Kelowna Area Insurance needs reach out to Anita: