Excess Loss Assessment/Deductible Coverage for Water Damage and Sewer Backup Claims
There has been a high frequency and increasing severity of natural catastrophes around the world in the past few years, affecting the global insurance market. Coupled with increasing water damage claims and repair costs, insurers are increasing water damage and sewer backup deductibles on the Strata Corporation's Insurance.
As a unit owner, you can be held responsible to pay these high deductibles.
You can purchase deductible assessment insurance under your personal condominium unit owners insurance. However,in many instances, this is capped at $25,000 to $50,000, which may not be enough to keep up with the increasing Strata Corporation deductibles.
Through Acera Insurance (formerly CapriCMW), you can increase your personal deductible assessment coverage up to $250,000*.
Strata Corporation's Water Damage Deductible
Deductible Assessment Coverage Under Unit Owner's Condo Policy
Gap to be Paid by Unit Owner
Our excess coverage will increase your limits available should you be assessed the strata deductible.
Please note: To be eligible for coverage, a current annual lease is required for any units being rented out.
Our excess coverage will increase your limits available should you be assessed the strata deductible. This coverage is in excess of your primary unit owners policy, and will only be triggered once the underlying policy pays out.
*If a limit higher than $250,000 is required, contact an Acera Insurance advisor.
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