Excess Strata Water Damage Deductible Assessment
by Cansure
Property Insurance
CA$ 400K
Alberta, British Columbia, Ontario
Yes
- Umbrella / Excess
- condominium unit owners and tenant-occupied
Product Overview
Excess Strata Water Damage Deductible Assessment by Cansure is designed for condo unit owners and tenants in Alberta, British Columbia, and Ontario. This product helps protect against high water damage deductibles that strata corporations may assess to individual unit owners.
When a water damage claim starts in a unit, the strata’s insurance deductible can be charged back to that owner. Excess Strata Water Damage Deductible Assessment by Cansure covers this assessed amount, up to the limit chosen by the policyholder. There is no deductible for claims under this coverage, making it a straightforward solution for unexpected costs.
About Excess Strata Water Damage Deductible Assessment by Cansure
Many strata corporations have raised their water damage deductibles in recent years. This has made coverage like Excess Strata Water Damage Deductible Assessment by Cansure more important for condo owners and tenants. The product is available only through licensed insurance brokers who have a contract with Cansure.
Claims are handled quickly, and proof of assessment from the strata corporation is required. Brokers can find more details, get a quote, or connect with an underwriter by using the ‘Contact Underwriter for Quote’ option on this page.
Excess Strata Water Damage Deductible Assessment by Cansure FAQs
What type of insurance is this product classified under?
This coverage is classified as property insurance. It is designed for residential strata unit owners and tenants who may face water damage deductible assessments.
How does Excess Strata Water Damage Deductible Assessment by Cansure help condo unit owners?
This Cansure policy helps condo unit owners by covering the deductible amount assessed by the strata corporation after a water damage claim.
What is the policy term for Excess Strata Water Damage Deductible Assessment by Cansure?
The policy term is annual and can be renewed each year through a licensed insurance broker with a Cansure contract.
Is a broker contract required to access this product?
Yes, a contract with Cansure is required for brokers to offer this product to their clients.
Can tenants purchase Excess Strata Water Damage Deductible Assessment by Cansure if they rent a condo unit?
Yes, tenants who occupy condo units in Alberta, British Columbia, or Ontario are eligible to purchase Cansure’s Excess Strata Water Damage Deductible Assessment.
What is the main purpose of this excess strata water damage deductible coverage?
The main purpose is to protect unit owners and tenants from large water damage deductible assessments that may be charged back by their strata corporation.
Are there any exclusions to Excess Strata Water Damage Deductible Assessment by Cansure?
Standard exclusions apply, such as intentional acts, wear and tear, and damage not related to water.
What is a deductible buydown and how does it work?
A deductible buydown allows condo owners to reduce or eliminate their out-of-pocket cost if they are assessed a large water damage deductible by the strata.
What limits are available for Excess Strata Water Damage Deductible Assessment by Cansure?
Various coverage limits are available, allowing unit owners to select the amount that matches their strata’s water damage deductible.
Complete and up to date listings are our highest priority. Our full-time research team keeps our listings accurate and up to date but sometimes changes happen that we haven’t spotted yet. If you see something out of date, click here to open your email client and send us a message!