How to Simplify Strata Insurance

How to simplify Strata Insurance

As most Strata Corporations and Strata Owners are now aware, insurance rates have increased dramatically across British Columbia. For many insurance rates have increased 50-300% and deductibles from $25,000 to a $100,000. 

As a result new legislative changes includes several new obligations for strata corporations that complicates strata insurance management. Two amendments to the Strata Property Act, specifically deals with insurance information and disclosures. These amendments now require strata corporations to disclose specific insurance details, including: deductibles, exemptions and exclusions. Strata insurance summaries also now have to be disclosed more frequently to new and existing strata owners. 

All the changes and increased costs puts tremendous pressure on Strata Corporations and it makes strata insurance often more difficult to understand, frustrating to deal with and very expensive with very few cost effective options in this hard market. 

Here is what one of our strata clients recently stated when issued Bayview’s program and information: 

“Good morning, Erika.
Strata Council approves the attached "On Plan" umbrella proposal for our insurance for December 1, 2020 to November 30, 2021.
We were pleased with the very detailed and clear preamble you provided with this proposal.  This is precisely why we are enjoying working with Bayview and especially with you.
Thank you for all your assistance.” Peter - Strata Council Member. 

At Bayview Strata we simplify insurance management with full strata management services that include access to our specialized “umbrella” insurance program. Here is what Bayview has to offer to your Strata Corporation: 

  • Bayview’s “On Plan” umbrella program has assisted in generating increased coverages and managed premium increases significantly better than a strata corporation securing coverage on their own.
  • Our program includes no cost insurance appraisals and updates; this generates a savings of between $700 - $1,200 for the strata corporation.
  • Our plan also includes additional living out cost allowance; this means if your strata has a loss and you need to be out of your unit for a period of time, once your personal coverage runs out the Strata will have additional coverage to protect you.

At Bayview, we will help your Strata Corporation simplify all things insurance and we offer management services, accounting-only services and consulting services.  Our strata management specialists will customize our services to meet your unique requirements. 

Contact us today to find out more and to book your free consultation. 

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