When you buy a Vancouver condo you may be under the impression that the strata's insurance coverage is sufficient. This is not the case. The strata's insurance coverage looks after the structure itself, it does NOT provide any coverage at all for the contents of your home, the replacement value of which can quickly escalate for even very modest condos.
The other important element not covered by the strata insurance is personal liability.This becomes a significant issue when it comes to the matter of water damage and claims. Strata corporations are now feeling the weight of increased premiums and deductibles on their insurance and are very sensitive to water damage and claims.
Individual owners should be aware that if their condo can be proven to have caused damage to the building (e.g. overflowing tub or malfunctioning dishwasher) they can be sued by the strata council for the damage caused.
An insurance policy for the contents of your strata home includes protection for personal liability. If you do not have such a policy you will face legal action on your own.
P.S. I am your Vancouver real estate Realtor with hyper-local experience!