Coventry Woods
This page was last updated: March 22, 2012
Notices
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General Page 2
Private Insurance
Every owner should ensure they have a private insurance policy that covers any damage or insurance deductible which is charged back to their strata lot in the event that damage is caused to the building, another unit or their strata lot through the negligence, omission, act or error of the owner or their family or guests.
Strata Corporation Policy Deductible:
The Strata Corporation currently (2011) has a water damage deductible of $5,000. If an owner's washing machine or dishwasher, or other item should overflow and cause damage, the strata corporation's insurance policy will not be executed until the damage is at least $5,000. At that point the strata will charge back the deductible to the owner's strata lot - this is what needs to be covered by an owner's private insurance policy. Basically, the owner would pay up to the first $5,000 of any damage claim caused by their strata lot.
The Strata Corporation will cover damage caused to an owner's unit or the common property should the damage be caused through the failure of a strata system( i.e: fire sprinklers, water main etc). Note that hot water tanks located in owners' townhouses are the sole responsibility of the owners to maintain. The Strata Corporation insurance policy does not cover personal possessions or upgrades to units - the policy covers only the unit as it was originally built. Owners who have questions about the Strata Insurance Policy may contact the Property Manager for further clarification.
Source: Council AGM Minutes Nov 30, 2009
