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Jun 06

Water Damage Vancouver Bc – Strata Or Home Insurance Coverage

Water damage can be one of the most devastating and stressful events for homeowners, especially when people are caught off guard. Insurance policies are sure to exclude different types of water damage, but what types exactly? If your home is rattled by a flash flood, will your home insurance policy provide flood insurance coverage? What about drainage or leakage problems, will these be covered or excluded by your insurance policy?

Both home and Strata insurance work for a variety of water damage claims, but you need to be aware of exactly what types. Water damage insurance can cover most, if not all of your water problems in a specific infrastructure, so continue reading below to discover how both home and Strata insurance work to cover water damage and water restoration.

There can be a lot of confusion when it comes to home insurance policies and water damage. To clear these up, you need to know what your home insurance covers. If your house is damaged by a flood and you live in a flood plain, your home insurance might not provide flood restoration coverage, but if you’ve got roof leakage problems due to wind damage, it likely will cover you, but be sure to check these details with your insurer!
Remember is this rule of thumb: if damage is caused by your negligence and failure to maintain your house, your home insurance policy will not provide you with water restoration coverage.

If you live in a Strata building, the Strata insurance will come into play when the water damage involves the building structure in any way. For simplicity sake, remember that any upgrades you have done to the flooring, fixtures and walls inside your unit, in addition to your personal contents are covered by your home insurance. Anything that is part of the structure is covered by Strata insurance.

When you speak to your insurance agent regarding your home insurance, it is a good idea to take a copy of your strata insurance with you so they can help you determine whether there are any gaps in coverage that you should add to your home policy. The most common gap in coverage is with the Strata policy deductible, which usually is at least $5000 or more per claim. So make sure you have coverage on your home policy to cover the cost of the Strata deductible, otherwise you will be stuck paying your home deducting as well as the strata deductible a costly proposition.

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