What You Need To Know About Strata Insurance

Understanding what the strata insurance covers and what your obligation as an owner in a strata is an important topic. The insurance coverage for the strata development must be included in the strata documents. Then as an owner, you take this document to an insurance brokerage and get your owner’s insurance. It is essential to get all the coverage you need so that between the strata corporation and yourself you are fully covered. The content of this post has been provided by Acera Insurance Services Ltd.

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Where are the Benchlands?

The Benchlands is an area in Whistler, that was developed in the eighties. The area was designated as prime real estate as it was within walking distance of Whistler Village. In addition, the Benchlands had developments slopeside on Blackcomb Mountain, and developments linked by a network of paths to allow easier access to the slopes. It was deemed by the council of the day, that this prime location would be where the tourists would want to rent, so it was all zoned for nightly rental. The council was right.

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Understanding The Depreciation Report

Preamble: Provincial legislation requires every strata corporation in BC of 5 or more units to either acquire a Depreciation Report for the property or defer the report by means of a 3⁄4 vote of the owners at a general meeting. The report projects the anticipated costs of maintenance, repair, and replacement of building components over the next 30 years. Acquiring a report provides a long-term plan for strata property maintenance allowing owners to plan for future expenditures. A vote to defer has an 18-month time limit, resulting in the need to vote again at subsequent AGMs.

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