Condo Unit Owner’s EQ Deductible Assessment Coverage
Condo Unit Owner’s EQ Deductible Assessment Coverage
Find the perfect fit for your property insurance needs
British Columbia is highly seismically active, putting major cities like Vancouver, Victoria, and Richmond at risk for earthquake damage. Insurers impose high earthquake deductibles on condo buildings (10% to 20% of insured value), leading to substantial out-of-pocket expenses for unit owners during severe damage.
Cansure’s Condo Earthquake Deductible Assessment is designed to protect condo unit owners from these high assessments, ensuring financial security and helping them meet obligations without significant hardship.
Note: For Condo Unit Owners in BC
Features:
- Coverage for Earthquake Deductible Assessments: Reimburses the insured for their portion of the building’s earthquake deductible, up to the selected limit.
- Flexible Coverage Limits: Multiple limit options to cater to different condo unit values and exposure levels across BC.
- Customizable Deductible Options: Policyholders can select from a range of deductible amounts to manage premium costs.
- Standalone or Add-On Coverage: Available as a standalone policy or as an endorsement to a condo unit owner’s existing insurance policy.
Disclaimer: Please select coverage based on your client’s building’s total insured value, deductible percentage, and unit count. Larger buildings with more units generally require lower limits, whereas smaller or luxury buildings demand higher limits due to larger per-unit assessments.
Who Should Consider This Coverage?
- Condo Owners
- Real Estate Investors
- Property Managers & Condo Boards
Get Started with Cansure on the SPGC Portal!
Our Condo Unit Owner’s EQ Deductible Assessment policy is also available for purchase online through the SPGC Portal.