New Condo Insurance Rules Bc at Car Insurance

New Condo Insurance Rules Bc. The liability coverage included in a homeowners, condo or tenant insurance plan protects you financially if you unintentionally cause bodily injury or property damage to others—at your home or anywhere in the world. In the context of a condo water leak, the association and owners owe the following duties of care to one another:

-1
-1 from encrypted-tbn0.gstatic.com

Your personal property such as clothing, appliances and furniture, as well as items stored in your locker. Gioventu says the rise in premiums for the building can affect condo and townhouse owners in a number of ways. As part of the changes, insurance agents will be required to disclose their commission amount to strata corporations, or risk potentially steep penalties of up to $25,000 for an individual and up.

-1

It’s one of the strongest construction defect insurance coverages in canada. Of insurance coverage in addition to knowing their respective obligations under the bylaws of their strata corporations and the strata property act. The most important change is the fact that, under the new act, the owner is now responsible to maintain and repair the unit. Condo and townhouse owners have special insurance needs, compared to traditional detached homes.