Strata Building Insurance

Strata buildings can be a duplex, apartment buildings, townhome complex or any property that falls under the Strata Condominium Act. Strata property owners own their unit as well as a share of the common property, which includes grounds, parking lots, exterior walls, roof, balconies, hallways, amenities room, swimming pools and other recreational facilities.
Strata properties are underwritten as a specialized commercial risk reflecting this type of ownership, along with the fact that they usually have commercial-grade systems for electricity, plumbing, heating/ventilation and elevators.

The Strata Policy covers:

• The building and structures
• Common property
• Fixtures built or installed as part of the original construction, such as floor and wall coverings, electrical, and plumbing fixtures
• Strata assets such as lobby furniture and maintenance equipment
• Liability for property damage and bodily injury to third parties