Posted Dec 3, 2019, 2:07 PM
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Registered User
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Join Date: Jan 2007
Location: Surrey
Posts: 1,759
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Like jlousa stated, many stratas are opting for higher deductibles than higher monthly fees. Our strata deductible increased from $100K to $350K. It was egregious. Any building damage up to $350K is now on our hook as special levy assessments. The strata has also indicated to owners that they need additional insurance to cover a potential chargeback of stata deductible of $350K if your unit is held responsible for damage. Most insurers do not offer chargeback protection up to $350K. So many owners are furious.
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