Half Duplex | Money
Insuring a Half Duplex
Insurance on a strata property is two policies doing different jobs, and the space between them is where owners get surprised.
The short answer
The strata policy covers the building and common property. Your own policy covers your contents, your improvements, your liability, and critically your share of the strata deductible if a claim starts in your unit. In a two-owner strata that share is half of a deductible that can be large.
The two policies
The strata corporation insures the building and common property, and the cost of that policy is funded through the strata fee. It does not cover what is inside your unit or your liability.
Your own policy covers contents, improvements you have made, liability, and loss of use. It should also cover your exposure to the strata's deductible, which is the part people miss.
The deductible gap
Strata insurance deductibles, particularly for water damage, can be substantial. If a claim originates in your unit, you can be responsible for the deductible.
In a large building that is one deductible spread across a big strata. In a two-owner strata there are two of you. Ask your insurer specifically about deductible coverage and confirm the amount against the current strata policy.
What to establish before you close
Get the strata's current insurance summary during your subject period and take it to your own insurer before you commit.
- → The strata policy's deductible amounts, especially for water damage
- → Whether your personal policy covers your share of that deductible, and to what limit
- → What the strata policy does and does not include for unit improvements
- → Whether a suite or a tenancy changes what your insurer will write
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Common questions
Do I need my own insurance if the strata has a policy?
Yes. The strata policy covers the building and common property. It does not cover your contents, your improvements, your liability, or your exposure to the strata deductible, and that last one is the most expensive thing people leave uninsured.
What is the deductible gap?
Strata insurance deductibles can be large, particularly for water damage. If a claim starts in your unit you may be responsible for it. Personal policies can cover that exposure, and you have to ask for it and confirm the limit against the strata's actual deductible.
Does a rental suite change my insurance?
It can. Insurers treat a property with a tenant differently from an owner-occupied one, and an unauthorized suite may affect coverage. Tell your insurer what is actually there rather than finding out at claim time.
Where these figures come from
- VanPlex active listings, MLS® data
Active townhouses, half duplexes, and row houses built in the last two years across Metro Vancouver and the Fraser Valley.
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