As Vancouver Strata Property Agents, one of our major responsibilities is to manage the property insurance for the buildings that we take care of. We get asked by our Strata Council’s what exactly Insurance companies look for when determining what the premium will be for any given building.
Top Questions insurance brokers ask regarding Strata Property Insurance
Detailed below is a list of the top questions that we are routinely asked by the Insurance brokers we work with. While this list is not exhaustive, it will give you at least a good idea as to what insurance companies want to see, and what you might be able to do as a strata council to negotiate a better premium for your property insurance;
Number of units? Please provide the occupancy breakdown below.
- Owner occupied:
Does the Strata Corporation collect any rents with respect to:
- Laundry Facilities
- Parking Stall Rentals
- Caretaker / Guest Suite Rentals
If yes, please confirm what the total annual amount for rents is and we can provide a quote for this coverage.
As the building is over 25 years old, please advise if the following systems have been changed/upgraded:
Does the Strata own any suites in the building?
Does the Strata own or lease any fine arts (interior or exterior common property) that they are required to insure
Has the insurance appraisal service been renewed?
Have there been any claims or losses in the last 5 years? If yes, please provide details.
Number of buildings
If more than one building (pod) please forward a site plan if you have one, or the estimated distance between the buildings
Any underground parking?
Approximate total square footage including underground parkade, if any
Square footage of smallest building
Square footage of largest building
Are there sprinklers and heat smoke detectors within the units?
Heating system and fuel type
any no smoking bylaws?
Any bylaws and rules regarding barbecues?
type of plumbing?
Age and condition of the boiler
Updated Depreciation Report
Confirmation of no short-term rentals, including Air BnB
Any Bylaws in place that will assist in loss prevention (i.e. non-smoking, banning barbeques on balconies, age requirements to replace hot water tanks, etc.)
Any planned updates for the coming term?
Other things that the insurance broker may ask for when quoting on strata property insurance
In addition to these questions, Insurance brokers will want to see any reports on file for the building such as envelope studies, engineering reports depreciation reports, etc. They may request that you have a 3rd party perform an electrical or plumbing inspection, so don’t be surprised if that becomes a condition of your acceptance.
Looking for help with your Strata Corporation’s property insurance? Please reach out to our Vancouver Property Management company today!