Do you live in a Strata property such as a condo or townhome? Many strata owners would be surprised to know that if there were an Earthquake, as unit owners they would be assessed a portion of their Strata’s Earthquake deductible to have the building repaired. Even more surprising is how high the Strata Corporation’s Earthquake Policy deductible can be, often into the millions of dollars.
In the event of an earthquake, your condo/townhome insurance policy may not cover you if you are assessed a deductible as part of your strata’s earthquake policy. It is important to look into whether your existing policy will cover this. If not, Westland now offers a Strata Earthquake Deductible Assessment Policy. This new policy is purchased separately from your existing insurance and allows you to ‘buy-down’ your strata earthquake deductible assessment. For example, if your strata earthquake deductible assessment is $60,000, you could buy-down your assessment deductible to as low as $1,000. This will provide you peace of mind in the event of an earthquake and will allow you to submit your claim sooner.
This product offers:
- Affordable premium & deductible protects your financial security
- Lower deductible removes additional stress in the event of an earthquake claim, so you can deal with other urgent matters
- Flexibility – you can choose a limit to cover the assessment up to $100,000, or just a portion of the assessment
- Can be purchased as a stand-alone policy