Water...it is what all life seems to spring from and what we can't live without. Yet somehow when it gets into your house through walls and under doors, etc, it is the worst thing EVER!
At the beginning of this week, 5:00am to be exact, the sprinklers turned on for the first time in my mother's strata complex. This normally would have been fine to water the new spring flowers if not for the LARGE crack that had developed in the foundation wall over the last few years. Within minutes the basement was filling up with...you guessed it, WATER. Yikes! It went everywhere! Under rugs, furniture, drywall, you name it the water flowed under it.
Interestingly, the Strata's insurance restoration people arrived promptly for the initial clean up and left with dryers blaring and things perched high off the floor. What next? Well, it appears now that the fight is with the Strata to have her contents replaced/repaired. You see, they think that the content should be covered by her insurance, not theirs.
Now from my point of view, something stinks here and it is not moldy carpet underlay.
"Like hell", I told her...this is to go on their insurance, not yours.
However, this is where I am wrong!
After much investigation, according to the Canadian Bar Association, strata corporation insurance policies typically only cover the exterior of the building and common property inside and outside your unit. It also insures permanently affixed items inside your unit such as kitchen cabinets, floor coverings, appliances, intercom and other similar items that were permanently installed at the time the building was constructed. The strata corporation’s insurer does not take into account any improvements or betterments that have been made to the unit by you or your predecessors. (example: finishing an unfinished basement, upgrading flooring from carpet to hardwood, etc)
As I had been wrong, this is where I believe most people don't realize, in a strata complex, who pays for what. Strata or homeowner?
If you live in a strata complex, or even a rental apartment, this should be a lesson shown to you, and a perfect reason why, you need to carry insurance on your content. Even if something happens that is not your fault, you may be out a TV, couch, etc, if you don't have insurance.
Another thing to think about is what to do when disaster hits. I found this Canadian blog Wallet Pop Canada that has a great article on things to ask, have available, etc. in the event you may need insurance to rescue you.
Insurance is something people pay for (not happily I might add), however, are so glad they have it when needed.
Really at one time or another we all will most likely end up needing insurance and there is nothing worse than not being prepared and having a policy in place. Whether for your house/condo, car, boat, life, etc, you should always plan for the "rainy day". And remember, look at the deductible's too...if you have a cheaper insurance policy, however your deductible is expensive $1,000 +, it may not be such a great deal if your damaged goods are only worth $800.00! Shop around for various quotes to be smart. The best thing to be is proactive.
"Fun is like life insurance; the older you get, the more it costs." ~Kin Hubbard
Until tomorrow...
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