Does Your Strata's Insurance Cover Your Condo, or Do You Need Your Own Policy Too?
The strata's master policy sounds comprehensive, but it leaves a real gap that lands squarely on individual owners. Here's what it actually covers, and why a personal policy still matters.
“• The strata’s master policy covers the building itself and common property, but it typically doesn’t cover your personal belongings or upgrades you’ve made inside your unit.
• If a claim originates in your suite, you can be on the hook for the strata’s insurance deductible, which on the North Shore can run tens of thousands of dollars.
• A personal condo insurance policy covers those gaps and is worth having regardless of whether your strata requires it.
• This is one of the more expensive assumptions a condo owner can get wrong, and it’s an easy one to fix with a policy that isn’t costly.”
"The Building Is Insured" Doesn't Mean "You're Covered"
A lot of condo owners assume that because the strata carries a master insurance policy, and they're paying into it through their strata fees, they're personally covered if something goes wrong. That assumption is only partly true, and the gap between what the master policy covers and what it doesn't is exactly where individual owners can end up exposed to real cost.
What the master policy actually covers
The strata's master policy covers the building structure itself and common property: the roof, exterior walls, shared hallways, amenity spaces, and the building's core systems. What it typically doesn't cover is your personal belongings inside your unit, or upgrades and improvements you've made beyond the original, standard finish of your suite (a renovated kitchen, upgraded flooring, built-ins you've added). If a fire, flood, or other loss affects your unit specifically, the master policy's job is to restore the building to its original standard finish, not to replace your furniture or reimburse you for a kitchen renovation you paid for yourself.
The bigger risk: the deductible
Strata master policies carry deductibles, and on the North Shore, where building insurance costs and claim histories have pushed deductibles higher in recent years, that deductible can run into the tens of thousands of dollars. If a claim originates in your suite, a bathtub overflow, a failed appliance connection, something that causes water damage that spreads to affect the building, the strata can pass that deductible on to you as the responsible owner. That's a five-figure bill that has nothing to do with the value of your own belongings, it's simply the cost of the strata's insurance kicking in because of an incident traced back to your unit.
What a personal policy covers
A personal condo insurance policy, sometimes informally compared to what's called an HO-6 policy in some other markets, is built specifically to cover this gap:
Your personal belongings.
Your unit's upgrades and improvements beyond standard finish.
Critically, coverage for your share of a strata deductible if a claim originates in your suite.
These policies are typically inexpensive relative to the exposure they cover, which makes the math fairly one-sided once you understand what's actually at stake without one.
Whether or not your specific strata requires proof of personal condo insurance (some do, through their bylaws, some don't), it's worth carrying regardless, since the exposure exists either way, the requirement just determines whether anyone's checking.
What This Means for You
If you own a North Shore condo and don't currently carry a personal policy beyond what the strata provides, I'd treat that as a gap worth closing soon, not eventually, given how large a strata deductible can be if a claim traces back to your unit. It's a relatively small premium against a genuinely large potential bill.
Your Next Step.
The strata's master policy and your own condo insurance are doing two different jobs, and both matter. If you want a referral to an insurance broker who understands North Shore strata deductibles specifically, send me a message.
Related Reading
What's the Difference Between a Strata Lot and a Bare Land Strata on the North Shore?
What's a Form B, and Why Does My Lawyer Need It Before Closing?
604.317.4464
Matt@RossettiRealty.ca
About Matt Council
Matt Council is a top-performing North Vancouver Realtor and West Van specialist with a background in finance. He moves beyond the sales hype to offer clients a data-driven, pressure-free approach to buying and selling real estate on the North Shore. Whether you are evaluating a presale in Lower Lonsdale or a detached home in Lynn Valley, Matt helps you understand the numbers behind the move.
Thinking of making a move? Let’s run the numbers.