Importance of a good homeowner's insurance policy if you live in a strata complex

1. I know of a case where there was a fire in a strata complex, and some of the owners did not have homeowner's insurance policies.  They lost everything.  They had to pay to replace their belongings, and also pay for a place to live while the units were being repaired.  In addition, they had to continue making their mortgage payments for their home that was damaged during the fire.  The process took more than one year.
 
2. Even though strata insurance coverage is in place, you may not be protected. If the cost to repair the damage is less than the strata policy deductible, which is high these days, the homeowner is responsible for the repairs. If you do not have your own homeowner's policy, it can be financially devasting.
 
3. Recently the unit above our townhouse had a backup of water because of a blocked drain and the water flowed down to our unit and did a fair amount of damage. Because we have a good homeowner's insurance policy, we paid a small deductible, and the insurance company is paying for the remediation. They are also covering our accommodation for three weeks as we are required to be out of our home while the work is being done. Because it is the slow tourist season, we were able to secure a lovely apartment in Whistler for the three weeks at a very reasonable price. In fact, it was cheaper than we could find in Vancouver.  Three weeks away from our home is a disruption to our daily schedule but at least we are spending it in a pleasant environment.  
 
 
 
The moral of the story: Make sure you have a good homeowners insurance policy.  
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