In Vancouver, we know all about water. We’re surrounded by the ocean, and so much of it falls out of the sky that it’s a wonder where it all goes.
Water giveth, and water taketh away.
Without water, life as we know it wouldn’t exist. But H2O isn’t so friendly to condominium buildings.
5 facts condo owners need to know about water damage:
- 50% of all home insurance claims in British Columbia are due to water.
- 50% of all condominium buildings will have at least one water damage claim this year.
- The average value of a water damage claim in a condo building is $25,000.
- Most water damage deductibles start at $10,000, and can be as high as $200,000. The unit owner responsible for the damage is responsible to pay the entire deductible.
- Laminate and manufactured hardwood flooring (the most popular choices for condos) react poorly to water. They have to be removed and replaced while residents live in temporary accommodation.
Lucky for you, you can protect yourself from the perils of water damage in less time than it takes to run a bath. Get your quote from Leo Insurance today.