Strata-Quake

We in the Pacific Northwest have experienced a handful of earthquakes in the past few months.  The experts have been warning us for years that the BIG ONE is overdue!  Vancouver Island has been shaken up the most in the last 30 days with four quakes that measured 4.0 or higher on the Richter Scale (Near Tofino, BC - Off the west coast of the island).  Earthquakes of this magnitude are felt by most people in the area and can awaken many from their sleep.  As these tremors shake their way up the scales they cause exponentially more damage and casualties.

Last month of EQ activity in Southwestern BC (Earthquakes Canada)

Size & Scale of Earthquakes (Earthquakes in BC)

There are a lot of things we can do to prepare for earthquakes and emergencies in general (See links below).  Most of us turn to "Home" insurance to recover and replace our losses.  If you live in a strata complex, pay attention NOW!

Strata corporations are required by law to insure the common property of its members.  Most stratas advise you to review the strata policy with your insurance broker to be sure you have a reasonable limit for Strata Deductibles and/or Loss Assessments.

Standard condo policies do not automatically include earthquake coverage.  Earthquake endorsements are generally required to cover these losses and come with an additional premium.  As the owner of a apartment/condo or townhome/townhouse, you need to add this coverage for your insurer to cover your portion of a strata loss due to earthquake.  The fact that your strata policy includes earthquake is not enough to protect you from financial loss caused by earthquakes.  Owners need to have earthquake coverage on their personal property in order for the insurer to pay common losses for their high strata deductibles.

Talk to your broker about your policy and ensure that you are properly and sufficiently covered for the potential damage caused by earthquakes.  Sufficient limits are determined by a review of the strata policy declarations.  These "Dec Sheets" are usually available from your property manager and are often handed out at AGMs (Annual General Meetings).

If you are still concerned or stressed about your coverage, I'd be happy to offer my experience and knowledge.

Preparing for Earthquakes (Earthquakes Canada)

The Great British Columbia ShakeOut (Get Ready!)

Earthquake Preparedness (Emergency Management BC)

Earthquake Preparedness Training Course (Vancouver Fire & Security)