Insurance
When you move into a condominium, like The Point, it is important to know that you need to purchase YOUR OWN contents insurance. This is done through any Insurance Broker by getting Condominium (if you own a unit at The Point) or Tenant's Insurance (if you are renting a unit at The Point).
In addition to contents insurance, which usually has a minimum coverage of $30,000 worth of contents for about $150/year, the Strata Council also recommends you have the following included in your insurance policy:
- Coverage for any special items you have (e.g. Jewelry, Bikes, etc.)
- Earthquake Coverage - In the event of an earthquake, if the building needs to be re-built, each unit will be assessed a portion of the cost of the re-building efforts. Earthquake Coverage will pay your portion of those costs.
- Water Coverage - In the event of a leak in your unit, you will be liable to pay the deductible on the Strata Council's Insurance Policy for Water Damage (which is currently $25,000) to get the repairs to the walls, ceilings, etc. of your unit and other units effected. Water Coverage will pay the $25,000 deductible on your behalf.
