Welcome to Boeing Close
Strata EPS 2379
Strata EPS 2379
Owners pay their strata fee on which the type their unit falls under. Strata fee schedule is shown below
The strata only accepts fees via Interac e-Transfer (send all strata fees to boeing.close@gmail.com) or Bank Transfer via Coast Capital Savings. If you have a Coast Capital account, email boeing.close@gmail.com to get details on how to setup bank transfers.
Includes the 6 detached smallfootprint homes
$260/month
Includes the 8 townhouse units
$455/month
Living in a strata means insurance coverage is shared between the Strata Corporation and individual owners. These two types of insurance work together, and it is important that owners understand how they interact.
STRATA CORPORATION INSURANCE
The Strata Corporation maintains an insurance policy that covers all buildings and common property at their assessed replacement value. All owners are named insureds under this policy.
This policy typically covers:
Building structure for all units
Common property (roof, exterior walls, shared systems, etc.)
Standard fixtures as defined by the Strata Corporation
Liability coverage for the Strata Corporation
However, the strata policy includes deductibles. A deductible is the amount that must be paid before insurance coverage applies. Strata deductibles are often significant.
Current approximate strata deductibles:
Earthquake: approximately $1,040,000 total (about $74,882 per unit)
Water damage: $10,000
Flooding: $25,000
General damage: $2,500
These amounts may change annually. Owners should always confirm using the Summary of Coverage document.
If a loss occurs and the Strata Corporation submits an insurance claim, the applicable deductible must be paid. Depending on the circumstances, the deductible may be allocated to:
A specific owner (if damage originated from a unit), or
All owners (for example, in the event of a major earthquake affecting the entire strata)
For example, in the event of a major earthquake, if the insurance policy responds, the total deductible of approximately $1.04M would apply. This cost would likely be shared among owners, which is roughly $74,882 per unit.
Individual homeowner insurance is separate from the strata policy. While not required by the Strata Corporation, it is strongly recommended.
Homeowner insurance typically covers:
The strata insurance deductible charged to your unit
Improvements and betterments within your unit
Personal property and contents
Additional living expenses if you must move out temporarily
Personal liability coverage
To be fully protected, owners should consider coverage at least equal to the strata deductibles listed above.
If an owner accidentally damages their garage door and the repair cost is $10,000, the Strata Corporation may submit a claim under the strata policy. The applicable deductible for general damage is currently $2,500.
In this situation:
The Strata Corporation would repair the damage
The $2,500 deductible would typically be charged to the responsible owner
The owner could either pay the deductible out of pocket, or
Submit a claim to their homeowner insurance policy (subject to their own policy deductible)
Earthquake deductibles are significantly higher than other deductibles. This is standard for strata corporations in British Columbia.
If a major earthquake occurs:
The strata insurance covers rebuilding of the entire property
The earthquake deductible applies first (approximately $1.04M)
This deductible may be shared among all owners
Each owner could be responsible for approximately $74,882
Without homeowner insurance that includes strata deductible coverage, an owner would need to pay this amount personally.
Owners should specifically confirm with their insurance broker that their policy includes:
Earthquake deductible assessment coverage
Loss assessment coverage
Sufficient limits to match strata deductibles
Is homeowner insurance mandatory?
No. However, it is strongly recommended. Owners are responsible for their own risk exposure.
What is "loss assessment" coverage?
Loss assessment coverage helps pay your share of a strata deductible or shared loss, such as earthquake damage affecting the entire building.
What if damage starts in my unit?
If damage originates from a unit, the Strata Corporation may charge the deductible to that owner, depending on circumstances and bylaws.
Does strata insurance cover my belongings?
No. Personal contents are covered under your homeowner policy.
Does strata insurance cover upgrades in my unit?
Not always. Improvements such as upgraded flooring, cabinets, or fixtures should be covered by homeowner insurance.
Should my deductible coverage match strata deductibles?
Yes. Owners should consider coverage equal to or greater than strata deductibles.
What happens if I attend the AGM and deductibles change?
Owners should review their homeowner policy annually and update coverage when strata deductibles change.
Owners can review the current strata insurance information, including deductible amounts, in the "Summary of Coverage" document.
To access the document:
Visit boeingclose.com
Scroll to the bottom of the page
Under "Other Documents" open "Summary of Coverage"
Owners are encouraged to provide this document to their insurance broker when arranging or renewing homeowner insurance.