Condo Insurance Coverage For Excess Water Damage Deductibles

Condo Insurance Coverage For Excess Water Damage Deductibles Harbord Insurance

You may have your own personal condo insurance for your condo unit, and your condo building may even have its separate insurance for the rest of the complex too, but did you know that you could still be on the hook for thousands of dollars in the case of extreme excess water damage from your unit? It’s true.

You Could Be On The Hook

You and your building may have coverage for most of the damage, but if extreme damage to the building or other units comes from your condo unit, you could be on the hook for the entire condo building’s deductible fee. A $25,000 deductible is standard and can sometimes range up to $100,000 or more! Deductible coverage for excess water damage may be a good option if you are like the many who would consider that a hard bill to have to pay.

How Deductible Coverage For Excess Water Damage Works

One of the most significant risks that condo buildings face is those water leaks because there are so many different units with plumbing throughout the building.

When Your Condo Apartment Has A Leak

Your condo apartment can experience its own leak from various causes – from your own dishwasher or washing machine leak to a hidden pipe in your apartment bursting and causing damage. It’s easy to understand and imagine how water leaks can cause much damage.

Your Personal Condo Insurance Coverage And Deductible

Whenever you need to submit a claim, you will do so via your condo insurance provider, which covers your unit and the belongings within it. The same is true during water leak scenarios; you must pay your condo insurance deductible to move forward with a claim.


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When Your Condo Apartment Leak Affects Others

However, some water leaks in condo buildings can be so extensive that they damage not only one unit but also common areas of the building and other units. These large water leaks can cause tens of thousands worth of damages and insurance claims.

Your Condo Building’s Insurance Coverage And Deductible

If a water leak causes damage to common areas of the condo building, the building’s insurance may need to step in to help cover the damages. The strata corporation would have to pay its deductible; however, this is usually much more significant than condo insurance.

Be Covered In Case You’re On The Hook

Suppose you are liable for a large water leak from your condo apartment that causes extensive damage to other building areas. You could be on the hook for more than just your condo insurance deductible. In some situations, you could be liable for other unit owners’ deductibles and your entire building complex’s insurance deductible. Luckily, there is a type of coverage option that protects consumers from this scenario. With this insurance coverage, you don’t need to worry about being on the hook for someone else’s deductible if your unit causes excess water damage.

Contact Harbord Today!

If you have any questions or are interested in excess water damage deductible coverage, we encourage you to contact us at Harbord today. We’d be happy to answer any questions you may have and can offer you free independent insurance quotes.

Get In Touch

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