What does strata insurance cover, and what does it cost in British Columbia?

This answer covers the law of British Columbia.

Strata insurance covers the building and shared property, not your belongings or your own liability. The strata's policy covers common property, common assets, buildings on the strata plan and fixtures installed by the owner developer at original construction, but it does not cover personal contents, household appliances generally, personal liability or living expenses after a loss.

The strata must obtain and maintain property insurance on a full replacement value basis, except in prescribed circumstances, against major perils such as fire, water escape and windstorm, and liability insurance of at least $2,000,000. You can insure your own lot and fixtures for perils the strata does not insure, amounts above its coverage, improvements, and liability for property damage and bodily injury on the lot or common property.

Premiums are a common expense paid from the operating budget, so any increase flows into your strata fees. Deductibles on a strata policy can range from $100,000 to $750,000 or more, and a deductible is a common expense paid through strata fees, although the strata can sue an owner responsible for the loss to recover it. Bylaws and policy details vary by strata, so a lawyer can confirm who bears what in your building.