Eligibility Criteria For Strata Guard Policies

Properties that qualify for the Strata Guard policy for rented condominiums are subject to the following eligibility criteria:

  • New policyholders need to be a member of the “Real Estate Investment Network”
  • Unit must be well maintained and in good condition and rented to others for private residential purposes
  • Dwellings must be within 8 kilometers (5 miles) of a responding fire hall
  • A fire extinguisher must be located in every unit
  • Dwellings must have functioning smoke detectors and carbon monoxide detectors (For multi-unit properties, each unit must be equipped with its own functioning detectors.)
  • All bedrooms must have at least 1 window (For optimum safety, these windows should be easily opened from the inside, accessible and large enough for anyone to fit through in case of a fire.)

Ineligible Properties

  • Properties with more than one water damage claim in 3 years, or more than two claims of any kind in 3 years
  • Rental dwellings or units rented on a short-term basis (less than one year), sublets, or used as shared accommodations with paying guests
  • Properties located on farm property. This includes risks with outbuildings that are obsolete, former farm buildings, not structurally sound, used for mercantile operations or containing animals/poultry
  • Risks known to have contained or been involved in illegal drug cultivation, manufacture or distribution
  • Dwellings slated for demolition
  • Units with primary wood heat
  • Properties with boarding, rooming, or lodging occupancies
  • Any risk with cancellation for non-payment in the last 36 months