Condo Insurance Claims Arising From Hazards, Water, Fraud

Condo insurance claims are the result of liability relating to general and seasonal hazards (slipping, tripping or falling injuries), water damage, and theft of funds. Slip and fall accidents represent over 50% of injury hospitalizations between 2002 and 2004, and Zurich reserves more than $1 billion to pay for such claims. Condo corporations may be protected against liability claims by logging the time and date snow and ice clearing services are performed. Water damage is the most common cause of condo insurance claims, costing insurers $1 billion and $1.7 billion respectively. Climate change is expected to increase the frequency of severe flooding, so flood insurance coverage may no longer be available.

To reduce insurance claims and premiums, residents should manage the risk of sewer backups and choose green waste solutions. Financial management practices can reduce the risk of theft of funds.