Condominium Insurance

The condominium insurance industry has experienced shockwaves, leading to significant increases in insurance premiums and deductibles for many condominiums. To manage insurance claims and minimize these increases, condominium corporations can take specific steps. Passing a standard unit by-law that excludes flooring from the standard unit can reduce water damage claims. Implementing an insurance deductible by-law that makes owners responsible for their unit's damage can discourage unnecessary claims. To reduce the likelihood of damage, condominiums can consider annual inspections, regular drain cleaning, and the installation of water sensors to prevent water leaks. While no strategy can guarantee no future damage, these measures can help mitigate insurance claims and protect the collective financial interests of unit owners.