Insurance—Did you Know?

The article discusses ways to mitigate rising insurance premiums for condominium corporations. One approach is to increase deductibles, which can lead to long-term savings if the corporation remains claim-free. The article also emphasizes the importance of maintaining the property to reduce the risk of claims and improve the resale value. Additionally, unit owners are encouraged to maintain their individual units, particularly for aging components like heating, electrical, plumbing, and water heaters. The article advises against delaying the renewal process and stresses the importance of providing renewal information promptly to speed up the process. Lastly, the article provides explanations of key condominium insurance terminology, including liability insurance, property insurance, standard unit, and deductibles.