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INSURANCE CRISIS IN CONDOLAND – PART 2 UNDERSTANDING AND FIXING THE PROBLEM

Author: 
Toronto Condo News
Publication date:
March 1, 2023
Article Summary: 

The insurance crisis in condominium communities, characterized by higher premiums and deductibles, stems from insurance companies' perception of increased risk associated with high-rise buildings. Factors such as severe weather events, aging infrastructure, and poor quality renovations contribute to this heightened risk. To address the problem, residents and building management can take proactive measures to reduce risk, such as implementing preventative maintenance programs, having emergency plans in place, and incentivizing residents to obtain personal insurance coverage.

Keywords: 

Insurance crisis, condominium communities, premiums, deductibles, risk assessment, severe weather events, aging infrastructure, preventative maintenance, emergency plans, personal insurance coverage, insurance claims.

Source Citation: 
Toronto Condo News
INSURANCE CRISIS IN CONDOLAND – PART 2 UNDERSTANDING AND FIXING THE PROBLEM
March 1, 2023
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