Is the Condominium Industry ready for $500,000 Deductibles?

The blog discusses the potential impact of high insurance deductibles on condominium corporations. With insurance deductibles for condo buildings on the rise, some corporations may be facing deductibles as high as $500,000 in the event of a claim. The blog highlights the importance of condo corporations being prepared for these high deductibles and having adequate reserve funds in place to cover the costs. The author also notes that some corporations may need to adjust their insurance coverage or consider risk mitigation strategies to minimize the impact of high deductibles. The blog emphasizes the need for proactive planning and communication between the board and owners to ensure that everyone is prepared for potential insurance claims.