Legislative Newsflash Ontario - Insurance Advocacy - Nov 2019

CCI-Toronto is addressing the concerns related to increasing insurance costs and deductibles in the Ontario condominium market. The renewal of existing insurance policies has been challenging after major weather events in the GTA in 2018. Some communities may no longer obtain all mandatory insurance policies under the Condominium Act, 1998. The CCI-T Legislative Committee is discussing advocacy and educational opportunities to assist condominiums in overcoming these challenges. They are focusing on issues such as the impact of increasing deductibles on condominium corporations, the effect on owners facing chargebacks, and the rising common expenses. They also highlight the lack of fair competition in the insurance marketplace and explore potential solutions like mandatory owner insurance and a regulated "standard unit." CCI-Toronto has engaged with the Ministry of Government and Consumer Services and encourages members to share their experiences to help shape advocacy efforts.