top of page
< Back

Save this article  > 

The Looming Condominium Insurance Crisis

Audrey Loeb, E. Rudy Petershofer
Publication date:
July 1, 2021
Article Summary: 

The condominium insurance industry is facing a crisis with rising premiums and deductible limits, primarily due to the frequency of floods and significant damages. To reduce the risk of major floods and costly insurance claims, condominium corporations can take practical steps. Installing water detection systems can detect leaks and minimize damage, while annual inspections of unit components prone to flooding or fire can prevent damage and claims falling within the deductible amount. Corporations should work with legal counsel to address liability concerns related to inspections. Being proactive in risk management, implementing maintenance and inspection plans, and adopting technological innovations can help reduce risks and keep operating costs down.


Condominium insurance, insurance crisis, rising premiums, deductible limits, floods, damages, water detection systems, annual inspections, risk management, liability, unit components, maintenance and inspection plans, emergency preparedness, risk reduction, insurance mandates.

Source Citation: 
Audrey Loeb, E. Rudy Petershofer
The Looming Condominium Insurance Crisis
July 1, 2021
Did you find this article useful? 
Your feedback is important not only to us, but to all the other key players in the condo industry.  Help us by letting us know if this article is relevant and useful.  This will help us prioritize articles that provide helpful guidance to other key players like you. 

Please login to use this feature.

bottom of page