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The Looming Condominium Insurance Crisis

Author: 
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.

Keywords: 

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
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