Generally living and breathing condo insurance.
Toronto, Ontario
Joined April 2021
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The Condo Act let's you back-charge but only up to the applicable condo deductible for an owners "act or omission", contact your lawyer about a Deductible Bylaw while you still can - it can make this process much smoother #condochat
Let's talk about back charges! What happens if an owner causes an insurable loss? How are they held responsible? @NormacOfficial @CondosCovered @KGowCondo #CondoChat
Great point @KGowCondo ! Loss prevention measures around common elements are only one piece of the pie. Communication with unit owners on their responsibilities can help try to reduce water incidents that arise within the unit
#condochat
Reminders (via emails or newsletters) to home owners of routine maintenance reminders can be critical in helping mitigate risk: to owners know where suite isolation valves are located? #condochat
Strong professional management has become more of an underwriting factor for Insurers, recognizing that they will often recommend and undertake risk reduction and risk mitigation strategies such as this
#condochat
Routine inspections of condominiums and their properties can be most useful in reducing risk (and responding to a claim). Property managers use things like snow clearing logs to record site circumstances daily and how conditions were addressed. #condochat
This can also lead to delays in claims settlements...
#condochat
Without a standard unit bylaw best efforts to determine standard finishes can be difficult to establish. #condochat
Water damage is the number one cause of loss for condos, and although you associate it more with high rise, still most common loss in townhome-style condos as well. Fire damage and slip and falls would round out the top 3 most common condo losses #condochat
Can our panel discuss some of the most common insurance claims in condos, and how we control risk? Specifically, what tools can condos employ to reduce insurance risks? @NormacOfficial @CondosCovered @KGowCondo #CondoChat
It often can depend on your policy setup. Without a separate "shared" policy, each corporation that is party to the Shared Agreement may have to file a claim under their own policy for their proportionate share
#condochat
What happens if there is an insurance claim relating to a shared facility (ie. slip and fall at a swimming pool, and the swimming pool is part of the shared facilities)? @NormacOfficial @CondosCovered @KGowCondo #CondoChat
Great point @NormacOfficial. Removing some items can definitely help but I often caution condos around removing too much - which could be at the peril of owners and mortgage companies
2/ A standard bylaw can affect insurance. Example: if items previously included are removed due to a bylaw, then the insurable value will drop #CondoChat
Helps clarify and strike a balance over who covers what inside the unit. Important to discuss with your corporation lawyer and insurance broker on what bylaw might be right for your condo. #condochat
Let's talk about Standard Unit Bylaws. Why would a condo want to have a standard unit bylaw? How does this affect insurance? @NormacOfficial @CondosCovered @KGowCondo #CondoChat
Your insurance broker should recommend necessary insurance coverage, shop the market for options with the best value, advocate and support the claims process, and most importantly help you manage your insurance for the long term. #condoinsurance #condochat
Let's talk about #Insurance Brokers! What is the role of the broker and how do they help condos navigate the insurance market? @NormacOfficial @CondosCovered @KGowCondo #CondoChat
Critical to review your condo's options for water damage prevention with your professional management team, they can help you make a water damage prevention and action plan. 80% of condo property losses are due to water damage #condochat
#condochat technological advances have also made leak detection technologies available for multi-residential settings. #riskmitigation This might be a game changer! @CondosCovered @NormacOfficial
Difficult to say as Insurers look at a lot more factors unique to each condo. And while higher premiums and deductibles have offset some claims cost, claims and reconstruction costs are increasing more dramatically now. @NormacOfficial can tell us more about that. #condochat
Any predictions on when the market might start to soften? Rates seems to be increasing slightly less than we saw in 2018/2019/2020, but some are still reporting large increases and difficulty obtaining coverage. #Condochat
As I see it the overall insurance mkt is still “hard”. Condo segment seems a bit ahead of the general market as rate & deductible pressure is tapering off for many condos now. Insurers are still being selective so condos with claims or undesirable factors be aware #condochat
At CCI-T, we know that rates and deductibles are increasing in part because of where we are in the insurance cycle. Can you explain the cycle and where the Ontario market fits into the cycle? @NormacOfficial @CondosCovered @KGowCondo #CondoChat
Tom Gallinger retweeted
Our live Twitter chat on Condo Insurance is happening Wednesday, April 21, at 9:30 am! Meet our #CondoChat Guest Tweeter, Tom Gallinger, @CondosCovered! Tom is Vice President at Atrens-Counsel Insurance Brokers. Tom will provide his expert analysis and answer your questions live!
I’m certainly looking forward to being a part of this! @CCIToronto #insurance
Join us April 21st at 9:30 am right here on Twitter for a chat on Condo Insurance! This live Twitter chat will address the most pressing topics related to Condo #Insurance, including rising rates, the role of the broker, and more! Follow along using the hashtag #CondoChat!