Darryl Dyck/The Canadian Press
As you know, all insurance companies are really taking a closer look at all of the residential real estate accounts. The insurance markets are pulling back and charging more due to a lack of capacity and profitability.
We have attached the notice our own insurance brokers recently received from the Insurance Council that we think is very informative and so we are sharing the information.We already encourage condo owners to really read their strata policy and focus on their deductibles. If someone is looking at purchasing a condo which has a long history of water damage, they should realize the risk of increased strata fees, deductibles from $25,000-$100,000 or even trouble even obtaining insurance.Always, always, always do your due diligence and hire a professional realtor with strata expertise to make sure you are protected and not surprised down the road. Click here for details. Call us with any of questions, we are available and always happy to help!
