The insurance of a condominium: what is it? What are the issues?
31 Jul 2024
The insurance sector is complex because of the number of parameters to be taken into
account: climactic events, prior claims, the unbalancing of supply and demand, the
reduced appetite for risk in the industry, changes to the legal framework, and many other
factors. The condo insurance market has clearly suffered over the last few years. Caught
in the crossfire between the impact of laws 141 and 16, the backtracking of some
insurance companies and the extent of ruinous water damage claims, both overall costs
and deductible amounts of policies have been impacted. Board members are often left in
the lurch, and pressured by residents who don’t necessarily grasp the intricacies of this
changing market. A good broker must check (at regular intervals) that you are indeed
fully insured for the total reconstruction value, and make certain you have opted for all
the necessary guarantees to meet the specificities of your building. Adequate coverage
must also be obtained in terms of civil liability and coverage for the board members.
Collaborating with a trustworthy third party is thus essential. Turn to us for our market
knowledge and experience finding the most adapted insurance companies. We also
work with you to minimize the number of claims, and help raise awareness levels
amongst the occupants of the building with regards to the repercussions of individual
actions on the the condo community as a whole.
We truly understand the impact of insurance fees and self-insurance fund on your
budget. We are dedicated to helping you make the best insurance decisions and
improve the financial health of your condo association.
