Looks like insurance rates for condos are skyrocketing. Too many claims blamed on "other condo owners" apparently.
http://www.cbc.ca/news/canada/calgary/calgary-condo-insurance-costs-skyrocketing-1.2661374
Quote:
Premiums for insurance have increased by 25 to 35 per cent and deductibles have also gone from $5,000 to $25,000
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"It's amazing how often I read in [board meeting minutes] about another irresponsible condo owner who hasn't bothered to check on their hoses or hasn't bothered to notice that they have left the bathtub running," she said.
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The Co-operators — Alberta's third largest property insurer — is in the process of transitioning out of the commercial condo insurance business in most of the country.
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While the company is getting out of insuring actual condo buildings, Sharman says it will continue to insure individual condo units.
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Now the above being said, I'm wondering if things like issues with glass, flooding of condos in the West end (even before last year's flooring), etc. are playing into this?