Quote:
Originally Posted by jlousa
Strata insurance is the single biggest expense in almost every stratas operating budget, even higher then concierge costs in most cases. What is happening is going to have huge effects for years to come. What most stratas are doing is offsetting thier costs as much as possible by raising their deductibles. A lot of stratas currently renewing are actually going to a 250k deductible and still seeing double digit %increases. The individual will get have to increase their deductible to compensate and the increase from the standard 25k to 250k this year is minimal about another $25-50yr... but that is because the individuals insurance policys have never had to pay out that much. Within a couple of years of claims it's expected that's the individual policies are going to skyrocket by close to 100%.
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This......
Like I said. I think it will take a few months for condo owners to realize how serious and expensive these changes are going to be for them. But they will, whether by figuring it out or experiencing it when they get their insurance bill.