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Originally Posted by Changing City
Thanks for explaining the costs. I'm guessing as you're in a newer, concrete building your strata's insurance will be one of the more reasonable quotes. In stratas that are older, that might be different. I'm also guessing that for self-managing smaller stratas the insurance could be a higher proportion of the strata expenses, so it won't be 'one size fits all'.
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One building is a ~20 yr old concrete tower, the other is 3 yrs old, concrete as well, both over 200 units. Wood frame I can imagine is an issue.
In the 3 yr old building we've had 1 major claim, early on. Nothing in the last 2 years, but the increase is the same as the rest of the market.
Actual strata management in terms of a property manager is not that expensive for the value. It is only 1 person after all, and they look after multiple buildings. Having warm bodies sitting in a lobby and/or patrolling at night ads up, as does energy of any kind.
Quote:
Originally Posted by Changing City
The explanation from insurance brokers (on the web) also talk a lot about climate change / weather impacts on overall insurance claims that the industry has had to pay out in the last couple of years. On the east side of the country that's going to be a big factor already, but places like Richmond might be viewed as having potentially higher risks as well.
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That sounds like a cop out to be honest. We have an earthquake policy that will pay construction costs to rebuild, but the deductible is huge. Internal flooding due to resident error and/or pipe failure represents the vast majority of costs. The higher up it is, the worse it will get as it floods down every unit, and has the potential to ruin elevators.
The last building I lived in (rented), some clown tried to install his own bidet on floor 30+. It flooded down about 25 floors, with damage to 1-3 units on every floor. I can't imagine the final bill.. several hundred thousand I'm guessing.