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Originally Posted by whatnext
Actually, no.
Concrete stratas are racking up huge water damage claims. I have a friend who lives in a building where an offshore owner left the bathroom fan running when they went back to wherever they lived. Fan caught fire, sprinklers activated and ruined the elevators and caused damage for several floors below as the water rushed down the stairwells onto each floor. Hate to think of what the total damage was in dollars.
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That happens but not raking up billions that insurers have to pay so much for stratas. We know the wood frames are the main culprit.
How can you seriously compare the compensations on some concrete getting wet versus wood frames getting destroyed by floods, fires or winds?
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Originally Posted by jollyburger
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I think we were talking about residential concrete versus woodframe buildings. If commercial water claims have ballooned so much, imagine if these were all woodframe structures.
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With Climate Impacts Growing, Insurance Companies Face Big Challenges
https://news.climate.columbia.edu/2022/1...insurance-companies-face-big-challenges/
Between 1980 and 2021, the U.S. suffered 7 or 8 natural disasters per year, on average, but so far in 2022 there have already been 15. Losses from each disaster—drought and wildfires in the southwest, severe storms in the Midwest, flooding in Kentucky and Missouri, and hurricanes in the southeast—have exceeded $1 billion, with the cumulative cost of disasters over the last five years reaching $788.4 billion.
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