Condo Owners Effectively Have No Home Insurance

[Vancouverisfalling]

Much talk about the rate increases, which IMO is nothing compared to your deductible going from 25K to 150k, 250k, or even 500K

Any claims less than these deductibles means condo owners are getting a bill from the strata for thousands, due immediately, and heaven forbid the cost is higher, resulting in a claim, all but assuring your rates go up by hundreds of percent next yeer. Then of course let's not forget that home insurance comes every year, meaning every year you own your condo your chances increase of getting a shock from your insurer.

And now we're seeing a dozen or so stratas which cannot even get insurance, period. This means you can't renew your mortgage OR sell the condo. The value of your condo literally goes to zero.

Every day you wake up as a condo owner, you roll the dice. Will this be the day something happens to your building? How long do you think it will take for these facts to lodge into the brains of the collective psyche in Vancouver?

My bet is it will take a few well publicized incidents where people do in fact lose everything. which is actually already happening with the stratas which have been denied insurance.

Won't be long before everyone will know someone, or know of someone, who has lost everything due to some sort of condo insurance debacle.

[CanSpice]

If only there were a thread talking about strata insurance...

[WarrenC12]

Originally Posted by Vancouverisfalling

Much talk about the rate increases, which IMO is nothing compared to your deductible going from 25K to 150k, 250k, or even 500K

Any claims less than these deductibles means condo owners are getting a bill from the strata for thousands, due immediately, and heaven forbid the cost is higher, resulting in a claim, all but assuring your rates go up by hundreds of percent next yeer. Then of course let's not forget that home insurance comes every year, meaning every year you own your condo your chances increase of getting a shock from your insurer.

Ummm, you do know that condo owners (and anybody who owns a home) have personal insurance policies right? They cover that deductible. You'd be insane not to have one. They are pretty cheap for condos, even with high deductibles.

[chowhou]

Why do you keep making threads about insurance rates? Yeah insurance rates are up, no we're not going to end up going Mad Max on each other as a result.

[DKaz]

My old strata a decade ago came up with a depreciation report because we were warned that banks would not lend money on ill-maintained properties and insurance companies would not insure us. While we reluctantly went through with it which saw our strata fees go up from $250/mo to $375/mo, I'm sure they are not affected by this insurance thing at the moment.

[Alex Mackinnon]

Sure are a lot of new posters in one thread. :/

[whatnext]

Originally Posted by Alex Mackinnon

Sure are a lot of new posters in one thread. :/

It is definitely the oddest thread!

[LeftCoaster]

Cleaned up some of the junk. Just a reminder all, it's against forum rules to promote or advertise businesses through your post.

[whatnext]

Maybe its best just to lock the thread.