Budget for a new insurance policy for strata properties!
Have you budget for a new insurance policy for strata properties?
Tip! Budget for 25% increase
The strata corporations that have recently renewed their insurance and saw premium increases of between 50% and 100%.
Low-risk building with a good insurance history, an insurance company charges between $0.13 and $0.15 per $100 of insured property. High-risk buildings are old and poorly maintained.
Average losses now cost more than $50,000, and 54% of losses claimed are worth more than $100,000.
It’s really a case of supply and demand!
The number of insurance providers willing to protect residential strata properties in the Lower Mainland has been shrinking over the last 12 to 18 months.
That replacement has been very difficult!
Homeowners should ensure their suites are maintained especially with water issues, damage from which could result in an owner paying the building’s deductible.
Get proper insurance and deductible insurance!