“The Condo Game” documentary Date: November 21st – CBC DocZone Don’t Miss it The Condo Game – a documentary examining the forces at play behind the fastest moving condo market in North America. Nov 21 on CBC Doc Zone. Description … Continue reading
Are you protected?
Recently, Allstate Insurance Company of Canada and Abacus Data released some research that shows many condo owners are lacking critical knowledge about their insurance coverage, which could lead to costly mistakes.
Here are some of the major findings:
- 61 per cent of Canadian condominium (“Condo”) owners don’t know or incorrectly assume their building’s insurance will cover damage to another unit from water or fire that originated in their unit
- 74 per cent of Canadians looking to purchase a condo in the next few years don’t know what their personal insurance cover versus what the condo corporation’s insurance should cover.
- Only 39 per cent of condo owners and 26 per cent of condo buyers know that the belongings of a roommate or boarder are not covered under their personal condo insurance policies.
- 21 per cent of condo owners are not aware that the condo corporation’s insurance is responsible for incidents like falling concrete and shattering glass from condominiums.
As a condo owner, there are things you can do to make sure you are protected:
- Ask your condo board or management company to explain what the building’s insurance policy does or does not cover.
- Talk to your insurance agent about your policy. Being properly covered can prevent your getting stuck with the bill if your condominium’s policy falls short.
- Remember that damage done to your car in a garage or belongings in a storage locker are covered under your personal policy and not the building’s policy so you should ensure your coverage properly protects your car and any items you have stored in your locker.
- Right now we (COA) are partnering with Allstate Canada to help educate Canadians about their condo insurance. We’re running a contest to find a GTA Condo Hero – a concierge, security guard or property manager who makes a big difference to the lives of condo owners.
Posted in Condo Information, Condo Issues, Coverage Fire Theft, Insurance
Tagged bankruptcy, Condo Act, Condo Owners, condo problems, coverage, disaster, fire, flood, insurance, liability, lost income, Minister of Consumer Services, risk, theft
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Its very unfortunate that we are living in a society where “special needs” families are not being accommodated or considered in high rise condos (multi-family living environments) other than a ramp and/or handicap parking. Special considerations need to be taken into account for proper sound and noise barriers in these properties, not only to deal with the standard noise of stereo/tv systems/loud voices etc. but also to allow special needs families to live freely with their private comforts in their own homes without worries that behaviours resulting from their disability are effecting neighbours and potentially causing hardships and disputes among neighbours. City Council must reassess and increase the sound proofing standards in condominiums to comply with all situations
discomforts forcing irreparable problems and dispute.
Maintenance Fees have been hit the hardest this year with the implementation of HST on operating budgets for condominiums. Every condo in Ontario had to increase their budgets by 8% just to cover the largest Tax Grab the Province has ever implemented.