[GullFoss]

I sit on a number of condo boards and about 50% of insurance claims are preventable if the owner occupant or (more often) the owner investor did basic stuff like screening for tenants and doing preventative maintenance work.

And most insurance claims cost 50%-150% more than they should because remediation companies take advantage of the situation and insurance companies let them. I've seen bills for $800 to patch and paint 30 sqft of drywall. And neither the board or property manager care because it's part of a $15,000 claim and the deductable was $5,000, so the $500 of over-billing is irrelevant.

But over time when you end up with lots of claims and they all cost way to more to remediate than they should... it all gets baked into premiums, eventually.

The problem is that everyone thinks they can just free-ride or be a hands off landlord and expect it will all take care of itself. News Flash - owning a condo is not hands off. And when enough people think it is, you get surprises like 50% increases in insurance premiums.

My advice is that unless you want to live in a condo 15+ years, just rent it. Condos are a giant headache, especially as they get older and become mostly rentals.