Quote:
Originally Posted by bizaro86
I'm not sure if that is existential. I do think it will reduce the advantage on insurance costs condos previously had.
I'm on the board of a 38 unit building. We just renewed our policy for ~$31k, which is a big increase compared to a couple of years ago. But thats still only $815 per unit. Plus I pay a bit over $200/year personally for contents and deductible buy-down, so the total is a shade over $1000/unit.
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Ahh... but your condo sounds like it has a clean claims history. Put 2-3 medium sized claims and that will sky rocket, if you can get coverage at all.
One of my old condos in Victoria Park (flood affected and had a few water leak claims since) struggles to get insurance leading to sky-high condo fees and deductibles. Economically, it's a utter disaster for owners, especially at current values.
The worst part of it all is how powerless you are in an apartment style condo. Each of those 38 people in your complex can put your complex into economic ruin. Sadly, as a Board member you really see how the lowest common denominator surfaces and how little you can prevent it.