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Originally Posted by I-Hate-Hulse
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.
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The water deductible in my building went up to $1,000,000. Only found one insurer that will insure the condo. Sure enough, as soon as I got the new insurance, one of the pipes in the wall burst and flooded my unit. Now my insurance has doubled.