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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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Fair point. We have had a couple claims in the building over the 10 years I've owned, but none in the last couple.
We did pay out a water loss independently to avoid going through insurance last year (cost was only a couple thousand more than the deductible). Deductible is now $50k for water, which is why deductible buy down is definitely a necessity for every condo owner.
I thought no claims was apples to apples for my claims free personal house policy, but your point that any one resident who leaves a window open can raise your fees through carelessness is a good one.