Condo insurance question
With the new changes in the Condominium Property Act, the condo board can recover the cost of the insurance deductible (up to $50,000) if the claim is due to damage originating in the owner's suite. But what if the board decides not to make a claim to prevent rates from going up drastically? Can we recover any of that cost?
For example, a water leak causes $40,000 damage and the deductible is $25,000. We could make a claim and get the owner to pay $25,000, or we pay $40,000 to fix the damage and the owner owes nothing.
It seems crazy to me that this is how it works.
P.S. anti-condo people can hold their comments. Just go back to enjoying your suburban utopia.
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