Quote:
Originally Posted by I-Hate-Hulse
As for your thought that insurance covers overflowing tubs - as you know from your own car insurance - there's the deductible and that can be as high as $500,000 at some condos. As mentioned above - it's capped in AB at $50,000 - where else is the Board going to get $450,000? Someone's got to pay...
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I just want to point out here that if your condo has a 450k gap between what it can recover and the deductible then the reserve fund needs a 450k line item to pay that deductible.
When I was on my board long ago the number of people who asked to keep Condo fees low and to underfund things was crazy. I think tightening up rules around reserve funds and what needs to be covered in terms of unexpected, uninsured items needs to happen.
This needs to happen earlier in life as well. This will decrease the sale prices of Condos as fees would be higher but for any new owners this is a good trade.