“To all condo directors feeling the pain of insurance coverage . High premium reaching a half-million per year with exorbitant deductibles reaching $100,000 or more per event. Don’t wonder if your coverage is not that high just wait a year. It is time now to join a group insurance that insurance companies can competitively bid on. Interested? Drop us a line“.
Leader of the Group – Amr Bannis, P. Eng
Some Toronto condominiums pay almost $500,000 as insurance per year, and have $100,000 deductible and in the case of an accident in a condominium condo owners might expect some dramatic rise of insurance premium. Some of the condo Directors that really care about condo owners’ interests expressed disturbance related to Toronto condominium insurance and deductible amounts, and wanted to understand condominium costs, and what condominiums get for their money. The group is initiated for 3 purposes:
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To collect Insurance cost data in one pool to see the full picture of what condominiums pay to insurance companies and what they get;
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To reveal the best practice and the best insurance company on the condo Insurance market that might demonstrate the best combination of Insurance Premiums received and Paid amounts for the last 3 years;
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To get the best Insurance Premium rates and Deductibles for a group of condominiums.
But in the process of condo directors and owners discussion some crucial information has been revealed:
There are just 2 – 3 Insurance companies on the market that provide insurance for condominiums. The demand for condominiums’ insurance is higher than the supply of that service.
And the experiences of two Canadian provinces British Columbia and Alberta went through condominiums’ insurance crisis that must be taken learned.
Alberta had egregious examples of Insurance practice that has lead condo owners to bankruptcy and their property loss because condominium’s insurance increased by 600% and British Columbia had similar examples of a 780% rise.
The group redirected its forces to the following goals:
– to collect an appropriate statistics of condominium corporations’ insurance market in Toronto to get evidence that condo owners need to request a proper attention of the government and appropriate regulation. So, the current condominiums’ insurance premiums, deductibles and coverage received by condominiums must be the best arguments
– to request insurance companies to revise their insurance premium, deductible and coverage for all condominiums of the Condo Leaders’ Group
or / and
– to support Condo Owners Petition that will be brought to the Government
Condo directors now can communicate using an internal network (just between the same condominium directors) and using an external network (between different condominium directors) and the same for condo owners.
This small video is to explain how to use those channels:
How the group tender is organized:
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If a condo wants to participate, at least one of the condo directors or a property manager should:
Sign up at www.condo-fairtender.ca;
Click a checkbox inside of the condo profile and fill up the fields.
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Condo parameters and Insurance cost data entered will be visible on the public page, with condo names hidden. List of condominiums will remain on a separate page unless condo directors decide to reveal the names of the condominiums alongside insurance cost data;
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The framework of the tender is offered to be discussed at Condo Owner’s Helpline until Febuary 30th, 2021. It is a free network for condominiums that allows communicating within a building and between buildings;
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Final terms will be published at condobi.ca in the News section, and all directors will be notified;
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The tender is going to be published on February 28th, and Insurance companies will be required to publish their statistics and make their offers before April 28, 2021;
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The final decision will be made on May 28th and the winner of the tender will be identified.
All condo owners and directors are encouraged to participate and follow our discussion of the Group Tender terms at Condo Owner’s Helpline. Everybody can monitor the discussion without registering, but registering is required if you wish to participate in the discussion, which will be greatly appreciated.
We believe that all condominiums can get better rates and keep it under control just BEEN UNITED.
Let’s join the Leaders Group and bring your vision to the discussion table!
Your cooperation is extremely important not to your Condominium only, but to all Toronto condominiums!
or just check the PETITION and fill up the form here
Petition
Purpose of petition To request the government intervention into condo insurance market to protect condo owners from insurance rates abnormal increase Condo Owners Goals To get reasonable insurance rates and deductibles, get the opportunity to choose between condo insurance and condo insurance own fund Canada Government Auditor Ministry of Government
Excellent article. Keep posting such kind of info on your site.
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It is a great idea that might really decrease the insurance expenses of many condominiums.
Thank you very much!
It was a perfect Idea that must work well due to Buyers’ power increase!
Touche. Outstanding arguments. Keep up the great spirit. Helen
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