Townhome owners lost their properties because of a condo insurance increase. Let’s protect condo owners!

Let's join to Condo Leaders' Group!

Condo Directors initiated Condo Leaders’ Group to use the effect of “Buyer Bargaining Power” to get the best insurance rates for all condominiums of a group!

Is that something normal for such country as Canada that a condominium Insurance might be increased in a few times and become a reason to go into bankruptcy and to lose the properties for owners?

Soaring condo insurance rates help push Fort McMurray homeowner into bankruptcy | CBC News

A woman says she walked away from her Fort McMurray condo after skyrocketing insurance costs became "the final straw" in her battle to keep the home. Kaleena Carriere, 31, bought her townhouse-style condo in April 2014. It was her first home. Now the bank owns it and the locks have been changed.

'How could this be possible?' Fort McMurray condo board struggles to find insurance | CBC News

After the 2016 Horse River wildfire that burned down more than 2,400 structures in Fort McMurray, residents of the 40-unit Winchester Greens condominium building considered themselves among the lucky ones. Their apartment-style units didn't burn, but the condo board did claim $246,000 of smoke damage on its insurance.

Wood Buffalo council will lobby province over condo insurance crisis | CBC News

Councillors with the Regional Municipality of Wood Buffalo plan to lobby the provincial government after hearing from condo residents about the insurance crisis following the 2016 Fort McMurray wildfire. At a public hearing Tuesday, representatives from three condo complexes described how the inability to find property insurance is affecting the lives of residents.

BC condo's insurance premiums shoot up over 780%

Mike Pauls, president of the building's strata council, said that the increase will affect condo owners in the form of a one-time tax of $3,000 per unit. This does not include the additional monthly costs of $600.

Insurance skyrockets 780% for Abbotsford condo owners - Langley Advance Times

The 26-story Mahogany Tower is the tallest building in Abbotsford. Ken Goudswaard/Abbotsford News Strata president says government needs to step in to investigate Residents of Abbotsford's tallest building, the 26-story Mahogany Tower on Gladwin Road, saw their insurer hike their premiums by 780 per cent this year.

LETTER: Province must take action on condo insurance - Langley Advance Times

Dear Editor, Re: Shock for Willoughby condo owners; new building with no claims sees insurance costs triple One letter writer insists that insurance issues are reaching a breaking point for strata owners Our government has allowed the real estate industry to get so out of control, few can afford to buy a single-family home.

Do insurance companies strive to have risks close to zero INSURING RISKS and transferring all the risks to condo owners?

CondoBI Canada has an intention to understand the benefits and costs of condo owners and insurance companies in that situation and make 

“Cost vs Benefits” statistics transparent for both sides!

A group tender initiated “Condo Leaders’ Group” would give an opportunity to collect very valuable numbers that would show how much condominiums pay to insurance companies, number of accidents for last 3 years and how much they get from insurance companies. 

 The market of Toronto condo insurance services is almost monopolized where condominiums are in a position to accept whatever is offered. 

 

Let’s attract a proper attention of the government to get it regulated! 

If you want to join Condo Leaders’ Group go www.condo-fairtender.ca, Sign Up and fill up the special fields in the profile page. That Cost/Benefits statistics will be available for all condominiums  – participants.

There are some video guides of Tendering platform that might be helpful.

The way of communication between Condo Directors of the Group is demonstrated here:

Let’s unite, evaluate the scale of that problem, and try to understand if a group tender might be the best solution to decrease condo insurance costs before it became a disaster for condo owners. We have a huge power if we are together!

It is FREE for condominiums and owners, so, nothing to loose, but the opportunity to safe is high!

1 thought on “Townhome owners lost their properties because of a condo insurance increase. Let’s protect condo owners!

  1. Brad Reply

    I do agree with all the concepts you have presented to your
    post. They are really convincing and should certainly work.
    Still, the posts are very short.
    Could you please lengthen them a little from subsequent time?
    Thanks for the post.

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