Insurance money

Update by the Canadian Condominium Institute on Insurance changes.

The changes were made under Section 62.4 of the Condominium Property Regulations.

Recent market corrections due to the amount and size of claims have seen deductibles rise “substantially” from around $2,500 to $10,000 to upwards of $25,000 to $100,000, according to the CCI.

Under the legislation, the maximum amount a corporation can make the owner liable for is $50,000. This means if the deductible is $25,000, then the owner’s liability would be $25,000. If the deductible is $100,000, the owner’s liability would be the maximum $50,000.

Noce said there are some defences available to owners in the event of a loss, but added they are “very small and insignificant.”

“If I were an owner in a condominium building anywhere in Alberta today, I would immediately be calling my insurance broker or insurance provider and asking them how much will it cost to get some form of insurance deductible insurance so in the event of a loss in my unit and the corporation comes after me for that deductible, at least I have insurance that can cover those costs. Because those costs could be as much as $50,000,” Noce explained.

“So there’s an added expense to owners to get that level of insurance... but the peace of mind and the safety that will flow from that additional cost is undeniably a necessity for owner’s today.”

If you own a Condo in Alberta we have attached this update by the North Alberta Chapter of the Canadian Condominium Institute:

View Condo Owners Insurance Notice


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