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Home COFSAB Forum Condo Owners Forum Q&A Insurance and Deductibles Reply To: Insurance and Deductibles

  • Terry

    Administrator
    April 28, 2022 at 7:55 am

    Just one person’s opinion: Having some funding available to fund an insurance deductible is wise. Deductibles are very large these days compared to the past.

    The alternative would be s special assessment when a claim occurs. I believe the board of a condo can make that decision. When updating one’s bylaws, it might be a consideration.

    In my experience, there are many folks who do not want the condo to have adequate reserves and just want special assessments when needed. I do not like that kind of system, but it is an owner decision.

    A key question: how quickly do you try to build up the account for the deductibles?

    Please spread the word!
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