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Hi all
Agree that condominiums should be getting appraisals at least every second year to ensure they are insured properly.
Insurance is about risk and condominiums are deemed high risk, as traditionally we haven’t managed the buildings & equipment, finances, or community well. The Insurance Bureau of Canada recommends working with a Risk Manager.
http://www.ibc.ca/ab/insurance-101/condo-action-plan
The condo I live in went from ~30K$/year for insurance to ~215K$ for insurance over 6 years, so yes costs are skyrocketing.
Michelle
