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

  • Karen

    Administrator
    April 10, 2022 at 9:18 am

    GibsonT

    There is a lot of work going on in the insurance area Ron.  Our COF Director Jeremy Dalgliesh is sitting on a multi-stakeholder group that has been meeting monthly.

    Watch for a new survey of Alberta condo owners in an upcoming COF newsletter that will help the multi-stakeholder group get feedback.

    YES: we are well aware of the initiatives from Saskatchewan to explore a self-insuring cooperative.  The problem: You need a world-wide base to adequately diversify the risk.  For example, a coop could not have withstood the Fort MacMurray fire; when the envelope issues hit the lower mainland of BC the warranty insurance program failed.

    We have to recognize that our management of condos is part of the issue.

    Did you know

    • Many insurers were paying out over 100% of premiums to cover claims?
    • 60% of insurance claims are from water in apartments – many caused by poor maintenance?
    • Alberta has been the location for 7 of the 10 largest insurance claims in Canadian history?
    • Climate change has led to more intense storms world wide?

    This is not an easy issue.

    It IS a priority for COF.