I’m certainly looking forward to being a part of this! CCI Toronto #insurance

Our live Twitter chat on Condo Insurance is happening Wednesday, April 21, at 9:30 am! Meet our #CondoChat Guest Tweeter, Tom Gallinger, Tom Gallinger! Tom is Vice President at Atrens-Counsel Insurance Brokers. Tom will provide his expert analysis and answer your questions live!

As I see it the overall insurance mkt is still “hard”. Condo segment seems a bit ahead of the general market as rate & deductible pressure is tapering off for many condos now. Insurers are still being selective so condos with claims or undesirable factors be aware #condochat

Difficult to say as Insurers look at a lot more factors unique to each condo. And while higher premiums and deductibles have offset some claims cost, claims and reconstruction costs are increasing more dramatically now. Normac Appraisals Ltd. can tell us more about that. #condochat

Critical to review your condo's options for water damage prevention with your professional management team, they can help you make a water damage prevention and action plan. 80% of condo property losses are due to water damage #condochat

Your insurance broker should recommend necessary insurance coverage, shop the market for options with the best value, advocate and support the claims process, and most importantly help you manage your insurance for the long term. #condoinsurance #condochat

Helps clarify and strike a balance over who covers what inside the unit. Important to discuss with your corporation lawyer and insurance broker on what bylaw might be right for your condo. #condochat

Great point Normac Appraisals Ltd.. Removing some items can definitely help but I often caution condos around removing too much - which could be at the peril of owners and mortgage companies

It often can depend on your policy setup. Without a separate "shared" policy, each corporation that is party to the Shared Agreement may have to file a claim under their own policy for their proportionate share #condochat

Water damage is the number one cause of loss for condos, and although you associate it more with high rise, still most common loss in townhome-style condos as well. Fire damage and slip and falls would round out the top 3 most common condo losses #condochat

This can also lead to delays in claims settlements... #condochat

Strong professional management has become more of an underwriting factor for Insurers, recognizing that they will often recommend and undertake risk reduction and risk mitigation strategies such as this #condochat

Great point Katherine Gow ! Loss prevention measures around common elements are only one piece of the pie. Communication with unit owners on their responsibilities can help try to reduce water incidents that arise within the unit #condochat

The Condo Act let's you back-charge but only up to the applicable condo deductible for an owners "act or omission", contact your lawyer about a Deductible Bylaw while you still can - it can make this process much smoother #condochat