The dramatic increase in recent condo insurance rates has been a hot topic these days! Some strata corporations have seen skyrocketing rates, while others are dealing with a problem of no coverage at all.
It’s unclear at this point how some buildings seem to be affected, while similar buildings are not affected at all. Each strata will be different on a case by case basis, make sure you ask the right questions. A history of claims, or deferring maintenance could be a red flag, reading all documents available and obtaining legal advice on what you’re buying into is more important than ever.
Working with a buyers agent is at no cost to you! Hire a Realtor with knowledge and experience, it’s more important than ever.
We are happy to help!