Are you protected?
Recently, Allstate Insurance Company of Canada and Abacus Data released some research that shows many condo owners are lacking critical knowledge about their insurance coverage, which could lead to costly mistakes.
Here are some of the major findings:
- 61 per cent of Canadian condominium (“Condo”) owners don’t know or incorrectly assume their building’s insurance will cover damage to another unit from water or fire that originated in their unit
- 74 per cent of Canadians looking to purchase a condo in the next few years don’t know what their personal insurance cover versus what the condo corporation’s insurance should cover.
- Only 39 per cent of condo owners and 26 per cent of condo buyers know that the belongings of a roommate or boarder are not covered under their personal condo insurance policies.
- 21 per cent of condo owners are not aware that the condo corporation’s insurance is responsible for incidents like falling concrete and shattering glass from condominiums.
As a condo owner, there are things you can do to make sure you are protected:
- Ask your condo board or management company to explain what the building’s insurance policy does or does not cover.
- Talk to your insurance agent about your policy. Being properly covered can prevent your getting stuck with the bill if your condominium’s policy falls short.
- Remember that damage done to your car in a garage or belongings in a storage locker are covered under your personal policy and not the building’s policy so you should ensure your coverage properly protects your car and any items you have stored in your locker.
- Right now we (COA) are partnering with Allstate Canada to help educate Canadians about their condo insurance. We’re running a contest to find a GTA Condo Hero – a concierge, security guard or property manager who makes a big difference to the lives of condo owners.
Posted in fire theft liability, FYI, insurance, The Condo Act
Tagged allstate insurance, condo insurance, condo issues, condo owners, Condominium Information, fire, floods, liability, risk, theft
Stronger Ontario Building Codes to keep Condo Owners Safe
Municipal Affairs and Housing Minister, Kathleen Wynne has announced changes to strengthen the Ontario building code to help prevent balcony glass of newly constructed buildings from breaking and keep Ontarians safe in high-rise buildings.
While this initiative is an excellent start, Ministry of Municipal Affairs and Housing needs to address the inefficiencies of the New Home Warranty Program and Tarion Warranties for new construction and the limited 1-2 years warranties on existing buildings. These warranties do not protect the value of a $80 Million dollar condo building when the time period and list of coverages are similar to those of a single family dwelling. There needs to be a separate coverage to address multi-family residential condominium buildings.
Today’s announcement relating to new Ontario rules and better building codes to prevent glass from breaking off high-rise Balconies was another example of how COA is helping Condo Owners. COA worked with CBC news “throw-away buildings: Toronto’s glass condos. Falling glass from balconies from several buildings in downtown Toronto created major issues of safety concerns for owners and the general public. The Condo Owners Association – (COA) reported problems relating to glass balconies and deficiencies relating to energy efficiency supporting a CBC special featured story by John Lancaster.
Value issues relate are affected by unwarranted costs relating to premature deficiencies which fall past the minimal and limited Tarion Warranties. COA has played a very active role in moving forward for a better understanding of the problems and bringing this information to the forefront. Cam Wooley’s “Know your Rights” on CP24 welcomes our input as well as Matt Galloway – CBC Metro Morning in conversation with Linda Pinizzotto, Founder, President/CEO of the Condo Owners Association about the risks condo owners face and the limited protection they have. Listen (runs 6:54)
CBC NEWSBROADCASTING ON CBC NEWS AND THE NATIONAL
COA continues to work with Government to embrace the issues to help Condo owners ensure their safety, investment sustainability and good business infrastructure of the condo world.
The mass construction of Condominiums in the past few years has identified over 1.3 million Condo Owners in our Province. Last Friday, our Ministry of Consumer Services announced “Building a Better Condo Act” to modernize the present Condo Act (1998). The Ministry of Municipal Affairs and Housing needs to participate to embrace resolutions to the Act relating to safety and better construction standards. Specific requirements and restrictions relating to the construction aspect of new and existing Condo Corporations.
All information and comment on articles geared to Condo Owners and Condominiums should include comment from COA Ontario as the governing body of COAtoronto, COAmississauga, COAottawa etc. COA has chapters in each City across Ontario
– See more at: http://www.oreablog.com/2012/06/ontario-government-introduces-stricter-requirements-for-balcony-glass/#sthash.MSPIFjTH.dpuf