Multiple organizations are looking to find a solution to the rising cost of condo insurance across the province.
Condo boards across the community have been forced to pay more for less coverage since the Horse River wildfire.
Hugh Willis, a Condominium Lawyer with Willis Law in Edmonton, recently traveled to Fort McMurray where he met with impacted residents.
“Some corporations were saying their condominiums fees were a $1,000 a month and they’ve had to slash other parts of their budget,” said Willis. “Other people were saying they’ve also had to slash other parts of their budget and this is having a ripple effect from it.”
He, the Insurance Bureau of Canada, and other groups are trying to find the reason for the cost increase.
Willis believes there are fewer options for condos to choose from.
“We’ve seen some major players who previously offered insurance in the province no longer offer that insurance and they’ve stepped back and we’ve also seen some of those who are left picking and choosing which properties they agree to insure.”
In a previous interview with Mix News, Dan Edwards, Vice-Chair for the Cedarwoods Corporation, noted they had struggled to find any insurance company that would cover them.
Due to the fire, the condominium was deemed high-risk.
Moving forward, Willis says they’re hoping to speak with as many condo boards who are impacted, and those who aren’t, to determine why this is happening and to help find a solution.
“Let’s gather the data, let’s listen to what those experiences are and then see if we can find some solutions as an industry.”
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