Top 5 questions Property Managers are asking in 2021

April 1, 2021
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We ran the top questions property managers in Ontario are asking across our in house condo expert – Trish Watson. See below her insights and tips to help you navigate insurance in 2021.

01. Does claims history affect a condo from getting coverage?

Price is the main factor when it comes to Condo Corporation Insurance. When there are too many losses, the premiums and deductibles rise exponentially and managers are required to find alternatives. Keeping owners apprised of the importance of maintaining their property will reduce small nuisance claims that can make obtaining insurance difficult.

02. What does risk management look like from an insurance point of view in a condo corp?

In this hard market, insurance carriers only want “good risks”. Tips such as water mitigation by changing washer/dishwasher hoses every 5 years, changing toilet seals, replacing hot water tanks every 10-15 years can help.

03. Why may it be worth obtaining higher deductibles?

Higher deductibles protect the Corporations’ insurance by ensuring that small nuisance claims cannot be covered. Higher deductibles can also bring the premium down.

04. How is a condo building impacted with a short-term rental from an insurance point of view?

Through not specifically excluded on our Condo Policy, a short term rental property increases foot traffic through the building which does increase liability exposure in both property damage and bodily injury. In a hard market this may be a deterrent for insurers.

*Keep your eyes open as news starts to discuss possible bylaws preventing short term rentals in select properties.

05. Where are the big changes in liability terms with our snow removal contractors coming from?

Litigation. Snow removal is difficult all around due to the sheer volume of slip and fall claims. In the hard market contractors are having a difficult time obtaining insurance. Connecting with your lawyer to understand this risk from a legal point of view may be beneficial given the recent changes to litigation, especially with the Bill 118 in November 2020 for slip and fall claims.

Save these questions and share with your board! Download the PDF here.

If you are a property manager or a board of directors responsible for the management of a condominium corporation, condo building insurance is essential – to cover the building itself, as well as any potential liability claims. Work with a team that has you covered.


Trish Watson

Managing the Gifford Carr Insurance Group in house Condo Program for over 15 years, Trish Watson is a true expert. She is committed to clients and is engaged with the condo community; participating in AGMs and supporting property managers as resource on their team. Trish provides coverage options, risk management tips, insurance insights and advice for the board to make informed decisions to best protect the asset they are responsible for.

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