Homeowner Solutions Market Outlook Reasons Impact Escalating - PowerPoint PPT Presentation

Homeowner Solutions

Market Outlook Reasons Impact  Escalating  Reduced capacity claims costs in  Exiting the Strata marketplace Corporations  Increasing rates  Record  Increasing catastrophic deductibles losses globally

Communication, Disclosure & Education

Unit Owners Insurance The Strata Corporation’s duties to insure are outlined under the Strata Property Act. It is recommended that unit owners also obtain their own insurance policy for the following: Unit Additional Protection/Loss • Assessment Personal Property • Unit Improvements & Betterments • Additional Living Expense/Loss of Rental • Income Personal Liability •

Finding Unit Owners Insurance Not all policies or brokers are • alike Knowing what to ask for, and • how to ask for it Finding adequate Unit • Additional Protection/Loss Assessment Limits

Preventing Claims “The best insurance policy is the one you never need to use. ” Thank you! Supply lines, • Know where your water shut off valves are located • Consider water leak detectors • Perform regular and preventative maintenance • Never leave applicances running while away from home • Consider working with your strata to implement • maintenance bylaws Consider sprinkler cages •