Homeowner Solutions Market Outlook Reasons Impact Escalating - - PowerPoint PPT Presentation

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Mar 01, 2023 35 likes •95 views

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

SLIDE 1

Homeowner Solutions

SLIDE 2

Market Outlook

 Reduced capacity  Exiting the

marketplace

 Increasing rates  Increasing

deductibles

 Escalating

claims costs in Strata Corporations

 Record

catastrophic losses globally

Reasons Impact

SLIDE 3

Communication, Disclosure & Education

SLIDE 4

Unit Owners Insurance

The Strata Corporation’s duties to insure are

utlined 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

SLIDE 5

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

SLIDE 6

Preventing Claims

“The best insurance policy is the one you never need to use.”

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