The Insurance Institute of Southern Alberta (IISA) recently hosted an informative session on condominium insurance, providing attendees with a comprehensive introduction to this specialized type of coverage.
The event, held on October 4th, was led by industry experts who shared their knowledge and insights on the unique risks and challenges associated with insuring condominiums.
One of the key takeaways from the session was the importance of understanding the differences between individual unit owner insurance and condominium corporation insurance. While individual unit owners are responsible for insuring their own personal belongings and any improvements made to their unit, the condominium corporation is responsible for insuring the building and common areas.
Attendees also learned about the various types of coverage available for condominiums, including property, liability, and directors and officers insurance. It was emphasized that having the right coverage in place is crucial for protecting both the individual unit owners and the condominium corporation from potential financial losses.
The session also delved into the complexities of determining the appropriate amount of insurance coverage for a condominium. Factors such as the age and location of the building, as well as the number of units and amenities, must be carefully considered in order to accurately assess the risks and determine the appropriate coverage limits.
In addition to discussing the basics of condominium insurance, the session also touched on emerging trends and issues in the industry. This included the impact of climate change on insurance rates and the growing popularity of short-term rentals in condominiums.
Overall, the IISA’s introduction to condominium insurance was a valuable learning opportunity for insurance professionals looking to expand their knowledge and expertise in this specialized area. With the increasing popularity of condominium living, having a thorough understanding of the unique insurance needs of these properties is essential for providing clients with the best possible coverage.
