In the last few months, I have been hearing about strata corporations getting hit with new insurance rates that are going through the roof. Some renewals have increased anywhere from 50% to 300% and the deductibles to cover claims have also increased substantially, from $25,000 per claim to as high as $250,000 and higher.
For strata properties, it means that if adequate insurance is not in place, one single owner could become bankrupt if a claim is...
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