Staff
News
IBC: Nearly half of Quebec condo claims go towards avoidable water damage | Canadian Insurance
www/news

IBC: Nearly half of Quebec condo claims go towards avoidable water damage

Condo owners must get involved in building management

Aging buildings, extreme weather events and lack of maintenance in Quebec condos means insurers are upping premiums or even getting out of the market entirely.

Half of claims paid out in Quebec go towards water damage, the Insurance Bureau of Canada says, and the majority of those claims are preventable.

“Condo owners must get involved in managing and maintaining the building to make sure the best decisions are taken to preserve the value of their investment and avoid problems down the road,” says Pierre Babinsky, IBC’s Director of Communications and Public Affairs.