Insurers charging higher premiums for condos or refusing to cover

13 percent of Quebec condo corporations were refused renewals

Some insurers are refusing new clients who happen to live in condos, or else charging higher premiums.

Reuters is reporting that last month, Aviva stopped taking new customers living in Quebec condos.

“Due to lack of regulation and an increasingly high amount of claims in the space, we would be unable to achieve an adequate premium,” spokesperson Glenn Cooper wrote in an email to Reuters.

A January survey of 700 Quebec condo corporations found 55 percent switched insurers over the past five years because of increased premiums. Thirteen percent were refused a renewal by their insurer.

You can read more details about it here.

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