CCI-T Submission to the Condominium Insurance Consultation - Insurance Act, Condominium Act, 1998, Building Code Act, 1992
CCI Toronto Chapter has submitted comprehensive comments to the Ministry of Government and Consumer Service on behalf of all CCI chapters in response to the Ministry’s request for written comments, as part of the Ministry’s consultation on condominium insurance issues. Increasingly, condominiums have been experiencing substantial increases in insurance premiums and deductibles, and some condominiums have been finding it difficult to secure insurance at reasonable rates, if at all.
There are many reasons for the recent volatility in the condominium insurance industry, including but not limited to fires and floods due to climate change, increasing numbers of water damage claims and a lack of insurers willing to insure condominiums to name a few.
The recent volatility in the insurance market is not limited to condominiums.
CCI was pleased and encouraged by the fact that the Ministry has sought comments on condominium insurance matters, and we are hopeful that following thoughtful review and consideration of all comments submitted as part of the consultation process, that steps will be taken by the Government of Ontario to address the insurance crisis in condominiums.
CCI’s written comments were submitted to the Ministry on January 31, 2022. A copy of the submissions is accessible here.