Strata Condo Insurance Complex Up 500% in Ft. McMurray
A week ago I came across a post by a young family losing their home in Fort McMurray. I assumed missing mortgage payments would be the cause.
It turns out it was about the increase of their insurance premiums on their strata complex. It went up 500%, from $142,000/year to $800,000/year for 156 units. That's $5128/unit.
This is a direct result of the after-effects of the fire in Ft. McMurray. Insurance companies don't want to insure in that area. The one that does, wants a fortune for it. Alberta Government requires insurance coverage on all Stratas.
