Reducing risk: Recent change to condominium insurance regulations could benefit Alberta owners

Gerald Vander Pyl
A recent change to the Condominium Property Act in Alberta could be good news for condo owners who might otherwise face a huge expense thanks to building damage caused by a problem in their unit.

Laurie Kiedrowski, a partner with McLeod Law and head of its condominium law group, says the change, which took effect on Jan. 1, allows condo corporations to charge back the corporation’s insurance deductible to the owner of a unit where the damage originated.

That may not sound like a positive thing, but Kiedrowski says the regulation limits the amount to a maximum or $50,000, even though some condo corporations have a six-figure deductible.“This is not a bad thing at all,” she said.

Read more HERE!