In British Columbia there has been tremendous anger, frustration and confusion with why all of a sudden strata insurance costs have skyrocketed in recent months! Tenants of condo buildings are struggling to be able to maintain their current insurance plans. However, when strata insurance increases up to 300% virtually overnight, some buildings, especially those with a high number of people on fixed incomes, are just unable to cover the bill. Some of the reasons for this situation is because of factors within the insurance industry, but that does not mean that there is not a lot that can be done by the strata boards to obtain lower rates.
As seen in the attached Canadian Underwriter article, the Insurance Bureau of Canada (IBC) issued a series of policy recommendations to help lower these astronomical premiums. Some of the main aspects of these policy recommendations revolve around risk mitigation.
Some examples that were outlined by the IBC in the CU article:
- Mandatory education for strata board councils – Educating strata board directors on best practices would allow them to run their stratas in a way that will maximize their resources and reduce risks that could impact elements of building operations, including insurance.
- Review and implement Building Code changes to reduce risk – Amend building codes to ensure buildings have the appropriate measures to prevent and mitigate extensive water damage and other losses in both new and existing stratas. This may include measures such as water leak detection devices.
- Engaging a risk manager to assist condominium corporations to improve their insurability.
- Providing education and information on insurance and the importance of risk management and loss prevention strategies for condominiums.
Nash Technologies Inc (NTI) is always looking for ways technological solutions can assist people to live in a safer, healthier and more humane world. Nothing is more humane then insuring some of our most vulnerable are not left exposed to the risk of losing everything because the strata board councils just cannot afford to pay the insurance bill. With this as our focus, NTI is offering economical environmental sensors which could provide real time indoor air quality monitoring through a brand-new cutting-edge wireless sensor and IoT platform!
Picture the risk reduction that would come along with the following;
- Wireless indoor relative humidity and temperature sensor to help detect leaks and floods early, which can greatly assist in preventing water damage.
- Instant cigarette detection for non-smoking buildings. Alerts sent immediately to caretakers or building managers.
- Real time carbon dioxide and CO2 readings.
Other internal air quality (IAQ) readings that may not assist in lowering insurance premiums, but promote the wellness of their tenants, especially those with raspatory and heart concerns;
- Particulate matter (PM1, PM2.5, PM10)
- Volatile Organic Compounds
In addition, how about the ability to help enforce condo bylaws, such as;
- Monitor noise levels which send an instant alert to any smartphone device with a recording of the when and where the excessive noise occurred.
On top of all of these capabilities in just one platform, the system can promote energy efficiency, lower utility costs and lower the buildings impact on our planet!
NTI is working with various stakeholders in order to provide real risk mitigation and property management solutions in order to give tenants peace of mind. Nobody deserves to sit and worry about losing everything because they cannot afford the insurance!
Feel free to email us for further information and or a quote at: email@example.com
Reference: Jason Contant, March 2020. ‘What IBC and brokers think would improve condo insurance affordability in B.C’. Canadian Underwriters. https://www.canadianunderwriter.ca/insurance/what-ibc-and-brokers-think-would-improve-condo-insurance-affordability-in-b-c-1004174710/