For condo owners and renters, insurance companies are increasing insurance premiums which is worrisome with huge bills coming their way. The cost of the strata’s building insurance is being passed down to homeowners through their maintenance fees and if the unit is rented then it is passed on again to the tenants.
Insurers are strict about their risk exposure and as a result, poorly maintained or older strata building face losing their insurance coverage. As a result, this could be mean that...