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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
Anyone know a good place to bridge the gap on strata water damage deductible? Ours went from 50k to 250k. We already have condo insurance with BCAA but they only cover a max of 100k. Looking for a place that can bridge the gap for the other 150k which will probably cost more than our BCAA coverage ffs. This is fucking insane for condo owners. Some shady shit happening with strata insurance companies?
Stuff is still moving as we move into the Fall season today. Made a clean offer about 11% over market comps (3% less than ask) but and still lost out to someone who bid over ask on a 25yo TH nearly all original. A fully renovated unit in the same complex sold this month for 3% over this unit's ask. Pretty discouraging trying to move up in a market that seems heavily FOMO driven.
Stuff is still moving as we move into the Fall season today. Made a clean offer about 11% over market comps (3% less than ask) but and still lost out to someone who bid over ask on a 25yo TH nearly all original. A fully renovated unit in the same complex sold this month for 3% over this unit's ask. Pretty discouraging trying to move up in a market that seems heavily FOMO driven.
In this market, I think most people are buying before selling. Supply for ground-oriented homes is still pretty low.
Tried that method too but no one wants to wait for subject to sale so we listed and sold first and clock is running out for us to find the next place. Have a backup option thankfully where we can live with a family member while we continue searching but it's less than ideal for sure.
Tried that method too but no one wants to wait for subject to sale so we listed and sold first and clock is running out for us to find the next place. Have a backup option thankfully where we can live with a family member while we continue searching but it's less than ideal for sure.
I suck at reading comprehension....
Sorry man went through this exact situation last year. You'll either have to rent or live with family or pay more than you want to, I ended up doing the later and don't regret it. I mean I regret it a little if I had a crystal ball I would have rented and when the market crashed in March I would have put every penny from the sale of my last house into Tesla but you know.... haha
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I'm curious, what's your building like? Age, claims history, and do you happen to know how much your strata premium increased by?
Paying about $350 a month in strata fees. Building is 8 years old. We've had some water damage several times from dumbass people that caused multiple floor damage. One tried to flush cat litter ffs.
Paying about $350 a month in strata fees. Building is 8 years old. We've had some water damage several times from dumbass people that caused multiple floor damage. One tried to flush cat litter ffs.
This is why strata insurance has been raised across the board.
It depends on how many units/floors have been affected by the flood, but it's pretty common to see damage claims in the hundreds of thousands/million+ range.
I think someone mentioned earlier in here that units were flooded in his/her building because someone was hanging clothes off their fucking in-unit sprinkler........................
This is why strata insurance has been raised across the board.
It depends on how many units/floors have been affected by the flood, but it's pretty common to see damage claims in the hundreds of thousands/million+ range.
I think someone mentioned earlier in here that units were flooded in his/her building because someone was hanging clothes off their fucking in-unit sprinkler........................
It's frustrating that people's incompetence screws over all the owners in the building. Inb4 that's strata living for you....
That's what happens when China folk send their kids off without common sense or proper survival skills. Just give them money and every problem in the world goes away.
Prices seem flat for condos from what I've seen, I think it's the insurance scaring people away. But there should always be demand for people who can't afford anything more expensive
Prices seem flat for condos from what I've seen, I think it's the insurance scaring people away. But there should always be demand for people who can't afford anything more expensive
There's also covid. For a lot of the target, a couple who both work from home, a 1bdrm isn't going to cut it anymore.
And then you have a lot of the entry level folks who've been marginalized by covid and they are holding off.
Options are pretty limited out there for $250k deductible
downtown?
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This is why strata insurance has been raised across the board.
It depends on how many units/floors have been affected by the flood, but it's pretty common to see damage claims in the hundreds of thousands/million+ range.
I think someone mentioned earlier in here that units were flooded in his/her building because someone was hanging clothes off their fucking in-unit sprinkler........................
Always do your due diligence on what type of people live in your building. My building is like 90% mainlanders... never again.
Options are pretty limited out there for $250k deductible
Did you bridge your insurance with another provider for the full 250k or you just went with Capri for the full coverage? That's expensive af. I'm paying around $800 with BCAA and that provides 100k. Hoping the other 150k bridge isn't going to cost thousands
My building is at least 90% mainlanders too and it’s fine, they mostly keep quiet and to themselves... yah some rule following problems in the garbage room and generally inconsiderate or unfriendly people... but nothing that’s going to kill an insurance policy that I’ve seen
Did you bridge your insurance with another provider for the full 250k or you just went with Capri for the full coverage? That's expensive af. I'm paying around $800 with BCAA and that provides 100k. Hoping the other 150k bridge isn't going to cost thousands
I believe the first policy for $100k was around $2300. The second policy for the rest was $1000
If anyone has gotten a lower quote for $250k deductible, I’d love to know which company you went with
I’d like to add that I was with Sussex before. I got a quote of $2284 for $250k deductible from them. The problem was, they needed the property managers of the building to do at least 2 interior inspections a year. Since they did not, I couldn’t get insurance from them
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Originally Posted by JDMDreams
Prices seem flat for condos from what I've seen, I think it's the insurance scaring people away. But there should always be demand for people who can't afford anything more expensive
Yeah you raise a good point most of the population lives in an apartment and not everyone can afford a duplex or detached home to avoid strata insurance. Even townhomes have strata insurance and that would be the next step up from a condo but also 1m+ for anything decent and relatively central
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