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Condo Insurance market must be competitive or regulated properly

Purpose of petition

To request the government intervention into condo insurance market to protect condo owners from insurance rates abnormal increase

Condo Owners Goals

To get reasonable insurance rates and deductibles, get the opportunity to choose between condo insurance and condo insurance own fund 


Auditor General of Canada

Ministry of Government and consumer Services

Insurance Bureau of Canada 

Competition Bureau Canada

Prime Minister of Ontario

Ontario Condo Authority


Reason of public worries

High insurance premiums in Ontario, condo insurance crisis in British Columbia and Alberta

A dangerous tendency of insurance premium and deductible increase in Toronto and condo insurance crisis in British Columbia and Alberta made condo directors and condo owners worrying about the situation when condominium’s insurance is losing its original meaning “protecting from risks” and acquiring an opposite meaning “exposing to risks”, and makes condo owners requesting a help from the government.

Toronto condominiums insurance premium, deductible and coverage Statistics is here.

The List of main problems needs to be resolved

  1. Insurance premiums abnormal growth that turns condo insurance from “risk protector” to “risk elevator” mustbe controlled by the government
  2. Condominiums' insurance Market is not competitive and owners do not have a choice
  3. Market inequality between condo owners and condo insurance companies exists. Condo owners are obligated to have a condominium insurance but insurance companies do not have any obligations to provide an insurance.  And, not all condominiums might get an insurance.

Some solutions we offer

  1. The government should provide a compliance to Competition Act of August 2003  , provide a competitive market and prices for condominiums’insurance
  2. The government regulation should give a choice to condominiums:
    • to buy a Condominium insurance


    • to create a Condominium insurance fund (similar to a reserve fund) but dedicated to accidents’ purposes. The amount of that fund might be advised by the government based on 3 or 5 years history of the condominiums’ accidents. If there is no accidents, a minimum should be identified by the government. This fund   might be corrected on annual base. It must encourage owners and condo management to implement risks management and a proper maintenance. But as a result, it should  bring about 43% insurance cost
  3. The government should restrict insurance rates annual increase and these rates must be justified by insurance companies. The government audit of insurance companies expenses should be done if it is needed, because the market is monopolised.