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As condominiums face rising insurance rates, some buildings try to keep their rates low by raising their insurance deductible – but that could leave condo owners on the hook if a claim is filed.
Country Lane Estates in Aurora, Ont. is a community of about 200 townhouse condominium units. Recently, the board of directors sent a notice to owners that $3.5 million is needed for renovations and individual unit owners will have to pay their share.
Expanded tribunal jurisdiction now includes nuisance-related disputes