Condominiums can be challenging and expensive to insure due to shared building structures, complex master insurance policies, and high concentrations of risk in multi-unit residential developments. Insurers evaluate the entire condominium corporation's maintenance history, reserve fund health, roof age, and plumbing infrastructure. If a condo building has a history of repeated water damage claims, roof leaks, or structural deficiencies, private insurers may drastically increase premiums, raise deductibles, or refuse coverage altogether. Additionally, individual unit owners must navigate complex loss assessment risks and ensure their personal policies bridge gaps left by the master building corporation.
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