Ten on the 10th: insurance Q&A with Luke Mills of Megson FitzPatrick
Some points of note for this topic:
When it comes to multi-family buildings, what is the dominant cause of loss?
Water damage losses continue to be the single greatest cause of loss when it comes to multi-unit residential buildings. We expect to see rising premium rates and deductibles, especially for properties that have experienced frequent and/or severe claims. Insurers may also look more carefully at the age and condition of buildings and how well they are managed and maintained.
What about the rising cost of construction? Does that affect insurance premiums?
Absolutely. Rising construction costs will continue to contribute to higher premiums as damaged property costs more to repair or replace.
What are factors affect local insurance premiums?
Throughout much of BC, including on Vancouver Island, we have exposure to potentially catastrophic losses such as earthquakes, tsunamis and wildfires, which increasingly figure into Insurers premium calculations
And as society becomes more litigious we are also seeing an increase in the frequency and cost of liability claims of the slip, trip and fall variety. [Full article