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  #1  
Old Posted May 22, 2015, 5:42 PM
Qafir Arnaut Qafir Arnaut is offline
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Alberta "Leaky condo" problem and insurance

So, as I've decided to take the plunge into the murky world of condos, I'm realizing that as a buyer one takes the risk of special assessment without really having an appreciation for it.

I'm looking at a Tessco project which may or may not have had its envelope redone.

Is there an insurance policy (other than title insurance) that can protect a buyer against special assessment due to faulty construction?
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Old Posted May 22, 2015, 6:40 PM
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^yes you can get that, or at least some offer it.

Be VERY careful with any Tessco project.
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Old Posted May 22, 2015, 6:58 PM
Qafir Arnaut Qafir Arnaut is offline
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Yeah well, I'm really stumped as to how one can be careful when decisions of how and when assessments are made are completely outside one's control. Insurance is the best way to mitigate that risk I think. Does not seem like many insurers like to take that risk though.
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Old Posted May 22, 2015, 7:01 PM
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I cannot recall how the verbiage went or if it was for envelope failure or 'special assessments'.
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Old Posted May 22, 2015, 8:44 PM
Qafir Arnaut Qafir Arnaut is offline
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Thanks Ian. I'm looking into Terrace Court and I see a comment by you in 2011 in Connect2Edmonton saying

Quote:
Terrace court on 105 st is having their entire exterior removed and redone.
Shall I assume this condo has been 'derisked' at this point, and the probability of a $30K assessment is low?
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Old Posted May 22, 2015, 9:41 PM
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The management company should be able to tell you that and request board minutes from last month, 6months and 1 yr ago (a small cost).

But yes, it was partially redone soon after it was opened.
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Old Posted May 22, 2015, 10:05 PM
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I believe you can only buy special assessment coverage that covers assessments required after an insured loss - and just poor workmanship causing a leak likely wouldnt quantify as an insured loss. (I.e I don't believe you can buy insurance against low reserves requiring assessments to fix common property ) Careful with thinking its insurable - I'd ask your broker and/or condo board. Get it in writing too.

From what I know, deductible assessment coverage
Is common for tenants.
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Old Posted May 22, 2015, 10:06 PM
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^agreed, cannot recall the verbiage.
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