Last week, my high-rise condo conducted a survey to owners and found that 7.2% of the 180 responding owners did not own condo insurance policies. 😲 While this number may seem surprisingly high, it used to be higher, before repeated information campaigns to educate our owners about the importance of owning condo insurance. Many unit owners are simply unclear about what insurance protection they need.

While condo corporations are not in large part financially exposed when unit owners opt to not carry coverage, property managers certainly feel the impact when an unintended leak emanates from a unit that isn't covered (don't they always seem to arise from uncovered units?!). PMs must jump through more hoops to recover costs, and more time is spent navigating an issue that could have been avoided.

To help out property managers, I've included an elevator notice that you can post to educate owners of the importance of condo insurance. We hope this can be helpful for your owners and can help save you time next time an insurance situation arises - knock on wood!