Insurers pushed away by concerns over shoddy condos in Canada

April 2, 2015 3:22 PM

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MONTREAL, April 2 (Reuters) - Rising claims for water damage in condo buildings and inadequate regulation have led insurance companies to refuse new clients or demand higher premiums for coverage, adding fuel to concerns about quality in Canada's fastest-growing housing segment.

In March, Aviva Insurance Company of Canada stopped taking on new business from condo corporations in Quebec, citing rising claims and weak legislation that allows owners to set aside insufficient amounts to cover repairs and maintenance, spokesman Glenn Cooper said this week.

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