High-rise living combines all the comforts of home with the convenience of staying at a first class hotel. Fitness centers, 24/7 security, high-speed internet and a friendly front desk staff are just a few of the reasons why high-rise living is becoming more and more popular. While there are many advantages to the high-rise lifestyle, there can be challenges when it comes to insurance.
“We find that residents and board members who live in high-rise buildings are sometimes unaware of the specific kinds of insurance coverage they need to stay protected,” said Andrew Lester, president of FirstService Financial, an organization that offers best-in-class banking and insurance solutions solely to FirstService Residential-managed properties. “If a loss occurs and you are not covered properly, it can have a financial impact on the unit owners and shareholders of condominium and cooperatives.”