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Emerald Insights: Fall & Winter Newsletter 2022/2023

The season of falling leaves, pumpkin spice lattes and football is almost behind us. Now the focus is on pulling out our winter jackets, boots, and changing our winter tires to brace ourselves for all the winter season promises to bring.

This Fall & Winter 2022/2023 Issue of Emerald Insight’s has been delivered to all of our valued residents and board members to  provide valuable information pertaining to their homes.  Emerald Management & Realty Ltd’s goal is that these winter procedures and tips will help conserve energy, avoid unnecessary insurance claims and prevent costly winter repairs.


Emerald Management & Realty Ltd. is a family owned and operated Property Management Company & Condominium Management company located in Calgary with 50 years of experience. Emerald provides a myriad of property management and rental property services for tenants, property owners, homeowner associations, and condominium corporations.  Contact Emerald Management & Realty Ltd. today!  We’d love to learn more about your property management goals and how we can help! 


Take Safety Home

Complacency is often a contributing factor with injuries or an insurance loss in the home.  With remote working for many still in effect, staycations continue to be in vogue, and school age children are now out for summer … great time to review your home for risk on often over looked items relating to appliance safety.    

 

 

Cooking fires are still a leading cause of household fires.  If at any time you use a cooking appliance make sure the area is clean and clutter free.  Always ensure appliances are turned off and never leave your stove unattended while in use. 

 

 

 

 

Microwave Safety Rules

Most injuries related to microwaves are the result of  improper use or heat-related burns from hot containers, overheated foods, or exploding liquids. Safety tips:

  • Never leave food unattended when cooking
  • Check containers for microwave safety symbols (look on the bottom)
  • Do not use metal or shiny objects in a microwave as they can spark and start fires
  • Use oven mitts to remove hot food food
  • Prevent steam burns by removing lids slowly and carefully

Stovetop and Oven Safety Rules

Without sounding like a broken record  … can’t repeat this one enough … never leave your stove unattended while in use.   Safety tips:

  • Use the back burners on a stove whenever possible
  • Turn pot handles towards the centre of the stove to avoid them being knocked while walking by or grabbed by a younger child
  • Avoid loose sleeves or roll up your sleeves while cooking
  • If a window is nearby, secure the window covering (especially if the window is open and the fabric could blow over the flame/heat)
  • Keep burners free from debris and shut off your stovetop or oven as soon as you are done cooking

Toaster Safety Rules

A toaster is another essential item in most kitchens, but like most electrical gadgets they pose a risk if used incorrectly.  Safety tips:

  • Never stick anything (especially a metal something) into the toaster.  This will help you avoid an electrical shock that could seriously harm you.
  • Clean the crumb tray after each use to prevent a fire
  • If you notice an odd smell or any sparking, unplug the toaster immediately and contact the manufacturer.  Do not use it again until it has been repaired. 
  • Always store the toaster away from the sink or any liquids that could spill on it to avoid an electric shock

Sometimes, appliance fires and appliance related injuries are caused simply by something beyond your control. 

Smoke alarms and heat detectors are essential in keeping you safe by raising the alarm in the event of a fire.

 

There should be a minimum of one alarm/detector per floor and cover all areas where a fire could start AND your sleeping areas. 

In a larger rental home or single family house, put smoke alarms in the hallways that lead to each bedroom. On floors without bedrooms, install the smoke alarm in or near each living area such as dens, living and family rooms. Put a smoke alarm on the ceiling at the bottom of any staircase leading to upper floors.

For more Fire Safety Tips …. visit Emerald Management & Realty Ltd.’s Fire Safety Blog Category!

Emerald Management & Realty Ltd. is a family owned and operated Property Management Company & Condominium Management company located in Calgary with 50 years of experience. Emerald provide a myriad of management and rental property services for tenants, property owners, homeowner associations, and condominium corporations.  Contact Emerald Management & Realty Ltd. today!  We’d love to show you why we are one of the most respected names in Calgary’s real estate industry


2022 Property Management Insurance Forecast

Emerald Management & Realty Ltd. is proud of our insurance program that has been customized for the properties we manage.  With close to 50 years of property management service, Emerald has successfully leveraged its buying power and track record to obtain best in class preferred rates and robust coverage for its valued clients and property owners. As highlighted in 2021, the insurance market has been incredibly challenging for the real estate sector. 

 

2022 Property Management Outlook

As early as 2018, the insurance market started to experience a dramatic shift with reduced capacity creating a “hard market” that our team at Emerald Management & Realty Ltd. continues to navigate for our valued stakeholders.  The “hard market’ experienced since has been characterized with substantial rate and deductible increases, declined renewals along with reduced capacity and/or restrictions on renewals.

The 2022 Q1 predictions made in Q4 of 2021 indicate that the market is to transition and stability to some degree, and the market is now showing signs of this transition with increased capacity and some broader appetite from insurers.  Moving into 2022, the general consensus is that markets are still looking to hold their rates with concerns the 2021 claims results are to some degree artificial due to the impact on activity globally with COVID-19.   This in addition to impact on claims costs due to global inflation and labor challenges still has many cautious.  While the market is transitioning, the outlook on some residential property remains tight especially where  the prior rate was before hard market as insurers are not providing any flexibility for rates below their required system rate.  The main concern is the impact of inflation on claim costs, as this has major effect as could appreciate looking at 15 to 45% increase on claims.

Despite these challenges, the forecast remains positive for real estate investors and condominium corporations.  This is good news as insurance companies continue to advise that market conditions are starting to improve and that there is a return to profitability necessary for the market to soften.1

What to Expect

In this current environment, even though insurers are cautiously optimistic and forecast a softer market in comparison to the past couple of years, they are still forecasting that where there is an increase in rates, mainly due to the impact of inflation on claims costs and capacity restraints, it should be between 5% and 15%.  In addition, it is anticipated that insurance companies will be seeking higher water damage deductibles and even where there is new capacity — it will be limited and expensive.

What are Key Factors Driving Insurance Costs

Key factors that continue to impact insurance rates for rental investment properties and condominium corporations are:

  • Increase in property values
  • Impact and the cost of record-high water and fire claims
  • Cost to insurers have increased from severe weather losses, market disruption and impact of COVID-19
  • Increase of building materials and construction due to disruption of supply chains, labour and inflation
  • New regulations from the national solvency regulation is being monitored as it has the potential of impact insurer capacity and drive up costs.
  • Increased focus on older buildings properties for detailed information on what insurers have identified as risk elements and opt not to renew without upgrades being undertaken.

How to keep property insurance costs down?

As the hard market continues to soften and property owners and condominium corporations adjust to the influences impacting pricing, you can impact insurance costs by2:

  1. Complete preventative maintenance and improvements to buildings and property
  2. Monitor your claims history and take steps to prevent future losses.
  3. Invests in a risk management program and loss prevention planning.

Emerald Management & Realty Ltd. continues to focus on the current insurance environment and taking steps to minimize the impact of this shift on the pricing and coverage term for our clients.  As we head into Q2 of 2022, our team continues to negociate and advocate for our stakeholders. Part of our proprietary process includes our focus on achieving stability and retain loyal insurers for our stakeholders on our program.

Contact our team today to learn more about Emerald Management & Realty Ltd.’s practice and process that includes a program dedicated to achieving: low corporate rates, reasonable deductible levels, prompt claims management, coverage during vacancy, and rental revenue loss coverage in the event of an approved claim. 

The team at Emerald Management & Realty Ltd. is thrilled to share the news that they have received the PLATINUM CommunityVotes Calgary Award for Best Property Management 2021.  This is the 2nd year that the team at Emerald has received this prestigious award. More information about the award can be found under Media. 

 

  1. Lloyd Sadd | The Gap Between Hearing & Seeing (November 2021)
  2. CapriCMW | 2022 Strata Insurance Outlook 

The WHYS of condominium owner insurance

In Episode 2 of our insurance mini-series with Nuera Insurance Inc.,  Lauretta Enders, BA, CPM of Emerald Management & Realty Ltd. speaks with our valued partner to discuss the “whys” and “what fors” when it comes condominium unit owner insurance.

Emerald Management & Realty Ltd. is a licensed condominium management brokerage and trusted to respond with experience and responsive systems. Emerald Management & Realty Ltd. offers a wide range of condominium property management services and rental property management services.  Our primary goal is to offer peace of mind and help condominium boards realize the long-term profitability, a solid governance approach and assist to minimize risk.  Contact us today to find out more about how our team at Emerald Management & Realty Ltd. can help by calling 403-237-8600. 


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