A Different Reality: Post Disaster Realities and Pre Disaster Risk Preparedness
I love listening to the stories my boss tells regarding building maintenance mishaps. Not mishaps that occur during maintenance, but ones that occur when maintenance was either not completed properly, or someone decided to “take the risk.” But while taking the risk is a decision based on actuarial competence and statistical probabilities, disasters remain aloof, knowing nothing about such factors.
There’s no good way to describe the ‘different reality’ that people face following a disaster that wipes out their home and possibly their livelihood. Subsequent months and perhaps years reveal just how damaging water can be and in a worst case how that life giving substance can become a deadly bio-hazard that attacks the uninformed.
Insurance companies right now are readying their inspectors for the daunting task of assessing damages to properties and homes caught in the path of floodwaters in British Columbia. What will they find? How will what they find compare with potential damages covered by the Insurance purchased sometime in the past?
While there’s little chance that damages sustained will 100% match the damages insured against, we do know that at the time Insurance is requested, Underwriters look more favorably upon evidences of thoughtful risk preparation and solid planning for potential events.
A SFTS Predictive Analysis Report identifies, describes and quantifies Strata buildings’ major systems and their components. It projects the life span of these systems and components, as well as an ongoing life cycle analysis to project future repair or replacement time frames over a 30-year period. Cost estimates for current dollar renewal of these systems and their components are combined with inflation projections to estimate Strata’s year-by-year reserve fund requirements over the same 30-year period.
Finally, a Predictive Analysis report offers three funding scenarios to help Strata prepare for the financial events that will result as it sets its budgets for both day to day (annual) operations and longer term renewals of significant building systems.
We help Strata owners, Property Managers, and Councils prepare for the unknown. A Predictive Analysis will make it easier for you to get the Insurance you need.