Skyrocketing insurance premiums over the last few years in Metro Vancouver have largely been driven by flood damage as a result of plumbing leaks and failures — particularly in newer buildings.

To address the potential impact this could have on housing ownership affordability, Concord Pacific is now outfitting all future new buildings across its enterprise with new water damage protection systems, complete with smart technology, remote action, elevator prevention, and preventive design features to mitigate the extent of water damage incidents and their impacts on homeowners and stratas.

This is the new standard for all future Concord Pacific buildings moving forward.

“Across Canada, water is the new fire when it comes to the cost of insurance claims and premiums in condos,” said Peter Webb, senior vice president of development for Concord Pacific, in a statement, noting that the various measures are intended to help reduce overall homeownership and strata costs and insurance premiums.

“By incorporating preventative design measures and detecting potential issues early, we can help reduce the number of incidents, as well as their severity and cost.”

Specific measures include an online monitoring system that instantly detects abnormal water flow, notifies property managers remotely, and allows for remote shut off. This will potentially reduce the duration and extent of the leaks, preventing severe damage and disruption.

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