Strata councils are currently struggling to keep their monthly fees low due to rising insurance premiums and deductibles.
One of the biggest developers in Burnaby is touting game-changing technology that aims to keep those costs under control through a water damage protection system.
Concord Pacific is building multiple towers in the Metrotown and Brentwood areas, with four towers set to be completed on Lougheed Highway by the end of 2022 on part of a 26-acre property.
“Across Canada, water is the new fire when it comes to the cost of insurance claims and premiums in condos,” said Peter Webb, Concord Pacific’s senior vice-president of development, in a statement. “Our new Water Damage Protection System represents an investment of up to $4 million for each new building as it aims to help mitigate water damage incidents and their severity for future homeowners and stratas, with the potential to also reduce overall costs and insurance premiums.”
Webb said the system features smart technology, remote action, elevator protection, and preventive design features that include:
- Online monitoring with a smart technology algorithm that instantly detects abnormal water flow, notifies property managers remotely and allows for remote shut off. This provides the opportunity for mitigation against major leaks that cause severe damage and disruption;
- Drain valves can also be opened remotely to accelerate the draining of excess building water load from leaks, thus mitigating further building damage in major water incidents;
- Waterproof enclosures for elevators and their computer components, with elevator roofs designed to deflect water off the top of the elevator cab;
- Elevator lobbies subtly graded to channel water away from entering the elevator shaft, providing additional response time to shut off water and preventing it reaching the elevator;
- Smart water sensor in the elevator pit senses triggers alarm, sending elevator to the top of the elevator shaft and away from water below;
- Preventative building design features such as recessed sprinklers in all living areas that mitigate sprinkler head damage caused by incorrect usage or accidents.
“This is an important innovation that goes beyond addressing rising insurance costs,” said Anne McMullin, president and CEO of the Urban Development Institute. “Integrating smart technologies are the future of building safer, more efficient homes that also provide peace of mind to those living in them.”
“We believe any loss control systems that can help reduce the frequency and severity of water related claims will in the long run save clients both in premiums and deductibles,” added Steve Storrey, managing partner, Real Estate Division, BFL Canada Insurance Services. “Systems that help the overall performance of the multi-unit class will also help attract more insurance capacity for this class of business.”
“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,” said Webb. “Taken together it means less damage and reduced costs, which could also help provide relief from soaring strata fees.”
