Global News BC had an interesting story tonight on how Concord Pacific is employing sensor technology to mitigate water damage in it's upcoming projects. The idea is to quickly contain and halt water damage as soon as it is detected. This is welcome news in light of the rapid escalation in condo insurance premiums we've witnessed the past couple of years.
As mentioned in the video, more than half of insurance claims related to condos are related to water damage.
Hopefully, with this new technology, there will be some relief and peace of mind for future condo owners in Concord Pacific projects. The developer always seems to be on the cutting edge of things and this is exactly why their projects are always in high demand. It would be nice to see the use of this technology take off with other developers too.