You’ve purchased insurance for your condominium unit. Let’s face it, you didn’t do it because your mom or your dad told you to. Rather you purchased it because the bank or the lender who helped you finance buying your condo said you HAD to. So grudgingly you went out and bought the least possible amount to satisfy their wish.
While this satisfies your obligation, it really doesn’t do very much to truly protect you.
As a condominium owner, you are exposed to a multitude of financial risks. These include your personal belongings, the common areas of your building and the liability you may be exposed to.
Insurance is meant to protect you against financial loss. Take for example the Mississauga explosion that occurred on June 28, 2016. You’ve probably heard the stories from those who are affected that they have not been able to re-enter their homes yet. All of those who had insurance coverage have turned to their policies for the Additional Living Expense coverage. The news reports indicate that many of these families have exhausted the coverage under their policy.
If you take the approach of purchasing the least amount of insurance possible to secure a policy, you could also be putting yourself in a position where your policy limits may be exhausted quickly. Also, you have to consider that in extreme cases, if you lose all of your belongings, you will have to replace them all. Without adequate coverage, your insurance policy will only go so far. The rest will come out of your pocket or you may have to do without. You may find it difficult to get back on your feet again.
Condominium coverage doesn’t have to be expensive if it is done right. To find out how much insurance would cost for your specific situation, complete a no-obligation online quote today (Condo Quote) or call me directly. As a knowledgeable independent insurance broker, I can provide you with access to several insurance markets that offer very competitive rates.
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