3 Things on Your Condo Insurance Policy You’ll Want to Review
Your life is constantly changing. One day you’re shopping online, the next day you’ve got a new Actifry and Instapot! And that’s totally okay! That’s how life works, but that’s also why it’s important you are regularly reviewing your insurance policy. You may have purchased your Condo 5 years ago, but the insurance you put in place on day one may not be the best insurance for you today.
These 3 things should always be reviewed on a regular basis!
Your Belongings Limit
This limit affects the amount of coverage you get for Contingent Coverage, and Loss Assessment for Property Claims.
Your Liability Limit
This limit affects the amount of coverage you get for Loss Assessment for Liability Claims.
In the event of a loss, this is the amount of money you agree to take on. If a loss occurs and the damage is more than your deductible then you can claim it on your policy. For example, let’s pretend someone breaks into your condo and steals all your favourite sweaters. So rude right? If the deductible on your policy is $500 and your sweaters in total were worth $300, you wouldn’t be able to claim it on your policy because it’s below your deductible. But what if they stole your sweaters and your TV? Now the total amount of the loss is $1300. This you can claim on your policy, but you’ll be absorbing the first $500 of the loss, while the insurance company will pay other $800.
If you have your condo insurance through our new HWI Click system you can change and review any of these things through your client profile. If you’re more traditional and want to deal with a real human advisor that’s great because we have plenty! Contact one of our offices and an advisor will walk through your policy with you and make any changes necessary.
If you don’t have condo insurance yet, or you’re shopping around, check out our new HWI Click portal. It lets you quote, buy, and manage your condo insurance in minutes!
Not ready to buy yet? Learn more about Condo insurance and how it works first!