Hi,
I know that there are other threads that are similar to this, but they've been mixed between auto insurance or detached home insurance.
I'm trying to keep this focussed on condominium unit owners' insurance and specifically for apartment buildings, not townhomes, etc., because I'm guessing they're different i.e., townhomes all have flood or sewer back-up risk but condo apartment these risks is likely only to affect the insurance that the condominium corporation as a whole has (but maybe they're not?).
Anyway, last year, the premiums went up about 25% and this year, they're going up 25% again. What is the reason for this, anyone find cheaper insurance for similar coverage? Recent insurance claims (i.e., flood) really seem to affect the detached owners more, so why are they hitting condo apartment owners on this if the risk is low for them? I wouldn't be concerned if it was 10% but 25% two consecutive years is ridiculous.
Also, anyone know if there is any real difference between Platinum (which I currently have) and Gold coverage other than what's indicated on their website?: http://www.melochemonnex.com/en/resi...ce_limitations
Seems pretty weak additional coverage for Platinum and I'm thinking of downgrading to Gold. Not into bling and the no requirement to rebuild seems useless in the condominium apartment building context.
Thanks for any insight.
I know that there are other threads that are similar to this, but they've been mixed between auto insurance or detached home insurance.
I'm trying to keep this focussed on condominium unit owners' insurance and specifically for apartment buildings, not townhomes, etc., because I'm guessing they're different i.e., townhomes all have flood or sewer back-up risk but condo apartment these risks is likely only to affect the insurance that the condominium corporation as a whole has (but maybe they're not?).
Anyway, last year, the premiums went up about 25% and this year, they're going up 25% again. What is the reason for this, anyone find cheaper insurance for similar coverage? Recent insurance claims (i.e., flood) really seem to affect the detached owners more, so why are they hitting condo apartment owners on this if the risk is low for them? I wouldn't be concerned if it was 10% but 25% two consecutive years is ridiculous.
Also, anyone know if there is any real difference between Platinum (which I currently have) and Gold coverage other than what's indicated on their website?: http://www.melochemonnex.com/en/resi...ce_limitations
Seems pretty weak additional coverage for Platinum and I'm thinking of downgrading to Gold. Not into bling and the no requirement to rebuild seems useless in the condominium apartment building context.
Thanks for any insight.