Why is condo insurance so high?
Why is condo insurance so high?
How did the condominium insurance industry get so out-of-control? The main factors for this trend of insurance premium increases are a combination of more disasters, more risks, ageing buildings AND more claims that are more expensive. Consider: 1 in 3 condos will have a claim.
What is groundwater flooding?
Flooding from groundwater can happen when the level of water within the rock or soil underground – known as the water table – rises. When the water table rises and reaches ground level, water starts to seep through to the surface and flooding can happen. Dec 23, 2019
What does escape of water mean on home insurance?
One of the most common home insurance claims is for escape of water – that means damage caused by a water leak – usually from your plumbing or heating system or a home appliance like a washing machine. Jul 17, 2020
Does surface water flood risk affect insurance?
Yes, Flood Re will cover surface water flooding but only if this is something that your insurer provides you with cover for as a standard feature of their policy. Flood Re is a re-insurance scheme and will only pay your insurer for claims cause by types of flooding that it covers as standard.
Is flooding covered by home insurance?
Flood insurance is normally included as standard in most home insurance policies, and it provides you with coverage for costs resulting from flood damage. Buildings insurance covers the structure of the property, with your belongings and possessions covered by a contents policy. Apr 29, 2021
