Insurance Tips for Apartment and Condo Owners

Apartment building

Homeowners insurance is not just for people who own single family homes or townhouses. Apartment and condo owners must ensure that their insurance company has them covered before disaster strikes, as living in close proximity to many individuals puts them at a higher risk of damage to their property

Insurance can be an overwhelming topic for many individuals, but it is an important asset to have, especially if you are a homeowner. It is also worth noting that home ownership is not limited to those who own single family homes or townhouses but also includes apartment and condominium owners. There are certain elements of insurance coverage that are of higher importance to those who live in large communal buildings, rather than houses. The following are insurance tips that specifically pertain to apartment and condo owners.

Beware of Being Underinsured

If you own your apartment or condominium and are residing at that location, you must have homeowner’s insurance. What is unique about your particular situation is your proximity to your neighbors. With a large number of individuals living together in the same building, you must ensure that your insurance covers everything that might happen to you or your property. When you live in a condominium or apartment building, there is a higher risk of sustaining damage to your property, as many people live in the immediate area. If a large fire breaks out in the unit above you, there is the chance of that fire affecting your property as well, through no fault of your own.

Do not run the risk of being underinsured and take action before it is too late. Your basic belongings – including furniture, electronics, and clothing – are often included in your homeowner’s insurance. However, if you own any expensive jewelry, artwork or other such assets, you should consider purchasing additional coverage to ensure you receive their full value in case something does happen.

Ensure You Are Getting the Best Deal

Many insurance companies seem to offer the same deals and prices when it comes to homeowner’s insurance, but some do not live up to their clients’ expectations when a claim has actually been filed. When it comes down to it, the damage estimates and final settlements offered by an insurance company are a true test of their credibility, but many people don’t see these figures until they’ve already filed a claim.

By shopping around for an insurance company through an insurance broker, you have the ability to see how various companies compare, before making your final decision. At Sadler Insurance, we find our clients a competitive premium for their insurance protection, while also seeking the appropriate level of coverage and providing an outstanding level of customer service. Unlike agents, direct insurers or banks that are limited to their products, we can provide you with a variety of insurance products and options to fit your needs. In contrast, when dealing with others, your needs will often have to fit their product.

Sadler Makes Insurance Easy!

Sadler Insurance has been serving Albertans for 80 years, so you can trust us with all of your insurance needs. We are a full-service independent Edmonton insurance broker, with a team of insurance professionals who are ready to serve you! Having been established in 1936, we are not your average insurance brokerage. We have the knowledge and experience to assist you in understanding your insurance choices and making the “fine print” clear. Above all else, we believe in building relationships with our clients and our insurance partners.

Are you interested in receiving a quote or getting more information from Sadler Insurance? Contact us at any time through our online form or by calling us at (780) 433-4426. See for yourself how we work for you, not the insurance company.