Top 3 ways to protect your condo from higher insurance premiums


Top 3 ways to protect your condo from higher insurance premiums

Be preventive. Be proactive. Be prepared.

On the surface, not earth-shattering concepts, but in reality, all three will serve to protect you against the effects of rising premiums and ineffective deductible levels.

By employing strategic systems, you can work in collaboration with your owners and residents in identifying risk areas and empowering fast and consistent change.

Regular communication with all owners and residents is key. Identify the high-risk areas of water failure. These include the need to replace older supply lines (especially ones that are not braided) that feed appliances such as dishwashers, fridges, washing machines, faucets, and toilets.

Suggest turning off the supply lines to appliances when not in use, such as the washing machine or dishwasher. Remind owners to have someone check on their place when they are on vacation, turn off the water to the unit (if possible), or at the very least to the various fixtures in the unit.

Send consistent messaging to owners, especially those that are new to the building, which demonstrates where the main water shut off valve is located. Operating this valve on a regular basis will reduce the risk of the valve seizing, and ensure that it operates properly when you need it most.

If the time does come and you are dealing with an event, have a phone number, which owners and residents can call. Make this number readily available. Ensure that the person knows your building and can react quickly and effectively to contain the damage.

For those looking to technology to assist, there is new water sensing systems that can not only detect water failure but also shut down the main water valve in real-time.  Look for our upcoming blog post on this subject when we compare the various competitors in this space and the typical cost that an average owner would pay for this type of system.

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