Finance

Canada’s Condo Insurance Crisis: Sky-High Premiums Threatening Consumers

Published

2 years ago

November 4, 2022

Millions of Canadians love the condominium lifestyle, and for some, it’s more affordable to own and live in a condo complex versus a detached house. Moreover, condo towers offer an agreeable solution to urban density and sprawl – if you can’t spread outwards, spread upwards. Governments fancy them too. After all, condo complexes help satisfy the need for housing in cities while increasing the tax base. What’s not to like?

Unfortunately, a burgeoning condo insurance crisis – driven by a spike in claims and increasing repair costs – has sent premiums skyward for condo corporations, which in turn, may impact unit owners. The demand for coverage is outweighing supply. In other words, some insurance companies are reducing the limits of what they will cover while hiking their premiums. Other insurers with shrinking risk appetites are opting to exit the market altogether. That’s left many condo property management teams struggling to secure insurance with adequate protection at affordable rates.

That presents potential problems for all.

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Could the Crisis Affect Condo Owners?

While rising premiums are faced by property management teams, by in large personal condo policy premiums have remained steady and affordable for many years. As building rates soar, however, those costs can be passed onto unit owners through higher condo fees and deductibles.

Another factor registering in escalating premiums is climate change.

Insurance companies put dollar values on weather events. According to the Insurance Bureau of Canada, catastrophic loss claims (losses topping $25 million) totalled an average of $405 million per year between 1983 and 2008. Over the next decade (2009 to 2018), the average annual cost of catastrophe losses reached $1.8 billion per year.

That is especially true in regions of the country where catastrophic risk is increasing. For example, the threat of an earthquake in Ontario, Quebec, and British Columbia. Or wildfires in Alberta and B.C., as well as floods in many provinces.

The Cost of Condo Insurance

Insurance companies are not offsetting their risk concerns toward individual condo owners yet, keeping restrictions focused on corporations. That means condo insurance in Canada remains affordable for most owners.

Your condo’s property management team will have insurance to cover the building’s common areas, and it may provide a limited amount of coverage for some items in your unit like the interior walls. But you need to make up the shortfall to protect your belongings. For example, if a fire damages your unit and possessions, it’s your personal condo insurance policy that will cover the cost of things such as furniture, electronics, and clothing.

Many factors determine the cost of condo insurance, including where you live, coverage options, restrictions, and deductibles. For most Canadians, condo insurance will cost about $250 to $350 per year for $50,000 of contents coverage.

Having coverage means you are financially prepared should the worst happen. Depending on your policy’s coverage, condo insurance provides:

Coverage for your belongings
Temporary living expenses if your unit is uninhabitable during a claim
Personal liability coverage in the event someone is injured in your residence or if their property is damaged
Loss assessment coverage supports you in the event you are held financially responsible for any damages to the condo building itself and its common areas

How to Reduce the Cost of Condo Insurance

As the Canadian condominium insurance market moves through a period of volatility, the importance of finding the right coverage at the right price has become doubly important. Condo owners can follow some simple steps to ensure the best deal possible:

Shop around. Shopping for condo insurance gives customers access to the best premiums for their circumstances. By comparing insurance quotes, it’s easier to find coverage that meets your insurance needs at the most affordable price.
Combine insurance. Many insurers allow customers to bundle home or condo insurance with car insurance, which may result in a discount between 5 per cent and 10 per cent.
Manage deductibles. By choosing a higher deductible, you can lower your overall premium.
Take loss prevention measures. Insurance companies like to see their customers take proactive steps protecting their units. For example, getting an alarm system installed, ensuring smoke detectors are working and having a fire extinguisher on-hand.

Other steps condo insurance customers can take include switching from monthly to annual payments, perfecting your coverage limit (only insure what you need), and maintaining a good claims record.

Condo Insurance Is Important

Amid all the debate surrounding condo insurance in Canada, one thing remains crystal clear: Consumers do need coverage. If you’re a condo owner, you need insurance to keep your property and belongings safe. Many landlords will lease their condominiums, and it is equally important for renters to get a tenant insurance policy.

Learn more about various kinds of insurance agencies working and serving people around the globe in different fields of life including automobile, business, home/home improvement and many others on this website: www.cashing-az.com

Finance

4 Tech-Savvy Tips to Save Money on a Travel Insurance Policy

Published

2 weeks ago

April 7, 2025

Trent Warner

Planning a trip can be exciting! But it can also be expensive. You have to think about flights, hotels, activities, and of course, travel insurance. While travel insurance sounds like just another added cost, it can help you save money in the long run. And with a few tech-savvy tricks, you can find the best deals and make sure you are getting the right coverage without breaking the bank. Let’s examine four ways to use technology to your advantage.

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1. Compare Prices Online

Before you buy anything, it is always a good idea to compare prices. This is especially true for travel insurance, where prices can vary significantly between different providers. Use online comparison websites to quickly compare quotes from multiple insurers. You can easily see which ones offer the best value for your specific needs.

2. Use Travel Insurance Apps

Many travel insurance companies now offer mobile apps that make it easy to manage your policy and file claims. These apps can also provide helpful information and resources, such as emergency contact numbers and medical advice.

For example, some apps have a feature that allows you to submit claims directly from your phone. You can simply take a picture of your receipts and other documents and upload them through the app. This can save you time and hassle if you need to make a claim while traveling.

3. Take Advantage of Online Discounts

Many travel insurance providers offer online discounts for purchasing policies online or signing up for email alerts. Keep an eye out for these deals and take advantage of them to save money.

For instance, some companies offer a 10% discount if you purchase your policy through their website. Others might give you a discount code if you sign up for their email newsletter. These small savings can add up, especially if you travel frequently.

4. Bundle Your Coverage

If you are planning multiple trips throughout the year, consider purchasing an annual travel insurance policy instead of individual policies for each trip. This can often be more cost-effective and save you money in the long run.

Think of it like buying a pack of gum instead of individual sticks. It is usually cheaper to buy in bulk, and the same principle applies to travel insurance.

Bonus Tip: Don’t Ignore the Fine Print

Before buying travel insurance, carefully read the fine print. Look out for exclusions, coverage limits and how to make a claim. This will help you avoid surprises and make sure you get the right coverage for your needs.

Think of how much of a disaster it will be if you buy a travel insurance policy without reading the fine print. You later find out that it does not cover pre-existing medical conditions, and you need to cancel your trip due to a health issue. This could result in a significant financial loss.

Travel insurance is an important investment for any traveler. It provides peace of mind and financial protection in case of unexpected events. By using technology to your advantage, you can find the best deals, manage your policy efficiently, and ensure that you have the right coverage for your needs. So, before you book your next trip, take some time to research travel insurance options and use these tech-savvy tips to save money and travel with confidence.

Finance

What are Cryptocurrency Airdrops? – All About Airdropes

Published

2 years ago

January 13, 2023

Trent Warner

A cryptocurrency token or coin is sent by an airdrop to a lot of different wallet addresses, typically for nothing. An effective marketing tactic to raise awareness and adoption of a specific cryptocurrency or blockchain project is the usage of airdrops.

Additionally, they can be used to give tokens to users who meet particular requirements, such as holding a certain quantity of another cryptocurrency, or to reward devoted supporters or members of the community.

Cryptocurrency projects themselves may offer airdrops, as well as outside parties like exchanges and other businesses. To be eligible to get the airdropped tokens, participants in an airdrop may need to do particular actions, such as following a project on social media or referring friends.

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Safesun Coin Airdrops

When taking part in Safesun Coin Airdrops, it’s crucial to exercise caution because they may serve as a vehicle for the promotion of fraud or shady practices. I advise doing your homework and exercising caution before taking part in any airdrops or other safesun coin events.

This entails confirming the validity of the project and the conditions of the airdrop as well as comprehending any potential hazards and unknowns. To help safeguard yourself and your assets, it is always a good idea to be knowledgeable about the most recent advancements and best practices in the safesun coin sector.

Safesun Coin 2023

Tokens or coins can be given away for free to a lot of users through cryptocurrency airdrops. Airdrops are frequently employed as a marketing tactic to raise awareness and adoption of a specific cryptocurrency or blockchain project.

Additionally in 2023, they can be used to reward ardent fans or members of the community or to give out tokens to users who meet particular requirements, like holding a certain quantity of another cryptocurrency.

Airdrops can be sent out by cryptocurrency projects directly or by outside parties like exchanges or other businesses. It’s possible that in order to be qualified to get the airdropped tokens, participants in an airdrop must do specific objectives, including following a project on social media or referring friends.

Things to know before taking safesun coin airdrops

When taking part in safesun coin airdrops, it’s crucial to exercise caution because they may serve as a vehicle for the promotion of fraud or shady practices. I advise doing your homework and exercising caution before taking part in any airdrops or other safesun coin events.

MEXC Global Performance and Binocs services

Founded in 2018, MEXC Global is a high-performance and mega transaction matching technology exchange. Members of the Mexc Global team include some of the pioneers and early users of financial and blockchain technologies.

The ideal organisation to contact for extra guidance on safesun coin legislation and services is Binocs.

It provides the following services at the most affordable rates:

Your safesun coin transactions will be calculated in a little while.
strong, precise, and obedient
Put together all of your previous exchanges from more than 50 wallets.
Manage all of your safesun coin investments with a single tracking tool.
Find out the filing requirements as well as your tax brackets.

Finance

What Are The Benefits of a Small Business Debt Relief Program?

Published

2 years ago

December 27, 2022

Leonardo Luis

If you are running a small business which is in debt then looking a small business debt relief program is going to be a very smart idea. Many owners fail to do things like this, they are too proud to ask for help and the result is that they eventually get themselves into more and more debt, resulting in their inability to continue the business.

Most businesses around the world are in debt, the difference with them is that it is very well managed. Small businesses in particular are less robust and this is why debt issues amongst those smaller companies can quickly escalate. When this does happen it can cause terrible issues for the business. Here are the benefits which a small business is going to be able to count on if they swallow that pride and use the support and help of a business debt relief program.

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Personal Mental Wellbeing

When a business is buried in a mountain of debt it can very quickly feel as though everything is swirling out of control. This means that personal mental wellbeing is going to suffer and owners and those working within the business are no doubt feeling this. Using a debt relief company is able to help take that pressure off and very quickly owners and those working inside the business can feel a little less pressurized and a lot more relaxed.

Success of the Business

There is a real catch-22 here whereby the business knows that the more money which it is able to make, the quicker that it can improve its financial situation. At the same time however, most businesses find it very difficult to seek success and to get the money pumping, because they are racked with pressure and negative feelings from the debt mountain which they are under. Using a debt relief company ensures that businesses can be a lot more relaxed and they can then look to find more success in terms of profits. If you still have some questions in mind regarding developing a small business and finance management, check out this website https://freebook1.com/ for useful information.

Second Chance

Most debt issues come about as a result of mistakes, financial mistakes made by those who don’t quite know what they should’ve been doing. Losing a business seems to be a terrible punishment for a single mistake and this is why debt relief companies can help to give businesses that second chance which they need. Financial misdealing should never result in the closure of a business unless the company knew better and continued anyway. This is why small businesses have to reach out for support if they find themselves in debt trouble, it really is going to be essential to their survival and their continued success.

There is no point struggling simply because conditions have changed and you are financially exposed. There is help out there and all you have to do is admit that you need it, then go out and seek that support which can help you take the business to healthier levels.

Learn more about different types of financial aids and programs that can help you out if you own a small to medium scale business, on this website: www.canadian-forex-brokers.com