Did you know that most co-owners will make at least one home insurance claim during their lifetime? Water is behind 95%* of claims and causes more claims than fire and theft combined—The risk is very real.
Condos come with extra risks
When you live in a condo, every neighbor unfortunately increases your risk factor. You could end up paying for a problem caused by someone living three floors above you. In addition, once moisture sets in, it causes serious and costly structural problems and mold growth that could lead to health problems or reduce the resale value of your property.
My insurance will cover it!
Or will it? Your reimbursement for renovation costs will depend on your insurance policy. A growing number of condo associations have trouble finding insurers who cover water damage. And even if your insurance policy does cover it, your premium will generally go up by at least 25% after your first claim.
Not to mention that in case of water damage, the reserve fund will be affected and you’ll likely end up paying some of the costs involved in replacing equipment or materials or related to repairs for esthetic reasons. And you will always be responsible for the deductible, which is often hefty as the number of claims continues to skyrocket.
Not a walk in the park
Even if your insurer pays for the total cost of material damage, you are affected in ways that go beyond what’s covered by insurance… Wear and tear in common areas inevitably occurs during restoration, water damage can upend your life for weeks, and assets such as photos and family memories are part of the losses that an insurer can’t replace.
Nowa: the most recommended in Quebec
Your best protection will always be to stop water damage at source, which is precisely what Nowa 360 performs completely independently. Since its beginnings in 2007, it is considered to be the most effective solution for preventing water damage in condominiums. It’s also the most recommended system of a growing number of insurers and many of them will give you a discount on your premium once it is installed.
At Nowa, we support you throughout the process, from turnkey installation to our service excellence. Contact one of our experts now.
*Insurance Bureau of Canada