How do you COPE with your condominium insurance?
The point is that the way an insurance company looks at you and your risk is based on C.O.P.E.
They look at 5 basic areas to evaluate your risk potential
- C- Construction, what is your condo made out of? wood, brick or a highly non combustible material or even a fire resistive construction material
- O- Occupants, what makes up the building? In a condo, they look to see who lives there. Owners vs renters, is there a office or retail location?
- P- protection, How well is the property protected against perils, such as fire, wind and water. Do you have sprinklers, do you have updated standard wiring, and where are you located and protected from the wind
- E- Exposure, what are you near? How are you susceptible to a claim? Close to the water? exposed to fire or other peril from a nearby building or forest etc.
This is how your company looks at you and along with total value, height and square footage, they will model your risk and exposure and come up with an appropriate premium for your condominium association.