Need help choosing between 2 condo insurance quotes!

[pepbug]

Which would you go with for a new 2 bed, 2 bath condo?

TD Insurance - $716 premium

Personal property - $30,000

Condo Global Amount - $300,000

Extended Water Damage - $50,000

Legal Liability - $1,000,000

Deductible - $1000

• first claim forgiveness and identity theft protection added

Desjardin Insurance - $615 premium

Personal property - $20,000

Dwelling/Improvements/Betterments - $70,000

Additional Living Expenses - $10,000

Water Damage - $50,000

Legal Liability - $2,000,000

Deductible - $500

 

[randytheoldguy]

@pepbug I'd need to know a lot more than this to decide. Why such a disparity on personal property and unit owners coverage?

 

[servantofchrist27]

@pepbug From a claims adjuster's perspective, having Additional Living Expenses coverage really makes the whole process easier to stomach for an insured and you probably underestimate how quickly you will exhaust your limits. Are your sure quote #1 doesn't have any ALE coverage?

 

[pepbug]

@servantofchrist27 ALE is included in the Content Global Amount! Which also covers damages. I think where I’m hesitant is the deductible and legal liability. But I guess I could just change this with TD

 

[ritaw]

@pepbug What type of risks are you most concerned with? Wind/rain? Fire? Theft? Pipe burst? Basement flood? Generally you’re only responsible for interior finishing so that takes away some of your exposure. Do either of these include water back-up/flood endorsements? You’ll also want to consider what standard of customer service they’re offering.

In my experience with condo claims, ALE is the first coverage that runs out, then personal property, so I would prioritize those.

Also, you’ll lose way more money on the higher premium in the long run than you will with the higher deductible, but it’s possible that higher premiums translate to higher standard of service as well.