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Choosing the right deductible. This is a topic that is given little thought when purchasing a condo owner insurance policy, but quite a bit of thought after a claim. The lower your deductible is the higher your insurance premium will be. So, you should choose the lowest deductible you can afford right? Not necessarily. Having a higher deductible will most likely keep you from making small claims. Small claims on your condominium insurance policy can have a detrimental effect on your future policies. People who have a history of making small claims generally have higher premiums. Sometimes, it can be as much as double the price of a premium for a condo policy without recent claims. Our advice is to choose the highest possible deductible you can afford to pay. |
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