Posts Tagged ‘subsidence’

How I saved my dental practice from subsidence with an insurance

This is not really a dental subject that I want to discuss with you today. But, since you might own some real estate yourself I thought this might also be valuable for you.

You need to know that my dental practice is located in an area were a lot of mining was going on in the past. And even today, there are still several mining companies active and in business next to my city. Now, you might ask yourself what this has to do with dentistry.

The answer is pretty simple. Because of the mining that has been going on in our area the house were my dental practice is located has suffered from subsidence. The problem is that I own this house myself and recovering a building from heavy damages caused by subsidence is either pretty expensive or just not possible.

Fortunately I have a great insurance broker that I am working with and he literally urged me to get a subsidence insurance already a few years ago. In the first place I honestly thought that he just wants to sell me on this contract to make some extra money. But now I know better.

My financial advisor is really an expert when it comes to property insurance and since he also knows our area pretty well he insisted in me to sign this contract. For some reason I decided to get this policy and this year it turned out to be the best investment I have ever made.

My dental office got damaged in a sever way by subsidence. The cost for fixing everything was several hundreds of thousands of dollars. If I wouldn’t have had this policy this event would have ruined me financially.

Therefore I highly recommend to consider wether you might also need subsidence coverage from your insurance broker.