Finding the Right Real Estate Insurance in Eastern Ontario
If you own commercial property in Eastern Ontario, it is important to protect it with the right kind of insurance. Commercial properties are usually more expensive than private properties and they have different insurance needs. If you do not get the right kind of coverage for your property, you could end up like Daniel P, and here is his story.
Daniel started out with a small apartment building ten years ago and he gradually built up his business to include more than one hundred units in 8 apartment buildings. He was a shrewd business man and tried many ways to cut corners. In fact, he was still managing all of his buildings because he didn't want to pay a manager. Also, Daniel did not want to spend too much on realty insurance for his business, and this ended up costing him more than he could have imagined.
When Daniel took out insurance for his buildings he went with the cheapest possible policy. His insurance broker explained to him the difference between replacement cost and market value. However, Daniel didn't think that disasters could happen to him, so he opted for the less expensive market value coverage.
About six months later, a severe thunderstorm and tornado went through the region and two of Daniel's apartment buildings suffered major damage. In fact, the damages were so severe, they needed to be completely rebuilt. However, because Daniel only had market value coverage, his Real Estate Insurance payout was nowhere near enough to replace his buildings. In fact, he had recently purchased one building and did not receive enough money to pay off the mortgage. This kind of problem can be avoided if you choose an insurance specialist that understands your needs and you take his or her advice.
The Importance of Property Management Insurance
Real estate or Realtor Insurance is there to take care of most problems that commercial building owners have to face. This includes damages, injuries, and legal situations that may arise. It is there to protect your business assets.
Who Needs Real Estate Insurance?
If you own a commercial building in Eastern Ontario, it should be insured. In fact, unless you own the building free and clear, your mortgage lender will require you to insure it. Even if you rent your building for business, you need to insure its contents and cover liability issues. The following business people will need to consider realty insurance:
- Retail business owners
- People that own or rent offices for business
- Student housing owners
- Anyone that owns or rents commercial property
Standard Property Management Insurance Coverage
Your Realtor Insurance needs will depend on the business you own, the operating budget, and many other factors. That is why you should talk to an experienced commercial insurance specialist. Most companies should consider these options:
- General liability insurance - protects you from damages and lawsuits arising from people injured on your premises.
- Building and property insurance - covers fire, theft, vandalism, storm damage, and many other acts of nature. This usually protects your building, fencing, outdoor signs, and can protect landscaping.
- Building contents - can cover product inventory, equipment, tools, office equipment, and supplies.
Property Management Insurance Options
You may need to decide from a number of options for your business property insurance. Here are some of the options you might need:
- Broad form coverage - also called "named peril". This includes specific hazards you may face, and if you are at risk for these things you should consider the extra coverage.
- Mechanical breakdown - may include business equipment, computers, and HVAC systems.
- Sewer backup
- Onsite and 3rd party pollution coverage
- Student rental programs
- Replacement cost coverage
Why You Need Insurance Specialists
When you shop for realty insurance, it's not like shopping for groceries or clothing items. There are many different types of coverage options to consider and if you omit just one, it can cost you dearly. Upper Canada Commercial Insurance Group is an independent insurance brokerage that is not tied to just one insurance company. We know where the best rates and coverage options are.
No matter what your Realtor Insurance requirements, Upper Canada Commercial Insurance Group can put together an insurance package that perfectly fills your needs. Maybe you have exotic or unusual needs? We are Lloyds of London Underwriters. We also have business specialists that know your industry inside and out. Our people specialize in what they do. For example, one of our specialists works with the metals industry, and has five years of actual experience in the business.
When you insure your commercial property, you want to make sure that your assets are safe and sound. It makes sense to go with an insurance specialist like Upper Canada Commercial Insurance. We will help you get the lowest rates, best coverage, and provide some of the finest customer service in Ontario.