Some properties need special attention when it comes to insurance. When it comes to buying insurance for your property, the use, and age of the asset matters. Some of these issues include older buildings with their original utilities, properties with multiple mortgages and private lenders and commercial or rented properties. We can also help with any prior claims or properties with a high rebuild value. There’s an insurance solution for virtually any home.
Difficult to insure properties and rental properties that need special attention
Rental property insurance is different from homeowner’s insurance. If you are looking for insurance for your rental property, be sure to let your PrimeService broker know! This will help them assist you in finding coverages for your rental income, coverage which will satisfy lenders & mortgagees and will protect you as a landlord.
In Toronto, it is not rare to purchase homes built in the late 1800s. Older homes like these often have not been renovated since the 1960s and often have many issues as well as lots of utilities which can cause damage to the home.
Like any home, mortgagees of commercial properties need an insurance binder, and the type of business can play a significant role in the insurability of the building. In most cases, commercial buildings have undergone massive renovations, and you need to ensure that you, or the business owner tenant, will be insuring the renovations within the building.
Homes with a rebuild value of $1 million or more are considered high-value. These homes require the best quality of coverage as the basic homeowner’s policy will not cover the expensive build material used in the construction of these type of properties. High-value homes get additional attention with an inspection to confirm they have in correct insurance converges in place.
Have any questions? Call your PrimeService broker at (905) 886-7277 for all the details and our recommendations!