LANDLORD & COMMERCIAL
PROPERTY INSURANCE

 

COMMERCIAL
PROPERTY

Protect your place of business,
and everything in it.

Commercial Property Insurance

A general liability policy often covers commercially owned or operated property, however physical business spaces and their contents can also be insured on a stand-alone basis. This coverage can protect your company’s building (whether owned or leased), commercial equipment, fixtures and furniture, tools and the property of others within your commercial space.

The right commercial property policy is designed to get you back to business as quickly as possible by assisting with repair costs after a loss.

Author: Jacques Wong

BOOK A CALL
Commercial Property FAQs

If your business owns commercial property, you should protect that investment with commercial property insurance.

Theft and fire are covered by default on commercial property, but flood and earthquake insurance needs to be purchased separately.

No, it is not required by law but most lenders (i.e. mortgagees) will require that the asset be insured before they are willing to extend the loan.

Commercial Property Insurance premiums are calculated primarily based on the value of the property, the coverage you choose, and the nature of the property (i.e. building construction, location, etc.)

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Landlord Insurance

If you rent your home or condo, you are exposed to many of the same risks as your primary residence. However, insurers generally consider landlord policies to be higher risk properties, as you have less day-to-day control over the premises.

There a number of factors that can help lower your risk assessment, such as living within 50kms of the property, utilizing a property manager and conducting regular inspections throughout the year. Landlord policies can provide loss of rent coverage and broader liability coverage against damages made against your property by tenants or their guests.

Renting your property exposes you to unique risks that are outside of your control. We’re here to make sure you’re covered.

Author: Jacques Wong

BOOK A CALL
Landlord Insurance FAQs

Home insurance is a general term for insurance policies that protect where you live either as the owner or as a tenant. Whether you live in a condo, apartment, townhouse, or house, you’ll need home insurance to protect your home, your personal property, and yourself from liability.

Home Insurance is a general term.  The type of Home Insurance you’ll need depends on what type of home you live in.  If you rent, you’ll need tenant’s insurance.  If you own a condo, you’ll need condo owner’s insurance.  And if you own a single-family home, you’ll need homeowner’s insurance.

Generally speaking, you should notify your insurance company/broker when you make renovations or upgrades to your home under 2 scenarios:

  1. If the renovations substantially increase the replacement cost of your home, you should notify your broker to ensure your limits are updated and you have adequate coverage.
  2. If the renovations create a material change in risk for the insurer.  For example, adding a pool to the backyard increases your risk of liability claims happening on your premises.

If you’re not sure, I recommend erring on the side of caution and notifying your broker of any planned renovations and upgrades.

This is a growing problem in Canada and in British Columbia in particular with the rapid rise in condo development all over the province.  As strata insurance rates continue to rise, many strata councils are increasing their deductibles to offset rising costs.

For example, if you live in a high-rise condo that’s insured for $50 million with an earthquake deductible of 15%, the deductible is $7.5 million.  If there are 200 units in the building, owners would pay an average of $37,500 each to cover this deductible.

Luckily, condo unit owners can purchase excess insurance to essentially buy-down that deductible.

The first thing to do when you have a claim is to contact your broker.  They will help you review your coverages and submit the claim to the insurer.  After the insurer receives the notice of claim, they’ll assign and adjuster to the case and reach out to you for additional information if necessary.

Be prepared to provide receipts and other documentation to help you substantiate the claim.

It’s the same Landlord Insurance but depending on the type of building and intended occupancy, it may fall under personal lines or may be upgraded to commercial lines.

Landlord Insurance typically refers to insurance on commercial or residential buildings that are fully rented out whereas Homeowners Insurance is intended for homes that are the insured’s primary residence (some rental activities are allowed).

Yes.  Many clients think that there is less risk while your property is unoccupied, but the opposite is true.

Yes, it will count as a business expense that reduces your amount of taxable profits.

No, it’s not required by law, but it may be a requirement of the bank or lender who is financing the purchase.

The cost of property insurance depends on many factors including:

  • Location
  • Claims History
  • Building Construction
  • Occupancy
  • Building Value
  • Coverage Options Chosen

Load More

Commercial Property Insurance

A general liability policy often covers commercially owned or operated property, however physical business spaces and their contents can also be insured on a stand-alone basis. This coverage can protect your company’s building (whether owned or leased), commercial equipment, fixtures and furniture, tools and the property of others within your commercial space.

The right commercial property policy is designed to get you back to business as quickly as possible by assisting with repair costs after a loss.

Author: Jacques Wong

BOOK A CALL
Commercial Property FAQs

If your business owns commercial property, you should protect that investment with commercial property insurance.

Theft and fire are covered by default on commercial property, but flood and earthquake insurance needs to be purchased separately.

No, it is not required by law but most lenders (i.e. mortgagees) will require that the asset be insured before they are willing to extend the loan.

Commercial Property Insurance premiums are calculated primarily based on the value of the property, the coverage you choose, and the nature of the property (i.e. building construction, location, etc.)

Load More

Landlord Insurance

If you rent your home or condo, you are exposed to many of the same risks as your primary residence. However, insurers generally consider landlord policies to be higher risk properties, as you have less day-to-day control over the premises.

There a number of factors that can help lower your risk assessment, such as living within 50kms of the property, utilizing a property manager and conducting regular inspections throughout the year. Landlord policies can provide loss of rent coverage and broader liability coverage against damages made against your property by tenants or their guests.

Renting your property exposes you to unique risks that are outside of your control. We’re here to make sure you’re covered.

Author: Jacques Wong

BOOK A CALL
Landlord Insurance FAQs

Home insurance is a general term for insurance policies that protect where you live either as the owner or as a tenant. Whether you live in a condo, apartment, townhouse, or house, you’ll need home insurance to protect your home, your personal property, and yourself from liability.

Home Insurance is a general term.  The type of Home Insurance you’ll need depends on what type of home you live in.  If you rent, you’ll need tenant’s insurance.  If you own a condo, you’ll need condo owner’s insurance.  And if you own a single-family home, you’ll need homeowner’s insurance.

Generally speaking, you should notify your insurance company/broker when you make renovations or upgrades to your home under 2 scenarios:

  1. If the renovations substantially increase the replacement cost of your home, you should notify your broker to ensure your limits are updated and you have adequate coverage.
  2. If the renovations create a material change in risk for the insurer.  For example, adding a pool to the backyard increases your risk of liability claims happening on your premises.

If you’re not sure, I recommend erring on the side of caution and notifying your broker of any planned renovations and upgrades.

This is a growing problem in Canada and in British Columbia in particular with the rapid rise in condo development all over the province.  As strata insurance rates continue to rise, many strata councils are increasing their deductibles to offset rising costs.

For example, if you live in a high-rise condo that’s insured for $50 million with an earthquake deductible of 15%, the deductible is $7.5 million.  If there are 200 units in the building, owners would pay an average of $37,500 each to cover this deductible.

Luckily, condo unit owners can purchase excess insurance to essentially buy-down that deductible.

The first thing to do when you have a claim is to contact your broker.  They will help you review your coverages and submit the claim to the insurer.  After the insurer receives the notice of claim, they’ll assign and adjuster to the case and reach out to you for additional information if necessary.

Be prepared to provide receipts and other documentation to help you substantiate the claim.

It’s the same Landlord Insurance but depending on the type of building and intended occupancy, it may fall under personal lines or may be upgraded to commercial lines.

Landlord Insurance typically refers to insurance on commercial or residential buildings that are fully rented out whereas Homeowners Insurance is intended for homes that are the insured’s primary residence (some rental activities are allowed).

Yes.  Many clients think that there is less risk while your property is unoccupied, but the opposite is true.

Yes, it will count as a business expense that reduces your amount of taxable profits.

No, it’s not required by law, but it may be a requirement of the bank or lender who is financing the purchase.

The cost of property insurance depends on many factors including:

  • Location
  • Claims History
  • Building Construction
  • Occupancy
  • Building Value
  • Coverage Options Chosen

Load More

Ready for a Quote?

By completing our short online form, we can get to work right away without taking up any more of your valuable time.

SUBMIT YOUR INFO
Don’t want to wait?
Connect with us now.
Connect@TheReFrameGroup.com

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You get the best coverage

Landlord / Commercial Property Insurance

Jacques discusses who might need a landlord or commercial property insurance policy.

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