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Realty

Real estate-based businesses need the protection of Real Estate Insurance to safeguard against risks that may come from owning or renting property, including loss of rental income due to property damage. 

Who Needs Real Estate Insurance?

If you own a commercial building in Ontario, it should be insured. In fact, any mortgage lender will require you to insure it. And if you rent a building for business, its contents should be insured and you must think about liability issues. The following business people should consider Real Estate Insurance:

•    Anyone who owns or rents commercial property
•    Landlords
•    People who own or rent offices for business
•    Retail business owners
•    Student housing owners

Standard Property Management Insurance Coverage
When it come to Real Estate Insurance, everyone’s needs are different. The sort of coverage you require depends on the type of business you own, its operating budget, and many other factors. That’s why it’s important to discuss your needs with an experienced commercial insurance specialist. That said, most companies should consider these options:
•    Building and Property Insurance – covers fire, theft, vandalism, storm damage, and other acts of nature. It usually protects your building, fencing, outdoor signs, and may protect landscaping.
•    Building Contents Insurance – can cover product inventory and equipment, tools, office equipment, and supplies.
•    General Liability Insurance – protects you from damages and lawsuits arising from people injured on your premises.

Property Management Insurance Options
There are a number of options for your Business Property Insurance, such as:
•    Broad-form coverage – also called “named peril.” This option covers specific hazards that are noted in the policy. You may want to consider this extra coverage for losses that are caused by events such as: lightning, fire, or windstorms, just to name a few.
•    Earthquake
•    Flooding
•    Mechanical breakdown – may include business equipment, computers, and HVAC systems.
•    Onsite and third-party pollution coverage
•    Replacement cost coverage
•    Sewer backup
•    Student rental programs