New Brunswick Rental Property Insurance
GoToInsure.ca specializes in Landlord Insurance and serves property owners throughout Atlantic Canada.
As an apartment building owner, does your insurance cover you for your Loss of income that could come when your premises is severely damaged? An unforeseen disaster can have important consequences for you in two regards; causing detriment to both your physical property and your monthly income. You need adequate Apartment Building Insurance to ensure your financial survival. Loss of rental income for several months, during a lengthy period of reconstruction, is an undesirable consequence that not all building owners think of when seeking out commercial property insurance. You're probably wondering how much this type of coverage will cost? Surprisingly affordable.
An adequate rental property insurance policy makes sense for anyone who owns an apartment building because it can cover major disasters, from lawsuits that can come from common property claims and also it can insure that your income will continue if disaster does strike.
An Apartment Owner Insurance can provide coverage for you and your apartment buildings, and there's also a wide range of coverage options that you can add to your policy. Here is a list of possible coverage and options:
- Commercial Property (Buildings & Contents)
- Equipment Breakdown
- Loss of Business Income
- Dishonesty, Disappearance & Destruction (3D policy)
- Commercial Liability Insurance
- Umbrella Policy
- Lock Replacement or Re-keying
- Increased rebuild costs due to new By-laws
- Sewer back-up coverage
If you are considering buying an apartment building, these tips may help you to be ready when it will be the time to insure your new acquisition:
- Find a certified professional to evaluate the value of your building.
- Have details concerning the last updates, improvements or additions done to the building.
- Review all aspects of the security outside and inside the building: smoke detectors & alarms, fire extinguishers, railings in steps, etc.
- Look into the costs of coverage for "Lost of Business Income" to be protected when tenants are barred from the property due to an insured loss. A rebuild or repair could take months.
- Make sure that your plumbing, electricity, heating and air conditioning are all up to code.
- Make sure that the tenants carry Renters Insurance to cover their personal property and liability.
What About Renovations? Did You Know...
It is important to note that if you are planning to make any major changes or renovations to your Apartment Building, like updating bathrooms or an entire apartment, you must contact your insurance broker before any work has begun. Failure to do so may affect coverage in the event of a loss.
The premium of your Landlord Insurance depends upon several factors:
- Location of property
- Distance from the nearest fire hydrant and fire department
- Size of property
- Number of units
- Age of property
- Type of construction
- The amount of coverage you need
You've worked hard to build your income, renter by renter; don't let one event take it all away. You can count on our GoToInsure.ca brokers serving all of Atlantic Canada to know Apartment Building Insurance. We will review your current policy and provide a quotation while providing risk management recommendations that will properly protect your investments. We will also analyze your policy and find an gaps in coverage that could leave you with an unnecessary financial burden.
Our experienced brokers will endeavor to make you aware of all potential hazards related to your buildings and how to correctly insure against losses. Our brokers are here to answer your questions and make the insurance process less demanding for you. Call us today for a free and no-obligations quote or a review of your existing Rental Property Insurance.
Ask for quotes from GoToInsure.ca because we have access to most of the major insurance companies in Canada writing Landlord Insurance accounts.