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What is real estate insurance?
Real estate insurance encompasses many facets. It can provide coverage for your company’s physical assets from risks like fire, theft and other types of damage. It may also include liability coverage if someone is injured on the property or if the property causes harm to others. Here are a few examples that can be covered by real estate insurance:
- Costs for repairs if your property is damaged by a fire or vandalism.
- Cost of a claim if someone is injured on your property and you are found responsible due to negligence.
- Your rental property becomes uninhabitable and you will lose rental income.
Your specific coverage will depend on your province's regulations and any additional coverage options you choose to include in your policy.
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Running a business is hard work, but BrokerLink simplifies insurance, letting you focus on your business with coverage tailored for any size or industry. Secure your business with us today.
Who needs real estate insurance?
When it comes to real estate, many different types of people need insurance to protect their business and assets, including:
- Landlords
- Developers
- Building owners
- Property managers
- Real estate investors
- Construction developers
- Commercial property owners
- Residential property owners
- Industrial property owners
Why do you need real estate insurance?
Risk protection
Buildings are exposed to multiple risks such as fire, flooding, vandalism and theft. Insurance provides financial protection against these risks.
Financial security
Without insurance, the costs of repairing or replacing a building after damage can be devastating. Insurance helps to mitigate this risk.
Legal requirements
Some provinces or municipalities may require certain types of insurance for building owners, especially in high-risk areas.
Tenant protection
If you’re renting out a property, having the right insurance coverage may provide coverage in case tenants damage the property or accidents happen.
Coverages
Your real estate insurance can offer protection against a variety of risks associated with property management and transactions.
What does real estate insurance cover?
The recommended coverage shields professionals like you from potential liabilities and financial losses that may happen in the course of your business operations. More details are provided for these coverages below:
Property damage
Coverage for the building itself (including structural damage from fire, vandalism, etc.). It ensures that if the structure is harmed, repairs or rebuilding costs are covered. This is crucial for maintaining the property's value.
Contents coverage
Insurance for the owner’s property inside the building (e.g., furniture, appliances, equipment). It ensures that if these items are damaged or stolen, their replacement or repair is financially covered. This protection helps keep the property functional and comfortable.
Liability coverage
Protection if someone is injured on your property and you are found liable. It helps with legal fees and any compensation you may need to pay. This coverage is important for safeguarding your financial assets.
Loss of income
If the property is uninhabitable due to covered damage (e.g., a fire), this type of coverage can compensate for lost rental income. This ensures that you continue to receive financial support while the property is being repaired. It's essential for maintaining a steady income.
Additional living expenses
If the building is a rental, insurance may cover additional costs if tenants need temporary accommodation due to damage. This helps ensure tenants have a place to stay while the property is repaired. It also maintains good tenant relations.
Earthquake or flood insurance
Standard property insurance policies do not cover natural disasters like earthquakes or floods, so if you want protection for these types of situations, you will need to purchase additional coverage if it is available. Check with your insurance provider to understand what's included.
Water damage and sewer backup coverage
Covers damage from unexpected problems such as burst pipes or a faulty backwater valve, which can harm your property and make it uninhabitable until it’s cleaned professionally. This coverage is recommended highly and should be researched to ensure you understand what you need.
Tenant insurance
Some building owners require their tenants to have renter’s insurance to protect their personal belongings and cover damage caused by the tenant. It can also provide liability protection in case someone gets injured in the rental property.
Equipment breakdown insurance
This insurance can be purchased to cover the costs to repair or replace equipment required to operate your building, for example HVAC systems and elevators. It can also cover associated business interruption costs and additional expenses incurred while keeping your building operational during the time it takes for the damaged equipment to be repaired or replaced.
Umbrella liability insurance
For building owners with significant assets, an umbrella policy provides additional liability coverage beyond standard limits. providing more protection if a major claim arises.
Property damage
Coverage for the building itself (including structural damage from fire, vandalism, etc.). It ensures that if the structure is harmed, repairs or rebuilding costs are covered. This is crucial for maintaining the property's value.
Contents coverage
Insurance for the owner’s property inside the building (e.g., furniture, appliances, equipment). It ensures that if these items are damaged or stolen, their replacement or repair is financially covered. This protection helps keep the property functional and comfortable.
Liability coverage
Protection if someone is injured on your property and you are found liable. It helps with legal fees and any compensation you may need to pay. This coverage is important for safeguarding your financial assets.
Loss of income
If the property is uninhabitable due to covered damage (e.g., a fire), this type of coverage can compensate for lost rental income. This ensures that you continue to receive financial support while the property is being repaired. It's essential for maintaining a steady income.
Additional living expenses
If the building is a rental, insurance may cover additional costs if tenants need temporary accommodation due to damage. This helps ensure tenants have a place to stay while the property is repaired. It also maintains good tenant relations.
Earthquake or flood insurance
Standard property insurance policies do not cover natural disasters like earthquakes or floods, so if you want protection for these types of situations, you will need to purchase additional coverage if it is available. Check with your insurance provider to understand what's included.
Water damage and sewer backup coverage
Covers damage from unexpected problems such as burst pipes or a faulty backwater valve, which can harm your property and make it uninhabitable until it’s cleaned professionally. This coverage is recommended highly and should be researched to ensure you understand what you need.
Tenant insurance
Some building owners require their tenants to have renter’s insurance to protect their personal belongings and cover damage caused by the tenant. It can also provide liability protection in case someone gets injured in the rental property.
Equipment breakdown insurance
This insurance can be purchased to cover the costs to repair or replace equipment required to operate your building, for example HVAC systems and elevators. It can also cover associated business interruption costs and additional expenses incurred while keeping your building operational during the time it takes for the damaged equipment to be repaired or replaced.
Umbrella liability insurance
For building owners with significant assets, an umbrella policy provides additional liability coverage beyond standard limits. providing more protection if a major claim arises.
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Tenant insurance
It’s often a good idea to encourage tenants to get renters insurance to cover their belongings in case of fire or other incidents. Some landlords require it as a condition of the lease.
Policy customization
Insurance policies for building owners are not one-size-fits-all. They can be tailored to specific risks and needs. It's worth working with an insurance broker to make sure you’re fully covered.
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