Whether you own a single income property to provide a little cash bump, or you are a full-time landlord with dozens of units to your name, you want to make sure your investment is properly protected.
Landlord Insurance in New Brunswick generally is less about high-rise, but not necessarily less high-maintenance. Your tenants can be hard on your building, and you need to make sure that a slip up by one of them does not erase all the equity you’ve built up in that property all because your insurance was not up to par.
Penthouse Level Coverage, At Basement Apartment Prices
Isn’t this what we all want? As an insurance broker with loads of experience with income property insurance, we shop the marketplace for you to find that all-important combination of value and coverage.
Depending on market conditions and the specifics of your particular property, we can often offer up a number of quote options, and walk you through the differences in coverage for each.
Rental Property Insurance Extras
When it comes to Apartment Building Insurance coverage, it is oftentimes the add-on coverages or “frills” that separate a good insurance policy from a great one. You of course want top-notch coverage for the building itself, ensuring it is covered for just about anything that could happen to it.
General Liability Insurance is also key in ensuring that you are protected from lawsuits that might come from the ownership of your properties. And no realty insurance program is complete without Rental Income insurance coverage so that your hard earned rental cash flow continues on while your building is being repaired or rebuilt. But, did you also know that these more obscure coverage options are oftentimes available as well:
- Guaranteed Replacement Cost: even if the cost to rebuild is higher than the amount you are covered for! This option usually requires a professional appraisal be filled with us.
- Flood Insurance: almost impossible to buy for a homeowners policy, and not available to all apartments, but you may qualify for this coverage depending on where your building is located.
- Parking lot damage: a paved parking lot is not cheap, as we all know. And it’s nice to have the option to cover yours should it suffer an insured loss.
Keep Your Landlord Insurance Cost Down
Some of the factors affecting your Rental Property Insurance rate include:
- The occupancy (ie. Commercial vs Residential tenant)
- The construction of the building: Is it wood frame, or a less flammable steel framed brick building.
- The neighborhood: Is it low crime? Are you in the city near a firehall, or is it a basement apartment in a house out in the country?
- Building maintenance: Most insurers will seek out a recent photo of the building, and potentially ask to inspect it. Out of date electrical, plumbing, and roofing are killers. There is no question that the upkeep of an apartment and quick elimination of any liability hazards greatly affects the insurance pricing.
- Claims history: quite simply, a history of few or no insured losses makes for a more attractive risk profile that many insurance companies will fight over.
Vienneau Insurance has been providing insurance for apartments in New Brunswick for just about 70 years now. From luxury Apartment Building Insurance, to the people who are renting out the basement in their home, we do it all. Call or click today to see what we can do for you.