Do you own a building in Canada? Then building owners insurance might be for you. ALIGNED can help you find a competitive, flexible, and customized building owners insurance policy that provides peace of mind and coverage for your investment/asset.
FAQ
What is building owner’s insurance?
Building owner’s insurance protects property owners from financial losses relating to buildings owned and occupied and/or owned and rented out to others. This type of insurance is typically divided into two categories, one for residential properties and one for commercial properties. No matter what type of building you own, whether it be an apartment complex, low-rise building, office tower or a commercial plaza, you need adequate protection.
What type of coverage do I need as a building owner?
As a building owner, you should be protected against the most common risks that come with owning a property. Property damage from fires or severe weather, theft and vandalism, and unintentional injuries occurring on your property are examples of incidents that may happen. Should something go wrong, having a comprehensive building owners insurance policy can help cover the costs relating to medical expenses, repairs and replacements, lost revenue, legal fees etc. However, without building owners insurance, you would be left to pay these unexpected costs yourself, and they can be expensive.
What does building owners insurance cover?
The coverage that typically comes with your building owners insurance ultimately depends on the policy you choose, but for example, building owners insurance may cover everything from loss of income, contents, and equipment breakdown to replacement cost building overage, liability, and employee theft coverage etc. At the very least, most building owners insurance policies will protect the building and any contents inside the building that belong to the property owner.
Some of the most common building owners insurance coverage types include:
- Commercial general liability insurance: This type of liability coverage protects you in the event of a third-party bodily injury or property damage claim. An example of a situation that could lead to a third-party injury or damage claim is if a tenant or visitor slips, falls, and breaks their leg on your property and subsequently decides to sue you for negligence.
- Commercial property insurance: This coverage protects the property you own and its contents (that belong to you or that are in your care, custody and control) from unexpected events beyond your control. Examples of unexpected events include fire, theft, vandalism, wind, and other weather-related incidents. Commercial property insurance coverage may also extend to rental income coverage, contents coverage, and building coverage.
- Equipment breakdown insurance: This covers the cost of repairing or replacing equipment in your rental property, such as HVAC systems or kitchen appliances from perils like electrical arcing etc.
How much does building owners insurance cost?
The price of building owners insurance varies as it is based on several factors, like:
- the location of your property
- the number of units your property has
- the amount of experience the owner has as a property owner or landlord
- historic claims
- usage and occupany of the building/units
- Square footage
- replacement cost if the building needed to rebuilt
- amount of rental income
Get ALIGNED with the best Building Owners Insurance on the market.
You can call us at +1-866-287-0448. Click Here To Get A Quote or contact one of our Building Owners Insurance experts for information or with any questions you may have.
