A few of our buyers have recently had some complications while securing property insurance for their recently purchased dwellings.

Here are a few tips we highly recommend you consider in order to avoid any future claim concerns:

First, if you are purchasing a condominium, we recommend using the same insurance company as the firm that holds the condominium corporation’s blanket policy for the building. If you use the same firm and there is a flood or fire, there will be less issue resolving what components of your suite are considered ‘standard unit finishes and features’ and those which are deemed ‘unit upgrades and betterments’. Nothing’s worse than getting caught in the bureaucratic nightmare of resolving which company should be paying for your unit flooring, upgraded or otherwise.

Second, if you’re purchasing an older residence in the City of Toronto, you’ll soon discover a lot of insurance companies won’t insure properties with knob and tube wiring. However, there are some who do provide coverage, albeit with provisions. These include providing an electrical certificate deeming the wiring as safe, or written confirmation that the knob and tube wiring in the dwelling comprises a small percentage of the overall wiring system. Click HERE for our own recent nightmare and summary of what knob and tube wiring is.

•    TD Insurance: Although they do insure, there are some requirements and questions that need to be answered. As well, TD does not require that the knob and tube wiring be changed within a 30-day timeline, however, they highly recommend that clients switch the wiring for safety reasons.

•.  Square One Home Insurance: Just like TD Insurance, although Square One does insure,  there are some conditions along with a deductible and an underwriter’s approval needed to proceed. For instance, homeowners will need to answer questions regarding a) the age of the house b) its current condition, and c) if there was an inspection done. There is also a deductible of $10K for those houses that do not meet certain requirements.

•  David Slack Insurance Brokers

• Aviva (through PC Insurance)

• Aero Insurance

• The Co-operators

• Desjardins Insurance Co.

• Intact Home Insurance

• Wawanesa Home Insurance

Thanks for reading!

– Steve & The Urbaneer Team

The Urbaneer Team

Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000

– we’re here to earn your trust, then your business –

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