Insurance Options Canada

10 Replies

Hi everyone looking for some help or explanation on a current issue I am having. We have under contract a 9 unit building in Edmonton but can't seem to find a reasonable insurance quote. This is the last thing we need to be buttoned up to satisfy lender requirements but we are getting estimates of around 20k! The previous owner is paying around 3k/ year so we are quite surprised with the quotes we are getting. Some pushback we are hearing is the age (1960's) and the original boiler system.  Is this typical for this age of the building? We have reached out to countless brokers and this just seems to be the way it is, we've even had brokers come back and say they can't find someone to place insurance for us. Any advice would be greatly appreciated. 

Something seems off here, @Tyler Lewis .  I have a 22 unit building, early 70s construction, that I currently pay $8500 on (a huge increase from 7k the previous year) albeit not in AB.  Have you contacted the current insurer? Is the property in a flood zone? 

Originally posted by @Tyler Lewis :

@Chris Baxter did you purchase this year? Yes we’ve attempted reaching out to the current provider but they don’t return calls or emails..... which seems to be normal in allot of industries currently

We didn't purchase this year but did see a jump in rates this year.