Insurance Options Canada

[Tyler Lewis]

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. 

[Theresa Harris]

Talk to the current owner's insurance provider.