Protect Your Rental Properties with Western's Property Management Insurance
Blake Smiley is Manager, Business Development, at Western Financial Group and he’s based in Winnipeg. He’s Western’s expert on property management insurance.
Blake answers our questions about property management insurance for commercial and residential rental properties.
What are the advantages of property management insurance coverage with Western?
Well, first of all, Western’s service is unmatched. We have specialized property management advisors who focus mainly on property management and they know the insurance that’s needed. Our turnaround for property management insurance is quick. We are able to provide certificates of insurance in the first hour of coverage.
Western also has access to all our Canadian insurance partners so that we can find you the right coverage within your budget.
Western’s property management insurance coverage can be tailored to what the property management company needs in terms of deductibles and any endorsements to the policy.
We can offer property management insurance for condos and strata, apartment buildings, and office buildings across Canada. We can insure everything from 2 units to 200 units, but our sweet spot is usually in the 8 to 32 units range.
What’s a property manager and who needs property management insurance?
A property manager is anyone taking care of an apartment building, condo, or strata, or commercial rental properties. Property managers usually take care of obtaining the insurance for commercial and residential buildings for the owners of these properties, and either the owner or the board of directors will have final signoff on which insurance they choose.
Why is general liability insurance an important part of property management insurance?
General liability insurance is important for common areas such as lobbies and parking lots, so that if somebody slips and falls it would provide financial protection against a lawsuit by an occupant of the building. We usually advise $5 million in general liability insurance coverage as part of a property management insurance package.
Why is directors and officers insurance also important as part of a property management insurance package?
Directors and officers liability insurance is needed if the property/properties being managed have a board of directors. This type of insurance protects your board of directors from claims of negligence. Individuals serving on your board of directors can be sued for the actions of the companies they serve. We highly recommend this type of insurance if there’s a board of directors.
Is there insurance coverage for loss of rental income in a property management insurance package from Western?
Yes. This type of insurance would cover damage to a rental unit and it would cover listed perils on the policy, such as a fire, flood, earthquake, or sewer backup. It’s a common type of coverage that is asked for by a property management company or property manager and we highly recommend that it’s included in a property management insurance package.
How important is it to have the right kind of insurance coverages in a property management insurance package?
Western will always advise that a prospect should have general liability insurance, directors and officers liability insurance, loss of rental income insurance, legal expense insurance, fire, and flood and sewer backup coverage as part of a property management insurance package. Earthquake insurance should also be part of it if the building is in an earthquake zone.
Western has access to all the top insurers, which allows us to find you the right coverage that fits the needs of your building. A lot of the time we're usually able to obtain coverage where our deductibles are lower.
How can Western help you save money on property management insurance?
Western always presents the lowest deductibles that we can offer. The advantage of that is that it means less out-of-pocket expense when filing a claim.
If you have a number of buildings insured with Western, we’re usually able to give a better rate.
What factors can influence pricing?
A building’s age, size, location, claims history, and deductibles can influence the price of property management insurance.
What is the claims process?
Western has a 24/7 claims line. You’re not going through a 1-800 number. Western deals with the most boutique claims examiners; we do not settle for less. During a claim you go through the process with a dedicated service representative.
Property management insurance with Western offers unmatched service, protection, and a dedicated service representative for your needs. We have access to all the top insurance markets in Canada to tailor your property management insurance to your building.
