Life in Burnaby
With a population approaching a quarter of a million people, Burnaby is the third-largest city in British Columbia, behind Vancouver and Surrey. The median property value for a three-bedroom home is around $875,000, with a cost of living estimate of $4,221 excluding rent or mortgage payment for a family of four. The high costs are evidence of the desirability of the area, which is just one reason for businesses to consider Burnaby real estate insurance.
Burnaby has a thriving metropolitan area with the largest shopping centre in British Columbia, Metropolis Mall at Metrotown, which is also one of the largest in all of Canada. The downtown area of Burnaby has a mixture of commercial properties, retail areas and office buildings with such unique buildings as the City Hall, the Burnaby Central Library and the Burnaby Arts Centre.
Real estate is booming in Burnaby, despite the high cost of living and relatively expensive home values. There is significant opportunity in this industry, underscoring the need for an insurance package tailored to business goals and protection.
Benefits of Burnaby Real Estate Insurance
Real estate insurance for commercial property covers risks related to the ownership, management and maintenance of the property, including primary coverage as well as excess. This includes risk management tools that a real estate manager, investor, lienholder or owner can utilize to control risk. These risks may include business liability, property damage, lienholder defaults, tenant damage and errors or omissions made by real estate professionals.
Who Needs Real Estate Insurance?
Entities and individuals that could benefit from real estate insurance include licensed agents, brokers, lessors, lessees, administrators, owners, investors, and realty, buyer's and seller's agents. Those who invest or lend money based on the property value and those who borrow that money could also benefit from real estate insurance, as could anyone who constructs or renovates structures on the property.
What Does Real Estate Insurance Cover?
Real estate insurance is intended to cover the risks associated with real estate ownership and management. Coverage varies somewhat according to the individual policy, which can be highly personalized to the needs of the purchaser. Many property owners elect special coverages for unique situations, including cyber insurance, employer-practices liability insurance, and general liability insurance. Major risks covered by real estate insurance include:
- Actions toward employees
- Cyber risks
- Fire risk
- Injuries to employees, contractors and visitors
- Property management
- Slip and fall claims
- Water damage
Important Risk Management Benefits
At HUB International, we look beyond basic insurance to provide you with the tools to address all levels of risk. We can assist in identifying and mitigating risks to manage the cost of your insurance. We help ensure that you are adequately covered and neither over nor under-insured.
We will review tenant contracts and lease agreements to pinpoint risk factors. We will also uncover hidden exposures in vendor and contractor agreements to ensure your business is protected. Your real estate insurance broker will work with you to create a comprehensive package that blends risk management tools with insurance to protect your employees, tenants, properties and investment.
Exclusive SHIELD Umbrella Coverage
HUB's exclusive SHIELD umbrella policy is designed especially for commercial real estate. By providing coverage tailored for mixed-use properties with higher limits and lower costs, you will get the most protection for your money. The SHIELD program also provides you with direct access to our Risk Services professionals to assist you quickly with risk management questions and insurance claims.