Emailed received from Justin James, Co-operators Insurance:
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These properties are insured on a blanket master policy with several other properties, once you look to move the properties into your name and assume them, we need to do a new quote for stand alone coverage for just your properties on a new policy in your name as the payee and loss payee/insured.
It has come to our attention that several of the properties have been updated, or left to deteriorate significantly with squatters and have become distressed and in overall uninsurable condition.
In order to protect you properly and ensure our records are accurate based on the condition of your properties specifically, we require to treat the lender taking over the property as a new insured and complete the due diligence as normal on each property before doing a stand alone new policy for the lender/new insured.
Please provide the following information in order for us to provide you a personalized quote.
- Please provide name and date of birth of the lender taking over the property.
- Please provide the mailing address of the lender taking over the property
- Current Photo of front and back of the property
- Please confirm number of units in the property.
- Is the property occupied in at least 1 of the units if it is a multi unit property? If it is vacant, it will impact the quote, but we will still be able to insure through alt market.
- When was the roof last updated approximately?
- if you provide photos we will be able to age the roof relatively accurately and verify our information on file
- What type of plumbing is in the property currently?
- if you provide photos of the plumbing we will be able to age it relatively accurately and verify our information on file
- When was the plumbing last updated approximately?
- if you provide photos of the plumbing we will be able to age it relatively accurately and verify our information on file
- What type of electrical is in the property?
- if you provide photos of the electrical we will be able to age it relatively accurately and verify our information on file
- When was the electrical last updated approximately?
- if you provide photos of the electrical we will be able to age it relatively accurately and verify our information on file
- Please advise if you intend to do any renovations to the property once assumed. This will require additional questions and potentially affect quote.
Thank you for your assistance and we look forward to working with you through this process.
Regards,
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And the photos can be taken by anyone, including the tenant or yourself; so no property inspector is required for any home inspection.
It is fine to go yourself, or have your Real Estate Agent or Property Manager go.
Also, all Landlords are responsible for all maintenance (lawn cutting, snow removal, etc.) so if any leases are month to month or new, make sure there is a lease in place
Regarding their care by the tenant vs the Landlord's responsibilities with a separate contract and an incentive ie: $10.00 off the rent for doing it.
Make sure you verify your information with photos.
Turn over for insurance can be 15 minutes to 1 hour, so have your information completed and handed in, in the event more information is needed.
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Specific to the maintenance aspect, this is not an insurance “requirement” however, in Ontario, Superior court has determined in a case which precedence was set in 2016 that the landlord is held liable for injury and damages related to maintenance of the landlord owned property at all times regardless if the lease states the tenant assumes liability. UNLESS the landlord has completed a separate contract outlining the specific duties and responsibilities of the tenant to be carried out in relation to maintenance of the property and there is some form of exchange in compensation for doing so.
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You can reach Justin at:
- Email: justin_james@cooperators.ca
- Office Tel: 905-845-2868
- Cell: 647-922-1413
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List of information requested by SquareOne insurance (as posted by Angui):
These are the questions that SquareOne asks:
- Year house built
- Construction type:
- Roof material:
- Roof last updated year: ?
- Exterior show signs of: rotting wood, peeling paint, missing or deteriorating or damaged brick, siding, stucco?
- Interior: buckled, cupped or soft floors? swollen baseboards? stained ceiling or walls?
- Water damage: signs of pooling water near, or internal leaks around exterior doors or window wells?
- Size of deck
- Size of main living space:
- Size of basement (approx):
- Basement suite finished?: All, more than half, less than half, none
- # Bathrooms:
- Fireplace or wood stove? (wood, gas or electric)
- Heating oil tank?
- Electrical: circuit breakers and at least 100 amp service?
- Electrical: any knob & tube wiring? aluminum wiring? outlets & switches aluminum-rated?
- Sewage problems: any signs of slow draining tubs, showers; bubbling or gurgling tubs, showers; septic odor?
- Plumbing: cast iron, lead, galvanized steel or clay plumbing?
- Hot water tank: last replaced (approx year)?
- Connection to municipal sewer system?
- Backwater valve installed?
- Sump pump installed in basement?