When an apartment building owner are approached, some questions will be asked. These answers will affect the premium very much.
To save your money, take care your property and investment first.
1. Name of principal(s).
2. Total square footage (floor area) of the strata property, and of each structure.
3. What kind of building is it, regular private apartment building, subsidized housing, co-ops., or senior homes?
4. Whatâ€™s the present vacancy rate?
5. Please provide a sketch of the property showing the location and the distance between the various structures.
6. Any updating done? (especially for those over 35yrs old)
7. Any building cost calculator?
8. Any recent appraisal?
9. If stated amount co-insurance is required, please provide appraisal within the last 3 yers.
10. If bylaw coverage is required, please provide separate limits for increase in cost of construction, demolition & debris removal, and undamaged portion of building.
11. Is there sprinkler system in the property?
12. Are there smoke detectors in each unit?
13. Is the property managed by professional property management company?
14. Any caretaker on site? or property manager on site?
15. Does the caretaker/property manager have keys to all the units?
16. Any swimming pool or gym?
17. Any precautions taken after loss (if any) ?