On the world stage, Ontario Canada is an attractive region for foreign investors to buy high value real estate holdings. Real Estate in Ontario has been stable and steadily increasing over the last 15 years. This stability allows foreign real estate buyers stable holding ground for their investment. Even with the 15% foreign ownership tax, foreign buyers are still buying real estate in Ontario.
However, it can be difficult for foreign investors to attain insurance for their real estate holdings in Ontario. Many insurance companies will not provide property insurance for foreign buyers.
What is a high value home?
A high value home is defined as a dwelling with a rebuild value of 1,000,000 and up.
What are some of the coverage’s a high value home should have?
What can foreign buyers do to protect their investment and purchase insurance for their property?
A foreign buyer should contact an insurance broker in Ontario to attain property insurance for their investment. A broker will have access to specialty insurance companies who can provide property insurance the foreign owner needs in Ontario. It is important to advise the broker how the property will be used. For example will it be a rented dwelling, secondary home, seasonal home etc.
If you or someone you know needs insurance on a high value home for a foreign owner in Ontario, contact us today at 1-877-941-2266 for a quote. Quotes can be completed within 24 hours upon initial contact.
