Oakville stands as the largest town in Ontario, Canada’s most populous province. As of the 2016 census, a little under 200,000 people call this part of the Greater Toronto area home. Toronto stands as a major center for finance, business, arts, and culture, so many Oakville residents commute to Toronto to work. As the most densely populated area in the nation, Toronto gains high international visibility.
Oakville has much to offer for people wanting to live and work in one of the planet’s most multicultural and cosmopolitan regions. This city has been noted as one of the best places to live in the nation, earning praise for its wealth of educational opportunities, a strong job market and being open to immigrants and transplants.
The median household income in Oakville is over $118,000, well above that of Canada as a whole. The average home value is over $1.1 million, indicating that real estate is serious business in Oakville, as well as the greater Toronto area. Many corporations and media outlets have major operations in the region, indicating the strong potential for commercial real estate opportunities here.
When you consider the 6+ million population that live and work in Oakville, the sky’s the limit when it comes to running real estate operations. As you consider the possibilities, have you thought about real estate insurance in Oakville? Here's how our brokers can help you navigate your insurance options.
Protecting your Oakville Real Estate Business
Real estate can be a very lucrative business, especially in a place that has much to offer as Oakville. Great rewards don’t come without risk, particularly those that are typical for business operations. The good news is that having a plan for real estate insurance in Oakville can help you manage and mitigate several of these risks, including ones that are common to many enterprises across fields, markets, and geographic boundaries:
Property or Homeowner’s – This insurance covers damages and losses related to your property, including any building structures and owned belongings inside.
General Liability – If a visitor or other third party to a property gets injured, this coverage can address any claims, including owner negligence.
Commercial Auto – Driving an office or personal vehicle for company business carries similar exposures as driving for personal reasons. Vehicular accidents and losses can cost several thousands of dollars.
Workers’ Compensation – If an employee of your real estate business is injured on the job, this policy covers medical bills.
One lawsuit can put your entire operation at risk financially, so you should think carefully about securing real estate insurance in Oakville.
Coverage Tailored to Your Business Needs
No plan for real estate insurance in Oakville can be complete with typical insurance products. You also need business-specific coverages that are customized to your operational needs. Consider the following protections:
Flood Insurance: Most property insurance policies don’t cover damage because of flooding, so this is a great coverage to have, especially in places like Oakville that can experience hurricanes and other weather events.
Rent Guarantee or Loss of Income: Delinquent rent payments or property damage that makes a space unusable can interrupt your cash flow.
Errors and Omissions: Let’s suppose there are mistakes or oversights in a comparative analysis report you generate that leads to an unfavorable outcome. This coverage helps protect you from resultant claims or lawsuits.
Umbrella Coverage: Most other coverages have a limit. An umbrella policy adds protection above these limits.
Your approach to real estate insurance in Oakville should be both complete and customized for your business.
Take the Next Step
You don’t have to figure out your insurance needs alone. HUB International is here to help you put together a tailored Oakville real estate insurance solution that works for you.