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I am in the process of buying a mixed use commercial, 2 story building in Hamilton, On. Canada. The building has a retail space in the ground floor and 2 apartments on first and second floor. I will be renting the commercial space and one of the apartments and will be occupying the second apartment. What kind of insurance do I need to cover it all? Can it be done with 1 type of insurance? or is it necessary to get different insurance for the commercial and residential parts of the building?

2 Thoughts on what kind of insurance do I need for a mixed use commercial building in Ontario, Canada?
  1. Reply
    June 24, 2013 at 3:05 am

    Your lender will tell you what is REQUIRED, but you most likely will need a commercial package policy, as owner of the building, for your BUSINESS coverage, and a renters insurance policy for your PERSONAL coverage.

  2. Reply
    Tom Z
    June 24, 2013 at 3:37 am

    It can’t be done with one policy. You will need a commercial policy for the building which will cover damage to the building, lessor’s risk liability and likely loss of rents coverage. The other policy you will need is a renters policy that will cover your personal belongings and personal liability.

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