Residential Insurance Questions

[Russell Carson]

I'm starting to do a little more research into insurance up here in Canada . . . I'm open to all opinions and any additional knowledge someone may have for me!!

I own multiple residential properties with partners in Fredericton, New Brunswick. I have decided to go with an actual cash value product for these so far as it's less than replacement insurance. My main goal of insurance is to protect my mortgage and to have liability insurance. My insurance rep tells me if a tragedy to my property would occur and that if the property didn't appraise 90% of what it is insured at any payout would be pro rated. I find this frustrating as I would like to insure the property to an amount I want to insure it to, being the original purchase price + any improvements. I don't want to make money on a tragedy but I do want to protect the amount of capital that has been invested in this property + the liability insurance aspect so I can sleep at night.

Is there a product out that where this works? It seems the toughest situations to mitigate is when only a partial portion of the building is burnt down or destroyed and how those situations play out.

I would love to learn more on this topic and source a 'cleaner' black & white product from an insurance company.

Thank you in advance for any advice thrown my way!