image for illustration: Cambridge, Canada by Alli Caulfield from Germany, CC BY 2.0 , via Wikimedia Commons
City officials and the Insurance Bureau of Canada say a heritage designation alone shouldn’t automatically drive up premiums, reports Canada’s Cambridge Today.
Cambridge Today writes:
The city’s move to establish heritage conservation districts in two core areas of the city could leave property owners facing complicated situations when it comes to their insurance. While city officials and industry spokespeople said a heritage designation itself shouldn’t lead to a rise in insurance premiums, homeowners are pushing back…
Donald… — who declined an interview with CambridgeToday — told council… his insurance costs could rise by more than $1,000 per year and many companies don’t insure these kinds of homes…
… It’s not the heritage designation itself that can lead to increased insurance costs… but it can add a layer of complication…
National Trust of Canada has been working with the Insurance Bureau of Canada and heritage homeowner community to try to raise awareness…
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