Addressing insurance problems for owners of heritage-designated properties

Councillor Votes

Full Resolution Text

Insurance - Heritage Listings WHEREAS the historic built and cultural heritage of the City of Peterborough is recognized as a fundamental part of its community character and identity, WHEREAS the Ontario Heritage Act encourages municipalities in Ontario to designate and protect properties that meet provincial criteria related to design, historical and contextual value; WHEREAS the municipality has designated, and continues to encourage owners of heritage properties to protect those attributes which exemplify design, historical, and contextual value and interest by consenting to designation of those properties as being of cultural heritage value and interest under Part IV of the Ontario Heritage Act; WHEREAS the municipality has designated properties of heritage value and interest in throughout the downtown and central area of Peterborough, including the Avenues Heritage Conservation District via Part V of the Ontario Heritage Act; WHEREAS homeowners require insurance to protect their homes, which is often their most significant investment, and can be required to maintain a mortgage; and WHEREAS the Province of Ontario has stated that a heritage designation does not place additional requirements on insurers and that insurance premiums should not go up because of a heritage designation; WHEREAS some owners of designated properties have reported that their premiums have gone up as a result of a heritage designation or they have been denied an insurance policy as a result of a heritage designation; WHEREAS as a result of insurance concerns, some homeowners have objected to proposed heritage designation on their property; and WHEREAS this directly threatens the unique and irreplaceable heritage character of the City of Peterborough, NOW THEREFORE BE IT RESOLVED THAT the Council of the Corporation of the City of Peterborough calls on the Provincial Government to: 1. Investigate why some insurers are raising premiums on heritage designated properties or are denying insurance policies as a result of a heritage designation in contravention of provincial guidance; 2. Bring insurance regulators, insurance industry representatives and heritage professionals together to find solutions that enable the continued protection of heritage properties without unwarranted financial burden on property owners; 3. Regulate the impact of heritage designation on insurance premiums through enforcement, education and new solutions; and, THAT the Peterborough Architectural Conservation Advisory Committee be directed to continue exploring ways to educate homeowners regarding insurance for heritage designated properties; and THAT this resolution be forwarded to the forwarded to the Premier of Ontario, the Minister of Citizenship and Multiculturalism; M.P.P. Dave Smith; the Association of Municipalities of Ontario; the Financial Services Regulatory Authority; the Canadian Council of Insurance Regulators, and the Insurance Bureau of Canada.