Rental property insurance ontario #Landlords: #Insurance #on #rental #property
Rental property insurance ontario
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Landlords: Insurance on rental property
May 12th, 2012 6:08 pm
Landlords: Insurance on rental property
May 12th, 2012 6:54 pm
I get it from different companies as they are 2 different products. There are common elements but there are alot of differences.
Length of vacancy allowance.
Rental Income guarantee.
Liability coverage.
Just to name a couple.
May 12th, 2012 8:24 pm
Some of my properties haven’t been easy to get cost effective insurance (for example, my student rentals).
I recommend Humberview Insurance brokers. They found me everything I need (including insuring those tricky rentals) from my home to my rentals, to my cars.
I also get 10% of the entire insurance package because I’m a member of one of their recognized government groups (see my sig).
With so much growing equity, I make sure I’m fully covered (including demanding my tenants get tenant insurance, also offered by Humberview to them in a cost effective and friendly service oriented manner).
I had some really bad experiences with some insurers before, especially for my rentals. One company kept sending inspectors to my rentals without telling me. showing up at the door and scaring my tenants. who then were very unhappy with me. that’s only one of many. Find someone good and make them part of your team.
May 12th, 2012 8:30 pm
May 12th, 2012 8:37 pm
Exactly. (Just Thanked you).
You also need to find a broker who understands the rental industry and will fight to get you the best deals.
May 12th, 2012 9:22 pm
May 12th, 2012 9:41 pm
I’m not saying that. How many rentals do you have?
My broker offers me a discount, although uses several insurers.
Would you want a rental property issue to become an issue for your home and car with a particular insurer? My broker makes sure I’m protected from any internal nonsense my renters might do (and you know how the rental game goes. )
May 12th, 2012 11:42 pm
Most home and auto companies would only insure up to two additional properties or 2 Families. You also have to keep your existing home insured with them.
There are specialty carriers who offer just rental property coverage and would allow you other benefits as mentioned above by Beeg.
You need to cover rental income, have vacancy permits, multiple families, etc! Some carriers would also cover “vandalism by tenants”, if you can show them that you take a lot of care in selecting your tenants and have a low turn over.
Insurance & Financial Advisor
All posts on this forum are for information purpose only and can’t replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
May 13th, 2012 12:21 am
its normally cheaper to insure a rental property through your house insurer, since they tack on extra coverage under your umbrella coverage (or thats how our allstate guy explained it to my parents)
they pay $68 for extended liab, loss assessment and rental income coverage
OTOH, I pay $220 for stand alone landlord insurance (though I think the coverage is more extensive).
May 13th, 2012 2:23 am
I only have one unit. it’s a condo unit. do these things you guys are talking about still apply?
my research shows i just need liability and “upgrades” insurance.
May 13th, 2012 2:54 am
I only have one unit. it’s a condo unit. do these things you guys are talking about still apply?
my research shows i just need liability and “upgrades” insurance.
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