News   May 06, 2024
Looks All-But Finished, Isn't
 253     0 
News   May 03, 2024
Assembly's Blueprint for Sustainable Urban Living in the GTHA
 1.2K     1 
News   May 03, 2024
RAD's State of the Market 2024 to Feature Talks on AI and Real Estate
 712     0 

Insurance Thread (condo/home/rental)

I got it because my insurance company gave me a deal if I got it along with my car insurance. But considering that I have nothing valuable (money-wise) in my room besides my computer and that I don't have huge parties where I don't know most people, I don't see a purpose in getting renter's insurance.
 
Hi

I am new to the forum but i find this video very interesting as i bought my condo 3 years ago and they ask me for the mortgage insurance so i thought that will be a great idea and recently a friend told me that cbc has a program on that and so i find out it is not a good product at all ..because what you paying everymonth is going to be wasted as they never going to check if you are qualify for the insurance until you die .

here is the link for the video http://www.cbc.ca/marketplace/in_denial/

just want to see who have the similar experience ?
 
Tenant Insurance Question

Hi Guys, I will be a new Landlord coming up in a few months and was wondering if I should insist my tenant has Tenant Insurance to cover his/her possessions. I am doing a bit of research and it would appear that he/she should be liable for any damage to the unit or his/her stuff while occupying my unit. I realize it would be in the tenant's best interest to get it, but would it best for me to insist he/she is covered as well - in the case he/she refuses?

Thanks.
 
Tenants who don't pay for Tenant Insurance are the ones who cry when fire destroys a transformer, plunging their building into darkness, and they end up in shelters. With Tenant Insurance, they will get at least accommodation, while out of their homes.

The landlord's insurance will cover the damage to the building, but not the contents.

You could put in the lease agreement, but will they take out Tenant Insurance, is another matter.
 
AFAIK, home owner's insurance and tenant's contents insurance are 2 separate things, unless i'm getting your terminology confused.
 
The landlord (or condo corporation) has insurance on the building, period.

A condo owner should have Contents Insurance, same as a tenant. It will cover accommodation, if they are unable to live in the building; liability; and contents, such as your clothes and furniture. Condo owners and tenants are in the same boat, both need their individual insurance policies.

Riders may be needed for more unique items, such as your comic book and video tape collection, or your original painting of the Mona Lisa, or your Hope diamond necklace.
 
I heard that there is a different type of insurance that you need when you are using the condo as an investment (rental) property rather than for your own primary living. Is this same as content insurance? Can someone tell me how expensive it is?
 
There are a couple of different kind of condo policies

There are the owner occupied policies where the owner lives there
they cover contents, and everthing inside the unit.

These types of policies are priced based on a contents amount, plus they would also cover things like upgrades , money given if you cant live at the house because of a claim etc


Condos rented to others are covering your inside unit, and your unit contents
fridge, stove washer dryer, flooring etc it DOESNT cover the renters contents they must have there own insurance for there contents and liability.

A condo rented to others package shouldnt run you more than $100 a year
as long as you have the supported primary residence


Thanks
 
Any lease I ever had specified I needed tenant insurance.

And it's pretty cheap ... probably less than $150 a year these days ... about 1% of the cost of rent when I held it.
 
I have what's called the Comprehensive Tenant's Package and I pay $244 + tax a year which includes a 15% "claims free" discount. I have $1,000,000 personal liability coverage (incl. bodily injury, medical payments & property damage), $50K personal contents coverage (replacement cost), $13,600 living expenses with a $500 deductible.
I think everyone who can afford it should have insurance, I couldn't sleep at night if I didn't have it but that's just me.
 
Is there certain type of insurance that a condo owner has to have before renting it out to some one? (as opposed to be an optional thing to have just to be on safe side)
Is there some kind of requirement from banks before giving you mortgage (for investment/rental property) that you have to have some insurance?
 
Condo Insurance - Suggestions?

Got a pretty good quote from RBC but just wondering if there are any other reputable options.

Also, any tips on what I should look out for would be helpful.

Thanks,
 
Make sure you get guarenteed replacement on your contents (not actualy cash value)

Sewer Back up covers inside your unit and if you have a storage locker below ground it covers there too.

Ensure that if you have done any unit improvements and betterments
such as floors, kitchen etc that the policy accounts for the upgrades

Always see if you employer, union, university etc offer a preferd rate for you
based on your affiliation


Thanks
 
Chubb Insurance is the best.

Cost more but well worth the price.
 
You must log in or register to post here.

Back
Top