Kenny
Active Member
Obvious, but it should be said: shop around. There don't seem to be any hard rules on which company has the best rates. It really depends on your particular variables.
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Insurance Thread (condo/home/rental)
- Thread starter Arob
- Start date
Obvious, but it should be said: shop around. There don't seem to be any hard rules on which company has the best rates. It really depends on your particular variables.
ESPNGuy
New Member
I work as an underwriter for one of the top 3 insurers in Canada
At our company 3 units in one home with 3 unrelated people is a commercial risk. Its pretty much a triplex legal or not
Direct writers like Td, RBC etc do not have anything to deal with these type of things because they are one company.
If their rules say xyz then it has to be xyz there is no abc.
My suggestion is that you look at using a large brokerage with 10-12 different companies who are able to shop your senario around.
You may have to insure it commercially. It will proabably be more expensive than Td, but in the end your running it as a business, you should want to have all the right coverages for things that could happen. Home insurance isnt the place you want a deal or to cheap out. You want to understand the contract you agree to and the terms, limits and "exclusions"
I wont lie, many people just mislead the insurance company, they see insurance as a scam and not worth it. Its too late when the tenant burns down the place and there is no coverage because you didnt tell the company
Belive me, companies hire people to figure out ways out of large claims where contracts where not respected or not truthful about the risk
Long story short, call a broker
At our company 3 units in one home with 3 unrelated people is a commercial risk. Its pretty much a triplex legal or not
Direct writers like Td, RBC etc do not have anything to deal with these type of things because they are one company.
If their rules say xyz then it has to be xyz there is no abc.
My suggestion is that you look at using a large brokerage with 10-12 different companies who are able to shop your senario around.
You may have to insure it commercially. It will proabably be more expensive than Td, but in the end your running it as a business, you should want to have all the right coverages for things that could happen. Home insurance isnt the place you want a deal or to cheap out. You want to understand the contract you agree to and the terms, limits and "exclusions"
I wont lie, many people just mislead the insurance company, they see insurance as a scam and not worth it. Its too late when the tenant burns down the place and there is no coverage because you didnt tell the company
Belive me, companies hire people to figure out ways out of large claims where contracts where not respected or not truthful about the risk
Long story short, call a broker
OolloO
New Member
Thanks for the advice. I was hoping someone might know a company or a specific broker, but looks like I will have to find one myself.
OolloO
New Member
Why is this so difficult to find?! It was no problem not to long ago.
Anyone know of a good home/rental/landlord insurance broker?
I'm willing to move more than just the 2 rental properties to a good insurer.
eg.
4 homes (2 of which are primary)
3 vehicles
Anyone know of a good home/rental/landlord insurance broker?
I'm willing to move more than just the 2 rental properties to a good insurer.
eg.
4 homes (2 of which are primary)
3 vehicles
EL72
New Member
I have 2 triplexes (+ 1 condo and 2 cars) insured with TD (Monnex) so they do insure rentals. I renewed recently and I've not heard of this two families policy.
Perhaps your issue is renting out the rooms in one apartment (where the two families policy may apply). That becomes like a rooming house and I know TD will NOT insure those because I asked recently. Good luck!
Perhaps your issue is renting out the rooms in one apartment (where the two families policy may apply). That becomes like a rooming house and I know TD will NOT insure those because I asked recently. Good luck!
theflyingsquirrel
New Member
I have a rental property too.
However, I am still living with my parents.
So my question is:
Monnex TD told me I have to have primary insurance with them before they can give me the rental property insurance. Anyone have the same problem? And how did you deal with it?
I have the main floor rented out to a family.
I recently finished the basement apartment.
Do I need to report to the insurance company that I am going to rent out the basement apartment? How much more that will cost?
However, I am still living with my parents.
So my question is:
Monnex TD told me I have to have primary insurance with them before they can give me the rental property insurance. Anyone have the same problem? And how did you deal with it?
I have the main floor rented out to a family.
I recently finished the basement apartment.
Do I need to report to the insurance company that I am going to rent out the basement apartment? How much more that will cost?
adeel
Active Member
TD Meloche Monnex told me same thing re primary insurance with them before i can get rental insurance. Though I was quoted a pretty fair price of $700 for primary in my parents home, and two condos, with special assessment coverage upto 50k and full rental income coverage (this is for each condo). Seems reasonable to me.
Yes, i believe you would need to report to your insurer. Not sure about cost. Keep in mind that im not sure if your basement apartment is a legal apt, and if its not, how that might impact insurance.
Jarrek
Active Member
The first scenario sounds like a rooming house.
The second scenario sounds like a triplex.
Do you have them registered with the city? Are they legal?
In any case, you will have to disclose as much information as possible to your insurer, or else you run the risk of your insurer not covering you in case something goes wrong.
You will find a tough time finding insurance for your scenario.
I'm with TD as well, and own a Legal Duplex with a basement apartment.
Cheers,
OolloO
New Member
Anyone have an a broker to recommend?
Anyone have an a broker to recommend?
I'm still looking for an insurance company as my third unit remains unrented...
Anyone have an a broker to recommend?
I'm still looking for an insurance company as my third unit remains unrented...
taal
Senior Member
This is a long dead thread but I thought I'd bring it back to life to point out this is very important:
A lot of plans do not cover the following:
The corporate charge back: That is the deductible of condominium corporation. Here's an example where this comes into play:
You leave the water running and damage your unit along with some common elements (i.e. the floor [underneath your unit] / the carpet outside your unit / ...). Your own insurance will cover the damage to your unit and the condominium board's insurance will cover the common element damages. But, the deductible of the condominium board will be charged to whomever was responsible for the damage.
In most new buildings, the deductible is anywhere from 2000-25,000+, it can be ever higher in older building. The typical deductible I see in fairly new buildings is 5000 for water damage (this is the most common claim).
Make sure your policy covers this !
The best provider I've found to date is the atrens counsel, they actually insure the majority of the condominium corporations in the GTA ! They have a package for condo owners as well now:
http://www.condogold.ca/
This covers everything, in terms of pricing it seems in the middle of the line, its more then some but less then others.
Does anyone know other plans that cover the deductible ? Other items often not included are sewage backup which can cause a loss assessment to every unit owner even if it doesn't effect your unit directly. This actually happens more often then you think ! Oh and don't forgot your locker.
A lot of plans do not cover the following:
The corporate charge back: That is the deductible of condominium corporation. Here's an example where this comes into play:
You leave the water running and damage your unit along with some common elements (i.e. the floor [underneath your unit] / the carpet outside your unit / ...). Your own insurance will cover the damage to your unit and the condominium board's insurance will cover the common element damages. But, the deductible of the condominium board will be charged to whomever was responsible for the damage.
In most new buildings, the deductible is anywhere from 2000-25,000+, it can be ever higher in older building. The typical deductible I see in fairly new buildings is 5000 for water damage (this is the most common claim).
Make sure your policy covers this !
The best provider I've found to date is the atrens counsel, they actually insure the majority of the condominium corporations in the GTA ! They have a package for condo owners as well now:
http://www.condogold.ca/
This covers everything, in terms of pricing it seems in the middle of the line, its more then some but less then others.
Does anyone know other plans that cover the deductible ? Other items often not included are sewage backup which can cause a loss assessment to every unit owner even if it doesn't effect your unit directly. This actually happens more often then you think ! Oh and don't forgot your locker.
adeel
Active Member
I use atrens counsel personally...no claims so cant speak to that, but pricewise (especially as a stand alone policy) it cannot be beat...$220 + HST is very good annual price
taal
Senior Member
I find corporate group rates can beet it quite handily, I'm paying only 140 with the personal ... unfortunately it turns out they only cover $1000 in the corporate charge back (among other issues) so I'll likely be switching to atrens as well !
Jerico
New Member
Did you find one, please let me know.
I use, for my rented house:
Tehmton (Tim) Kavarana
My Insurance Broker Corp.
Cell: 416-844-1955
Tel: 905-695-2080 *205 / Toll: 1-877-482-5001 / Fax: 905-695-8820
50 West Wilmot Street
Suite # 6
Richmond Hill, ON
L4B 1M5
I use, for my rented house:
Tehmton (Tim) Kavarana
My Insurance Broker Corp.
Cell: 416-844-1955
Tel: 905-695-2080 *205 / Toll: 1-877-482-5001 / Fax: 905-695-8820
50 West Wilmot Street
Suite # 6
Richmond Hill, ON
L4B 1M5
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OolloO
New Member
If anyone is curious, I ended up going with the following company. This was over a year ago....
Ideal Solutions Insurance Brokers Inc.
c: 416.566.5891 │ f: 416.449.1255 │ tf: 866.379.2688
1370 Don Mills Rd., Suite 2, Toronto, ON M3B 3N7
Ideal Solutions Insurance Brokers Inc.
c: 416.566.5891 │ f: 416.449.1255 │ tf: 866.379.2688
1370 Don Mills Rd., Suite 2, Toronto, ON M3B 3N7
adeel
Active Member
how much do you pay? what kind of coverage do you have?