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Landlords: Insurance on rental property

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[OP]
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Landlords: Insurance on rental property

Do you get property/liability insurance from the same insurance company as your principle residence? Or do you get it from another company for some reason?
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Jan 11, 2004
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actng wrote:
May 12th, 2012 6:08 pm
Do you get property/liability insurance from the same insurance company as your principle residence? Or do you get it from another company for some reason?

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.
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Apr 30, 2009
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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.
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Nov 23, 2006
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Most insurance companies do not like insuring standalone rentals unless you have your own house insurance with them.
If they do just your rental, it will not be cheap. Best to talk to your broker for options.
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guessboi wrote:
May 12th, 2012 8:30 pm
Most insurance companies do not like insuring standalone rentals unless you have your own house insurance with them.
If they do just your rental, it will not be cheap. Best to talk to your broker for options.
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.
[OP]
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OK lots of new info to consider it but at the net of it, there is no harm in getting "landlord" insurance (i know no such thing but you know what i mean) from the same company that offers my home and auto insurance?
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actng wrote:
May 12th, 2012 9:22 pm
OK lots of new info to consider it but at the net of it, there is no harm in getting "landlord" insurance (i know no such thing but you know what i mean) from the same company that offers my home and auto insurance?
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...)
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actng wrote:
May 12th, 2012 6:08 pm
Do you get property/liability insurance from the same insurance company as your principle residence? Or do you get it from another company for some reason?

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.

Good luck!
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!
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Aug 21, 2007
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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).
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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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actng wrote:
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...?

Rented condo is definity cheaper than detached home. Same rules should apply...I suggest you to start asking with your home insurance carrier first.
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Feb 13, 2005
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I am looking for stand alone insurance (For water damage, vandalism, fire/structural things) as well for my 2 bdroom condo unit and finding difficulty- who are you insured with?
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rhythmn_divyne wrote:
Sep 19th, 2012 2:21 pm
I am looking for stand alone insurance (For water damage, vandalism, fire/structural things) as well for my 2 bdroom condo unit and finding difficulty- who are you insured with?
You can try Humberview. http://www.humberviewinsurance.ca/

You can get a 10% discount by signing up here http://www.humberviewinsurance.ca/groups/ola-group
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Oct 3, 2005
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Hi Beeg,

Sorry to make this off topic but I had sent u a PM but your inbox was full. It was just about those questions I had sent you earlier.

Thanks.
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Jan 28, 2008
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Anyone want to post what they are paying and for what type of rental?
I have to break mine out since its all one payment ( personal plus rental) want to see if it's worth shooing around.
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