Real Estate

Landlords: Insurance on rental property

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  • Jul 3rd, 2017 12:36 pm
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Deal Addict
Jun 6, 2007
1025 posts
134 upvotes
KINGSTON, Ontario
I insure two rental properties through my personal home and vehicle insurance provider. One rental home is across the street (duplex) and one is out-of-province (row-house). The duplex is $250 per year and the row-house is $350 per year. The insurer is Meloche Monnex.
Deal Addict
Dec 14, 2008
1009 posts
67 upvotes
dgodsell wrote:
Sep 19th, 2012 4:28 pm
I insure two rental properties through my personal home and vehicle insurance provider. One rental home is across the street (duplex) and one is out-of-province (row-house). The duplex is $250 per year and the row-house is $350 per year. The insurer is Meloche Monnex.
Wow thats cheap...my duplex costs me around 1600 a year
[OP]
Deal Guru
Nov 2, 2003
14816 posts
788 upvotes
Scarborough
guessboi wrote:
May 13th, 2012 2:54 am
Rented condo is definity cheaper than detached home. Same rules should apply...I suggest you to start asking with your home insurance carrier first.
i ended up doing this and the premium on insuring the rental property is cheaper than my own condo. and cheaper than other quotes i got from insurers who specialize in rental condo insurance.
MOONBOX REPLACEMENT:IPTV Group Buy
Deal Addict
Jun 6, 2007
1025 posts
134 upvotes
KINGSTON, Ontario
Shop around - when I first started insuring my out-of-province property, insurance was $1,052.
Deal Addict
User avatar
Apr 30, 2009
2422 posts
776 upvotes
dgodsell wrote:
Sep 19th, 2012 8:24 pm
I'll give you all the specs. This is an out-dated real estate advertisement for the same house model in a different subdivision.

http://www.kingstonhomefinder.com/prope ... on-Ontario
Thanks for that. I'm not criticizing you, I think you got a great deal!

I've dealt with Meloche Monnex and got some good rates, but not like you did.

Of course, my properties are mostly in the GTA and are all now over $400,000k (after I bought them in the low 200,000s) so that plays a role.
Deal Addict
Aug 21, 2007
4759 posts
223 upvotes
Markham
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?
I use atrens counsel brokers - they insure through intact insurance - one of the few insurers offering standalone coverage - price has now gone up to $230/yr for rented condo but as a standalone that is a very good price. Limited to a maximum of 2 condos though (after that it goes under commercial which I imagine costs more).
Swarez99 wrote:
Sep 19th, 2012 4:07 pm
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.
I pay $230 now at atrens counsel for standalone policy...very good coverage at a good price

My parents have allstate, they pay $68 on their home policy for extended liability to condo, rental income protection of 18k and extended loss assessments.
Deal Addict
Dec 26, 2009
1758 posts
474 upvotes
I'm with TD Home, and they require your primary residence to be with them before they will touch a rental property. So you may not have much choice!
[OP]
Deal Guru
Nov 2, 2003
14816 posts
788 upvotes
Scarborough
wait... so what special coverage should i look for on my rental insurance policy please?

i think i just got the basic which is sort of the same as my home insurance, except for lower personal contents since i'm only covering the upgrades and appliances.
MOONBOX REPLACEMENT:IPTV Group Buy
Deal Addict
Aug 21, 2007
4759 posts
223 upvotes
Markham
RubberCheese wrote:
Sep 19th, 2012 10:22 pm
I'm with TD Home, and they require your primary residence to be with them before they will touch a rental property. So you may not have much choice!
majority of insurers are like this...atrens was the only one I knew of
Deal Fanatic
User avatar
Aug 17, 2003
5257 posts
129 upvotes
Mississauga
adeel wrote:
Sep 19th, 2012 10:11 pm
I use atrens counsel brokers - they insure through intact insurance - one of the few insurers offering standalone coverage - price has now gone up to $230/yr for rented condo but as a standalone that is a very good price. Limited to a maximum of 2 condos though (after that it goes under commercial which I imagine costs more).
Thanks for the suggestion. I contacted them and now switched to them. Was already with Intact, but now under Atrens rate, saved $100 plus got more coverage/higher coverage than before. $270/year for the rented condo.
Deal Addict
Aug 21, 2007
4759 posts
223 upvotes
Markham
M-e-X-x wrote:
Nov 9th, 2012 12:46 pm
Thanks for the suggestion. I contacted them and now switched to them. Was already with Intact, but now under Atrens rate, saved $100 plus got more coverage/higher coverage than before. $270/year for the rented condo.
Interesting. I only pay 220 per yr for rented condo ins. same broker and I imagine same coverage.
Jr. Member
Feb 11, 2010
124 posts
36 upvotes
Sorry to bring this thread back up. I was given a price for my detached house on a yearly basis, $2k. That was when I called a broker and they got me the "Best" rate they could. Anyone knows a better place to get insurance?
Jr. Member
Nov 4, 2008
171 posts
17 upvotes
vaughan
has anyone ever used square one insurance?
lowest i ever heard. too good to be true?
thnx.

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