Real Estate

Landlords: Insurance on rental property

  • Last Updated:
  • Mar 20th, 2017 9:09 pm
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Sr. Member
Dec 30, 1969
759 posts
160 upvotes
Scarborough, ON
Zer0Zer0 wrote:
Jan 16th, 2017 1:15 pm
Say my rental is up for renewal in February and my primary residence isn't up for renewal until September.
Then would it means that the rental will have no insurance until Feb to Sept?
No.

Cancel the rental renewal in February and add the rental to the existing primary residence insurance policy midterm in February for the same date of the cancellation.
Newbie
Dec 17, 2012
54 posts
5 upvotes
GTA
RobertSmalls008 wrote:
Jan 16th, 2017 1:38 pm
No.

Cancel the rental renewal in February and add the rental to the existing primary residence insurance policy midterm in February for the same date of the cancellation.
My primary residence and rental insurance are under one company now. But I am shopping around for a better rate.
The insurance companies that I have talked to require primary residence with them or they won't insure rental properties.
So if i do want to move to another company, I will have to pay for the cancellation for one property assuming if I move when a property is up for renewal?
Sr. Member
Dec 30, 1969
759 posts
160 upvotes
Scarborough, ON
Zer0Zer0 wrote:
Jan 16th, 2017 3:16 pm
My primary residence and rental insurance are under one company now. But I am shopping around for a better rate.
The insurance companies that I have talked to require primary residence with them or they won't insure rental properties.
So if i do want to move to another company, I will have to pay for the cancellation for one property assuming if I move when a property is up for renewal?
In that scenario, you will have to bite the bullet unless you want to spend multiple hours in an attempt to receive a concession to have the short rate fee waived by escalating your concern through management/ombudsman.
Member
Aug 18, 2009
476 posts
40 upvotes
Toronto
What's everyone's view on getting insurance on a rental property if it's a condo? Is it worth it or a waste of money?
Sr. Member
Dec 30, 1969
759 posts
160 upvotes
Scarborough, ON
VertigoM wrote:
Mar 6th, 2017 11:29 am
What's everyone's view on getting insurance on a rental property if it's a condo? Is it worth it or a waste of money?
You are crazy not to obtain insurance on the condo rental.
Member
Aug 18, 2009
476 posts
40 upvotes
Toronto
RobertSmalls008 wrote:
Mar 6th, 2017 1:06 pm
You are crazy not to obtain insurance on the condo rental.
Ok, good to know. I'll need to do a little more research. It's not clear to me what is covered by a) Condo corporation property insurance b) Tenant insurance c) Landlord Insurance
Jr. Member
Feb 23, 2009
147 posts
103 upvotes
Oshawa
Check to see if you are covered by the condo corp and through your fees.
Your tenant should have their own insurance.
You can choose to insure your fixtures/appliances if any.
Sr. Member
User avatar
Jul 19, 2003
667 posts
46 upvotes
Markham
I am paying $14 a month for Landlord insurance for a condo in Markham.

Here is my policy. Is this too cheap?

Thank you for getting a home insurance quote from Square One. Based on the selections made, your premium is only $14.36** a month (or $172.32* a year). This quote includes:

$10,000 for Condominium Property Protection
$10,000 for Landlord's Property
$1,000,000 for Premises Liability
$5,000 Crime Deductible
$2,500 Earthquake Deductible
$1,000 Standard Deductible


https://www.evernote.com/l/ACLdo-hiysVJ ... hG6PAdGfVc

My personal residence is insuranced through Meloche Monnex but they would not insure my rental property. Strange.
Sr. Member
Dec 30, 1969
759 posts
160 upvotes
Scarborough, ON
morpheiz wrote:
Mar 6th, 2017 11:37 pm
I am paying $14 a month for Landlord insurance for a condo in Markham.

Here is my policy. Is this too cheap?

Thank you for getting a home insurance quote from Square One. Based on the selections made, your premium is only $14.36** a month (or $172.32* a year). This quote includes:

$10,000 for Condominium Property Protection
$10,000 for Landlord's Property
$1,000,000 for Premises Liability
$5,000 Crime Deductible
$2,500 Earthquake Deductible
$1,000 Standard Deductible


https://www.evernote.com/l/ACLdo-hiysVJ ... hG6PAdGfVc

My personal residence is insuranced through Meloche Monnex but they would not insure my rental property. Strange.
Why did they decline to insure it?
Sr. Member
User avatar
Jul 19, 2003
667 posts
46 upvotes
Markham
RobertSmalls008 wrote:
Mar 6th, 2017 11:51 pm
Why did they decline to insure it?
My own mistake where I didn't have the property insurances for a period of time. But I could probably switch back to TF now.
Deal Addict
Mar 5, 2012
1550 posts
84 upvotes
Anyone have experience with insuring when the house has two units, with landlord living downstairs, tenant upstairs? I know for tax purposes it can still qualify for personal dwelling but from what I've read, landlord insurance is probably still required?
Deal Fanatic
User avatar
Mar 31, 2008
8757 posts
907 upvotes
Toronto
dtm252535 wrote:
Mar 20th, 2017 6:37 am
Anyone have experience with insuring when the house has two units, with landlord living downstairs, tenant upstairs? I know for tax purposes it can still qualify for personal dwelling but from what I've read, landlord insurance is probably still required?
If it's an owner occupied primary property, there shouldn't be an issue renting out a unit in the household. Just update your insurer.
Deal Addict
May 5, 2008
4016 posts
975 upvotes
Winnipeg
VertigoM wrote:
Mar 6th, 2017 11:29 am
What's everyone's view on getting insurance on a rental property if it's a condo? Is it worth it or a waste of money?
Know someone who lives in a condo and upstairs from her flooded and wrecked the walls and ceiling...insurance will cover her accommodations
[OP]
Deal Guru
Nov 2, 2003
14776 posts
749 upvotes
Scarborough
airmail wrote:
Mar 20th, 2017 9:40 am
Know someone who lives in a condo and upstairs from her flooded and wrecked the walls and ceiling...insurance will cover her accommodations
condo? or apartment? condo has standard unit bylaw which defines the corporation (building) is responsible for restoring the minimum unit amenities in the event of a loss. personal insurance only kicks in when upgrades are involved.
MOONBOX REPLACEMENT:IPTV Group Buy
Deal Addict
Mar 5, 2012
1550 posts
84 upvotes
at1212b wrote:
Mar 20th, 2017 9:23 am
If it's an owner occupied primary property, there shouldn't be an issue renting out a unit in the household. Just update your insurer.
When you say "shouldn't be an issue", are you suggesting I won't have to pay anything additional? I appreciate the response but can you tell me what you're basing that on?
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