Real Estate

Landlords: Insurance on rental property

  • Last Updated:
  • Jul 3rd, 2017 12:36 pm
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Deal Fanatic
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Mar 31, 2008
9633 posts
1281 upvotes
Toronto
dtm252535 wrote:
Mar 20th, 2017 11:27 am
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?
My parents rent their basement. We told the new insurer (they were switching) about it, and they pretty much didn't care. This was about 4 years ago. They cared alot more about the breaker box being up to date, which we had just gotten changed to 200 amps.

Edit: maybe some care more than others, or it's changed. But it was smooth sailing for us. Premium are higher though. Again, having owner occupied rental tenant for home insurance purposes does not seem to be a big issue. We also rent out our basement and insurer knows about it. Premiums are definitely higher but not crazily. Maybe $50-$70 range?
Deal Addict
Mar 5, 2012
1834 posts
127 upvotes
Guelph
at1212b wrote:
Mar 20th, 2017 12:24 pm
My parents rent their basement. We told the new insurer (they were switching) about it, and they pretty much didn't care. This was about 4 years ago. They cared alot more about the breaker box being up to date, which we had just gotten changed to 200 amps.

Edit: maybe some care more than others, or it's changed. But it was smooth sailing for us. Premium are higher though. Again, having owner occupied rental tenant for home insurance purposes does not seem to be a big issue. We also rent out our basement and insurer knows about it. Premiums are definitely higher but not crazily. Maybe $50-$70 range?
Just called a couple brokers and they said that pretty much everyone now will add a premium for an owner occupied rental. Mine said anywhere from 15-25% which sounds ridiculous.
Sr. Member
Aug 18, 2009
753 posts
235 upvotes
Toronto
actng wrote:
Mar 20th, 2017 10:31 am
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.
That's my understanding as well. And if the damage is caused by the Tenant then isnt that covered by Tenant insurance? I'm still unclear why I absolutely must have Landlord insurance...
Newbie
Nov 28, 2007
9 posts
Because tenants insurance typically only covers contents and liability, not the actual property. If the place burns down by no-fault accident and you don't have landlord insurance, you're on your own.

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