Real Estate

Condo Insurance - Ontario - Landlord

  • Last Updated:
  • Dec 11th, 2019 12:59 pm
[OP]
Deal Addict
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Jan 20, 2009
1788 posts
206 upvotes
Toronto

Condo Insurance - Ontario - Landlord

Hi RFD,

I'm a bit confused, just got off the phone with TD & RBC, both are saying I can't get insurance based on the following information I told them.

1. I'm staying at home with my parents.
2. I bought a condo in 2017 and right now, it's about to go through interim-closing (not final closing). Lawyers need me to get 2 million liability insurance.
3. I want to get landlord condo insurance for this property in which I plan to rent it out.


This doesn't make any sense at all...and i'm super confused why I can't get insurance on my condo unit. (once again, in which I plan to rent out)

Is this right? Both TD & RBC said I need to have primary residence insurance with them, then I can get rental property insurance. Since I'm living with my parents, I don't have primary home insurance, it would be under my parents...

Thanks in advance
7 replies
Newbie
Aug 18, 2016
8 posts
That's strange. I'm not sure why it would matter having a primary residence insured with them so that they can get you insurance on a separate unit. I have landlord insurance for a condo I'm renting with Sonnet and I had no issues getting approved. It's $25/mo but moving up to $26/mo when I renew next year. My insurance covers $1 million but I'm sure you can get $2 million if you pay a little more.
Newbie
Nov 15, 2019
70 posts
27 upvotes
Call an insurance broker - you should be able to get insurance in this circumstance (assuming there are no other hidden issues that haven't been mentioned in your write-up).

I've gotten insurance in the same circumstances in the past - builders usually make it mandatory for a landlord to obtain insurance before taking possession of a unit.
Sr. Member
Nov 10, 2017
763 posts
527 upvotes
n3o321 wrote: Hi RFD,

I'm a bit confused, just got off the phone with TD & RBC, both are saying I can't get insurance based on the following information I told them.

1. I'm staying at home with my parents.
2. I bought a condo in 2017 and right now, it's about to go through interim-closing (not final closing). Lawyers need me to get 2 million liability insurance.
3. I want to get landlord condo insurance for this property in which I plan to rent it out.


This doesn't make any sense at all...and i'm super confused why I can't get insurance on my condo unit. (once again, in which I plan to rent out)

Is this right? Both TD & RBC said I need to have primary residence insurance with them, then I can get rental property insurance. Since I'm living with my parents, I don't have primary home insurance, it would be under my parents...

Thanks in advance
because it is interim closing "occupancy", you are not owner yet, you can only purchase tenant insurance.
Deal Guru
Feb 29, 2008
13890 posts
10160 upvotes
2Mill? What? I have insurance with several properties and it has never been an issue. Actually the only time was my very first time with TD like 10 years ago. This also was when I was in occupancy. I ended up going elsewhere and have no issues. It's such a quick process.
Deal Fanatic
User avatar
Dec 24, 2002
5999 posts
1028 upvotes
Some insurers will only sell landlord insurance if you have a primary policy with them...try sonnet ins., I got LL policy with primary residence elsewhere
http://www.heatware.com/eval.php?id=14378
Ole Gunnar IN!!!!
I promise not to cut your taxes but I won't raise them either.
Member
Jun 30, 2009
308 posts
151 upvotes
Call an insurance broker that deals with multiple companies.

RBC will not deal with you if you do not have your primary residence with them. Interestingly, if you have your primary residence with them, and then obtain insurance for your rental, and then finally move your primary residence to another insurer, they will allow you to keep just the rental insured with them.
[OP]
Deal Addict
User avatar
Jan 20, 2009
1788 posts
206 upvotes
Toronto
Had to go through a real insurance company that makes money this way like others mentioned above.

lawyer/builder required 2 mil liability insurance. it was mandatory before they hand me the keys.

Came up to $385 a year.

also found out you can pay the full amount with credit card otherwise monthly will require VOID cheque.

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