Insurance qs

[RArora]

Hi

I have 2 very pressing concerns that I`m hoping someone can help me with.

1. We`re closing on a town home on 29th July and Laurentian wants us to get earthquake insurance for it as the house is in the Ottawa Valley (?).
I have called our insurance company Belair to get the insurance and was told that they do not provide earthquake coverage on rented dwellings in Ottawa.
What can I do? Why would Laurentian even want this? our other homes are in Ottawa too and none of them have asked for this coverage and the agent at Belair said he hasn`t heard of anyone ever asking for this before.

2. The agent asked me what I did and as Im a homemaker but REIN member-as trained I said Im a `real estate investor` to which he went on to say in that case we cannot insure any of your properties as you`re a business then. but Im not. and much as I tried to tell him that I just handled the few rental properties we have in my and my husband`s names he said they cannot cover us anymore.

I would greatly appreciate advice on the matter and what I can do here. Should I speak to a mortgage broker now?
Does anyone know of a good one in Ottawa?

Thanks
Rasna

 

[Nir]

Unbelievable. this must be very frustrating. you call to insure a new property and they not only refuse but ask a stupid question and then say now they can not insure your current property!
Sounds like you should consider a new insurance company. TD is reasonable price-wise but other REIN members might be able to provide better names. Also, IF none of the top insurance companies insure against earthquakes then you should contact Laurentian bank and explain that to them. I`m sure they will understand as it is not related to you or the property, it`s the "market" and whoever it was from Laurentian bank that thought you should have that insurance, was wrong expecting it. Remember you can say many things to many people - no harm as long as say it with tact. Good luck.

 

[RArora]

already had a couple of sleepless nights about this now-Im just hoping my mortgage broker can reason with Laurentian and make them take this very strange (n not asked for homes here) condition out... the closing is in 3 weeks so its stressful n am certainly not pleased...