Insurance qs

RArora

RArora

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Registered
Hi!

We just received our renewal notice for our home rental policies. we currently have 1 principal home and 2 rental properties. I checked with Belair and they have confirmed that they insure only upto a total of 4 homes-including our principal residence. Which means i can only buy 1 more property insurable.

So what happens for further properties? since most insurance companies iv heard have a limit of 3 rental properties, how do you get insurance for your 4th/5th etc rentals properties?

Im in Ontario.

Thanks!
Rasna
 
D

dannielsen

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Registered
QUOTE (RArora @ Dec 1 2008, 12:52 PM) Hi!

We just received our renewal notice for our home rental policies. we currently have 1 principal home and 2 rental properties. I checked with Belair and they have confirmed that they insure only upto a total of 4 homes-including our principal residence. Which means i can only buy 1 more property insurable.

So what happens for further properties? since most insurance companies iv heard have a limit of 3 rental properties, how do you get insurance for your 4th/5th etc rentals properties?

Im in Ontario.

Thanks!



Hi,



I have been in the insurance industry for 13 years. I am not sure of the rules and regulations in Ontario, so I will speak from my knowledge with insurance in Alberta. The situation that you are running into is quite common. Many companies will only allow a limited amount of rental properties on your personal house insurance policy. The answer is to have your insurance agent set you up with a commercial property policy. The rates are very similar, you have to compare the coverage’s with your agent. Most companies will not limit the amount of rentals on a commercial policy, but keep in mind that the named insured must be the same on all properties. (same name on title for all properties on one policy)

When dealing with investors, I always talk to them about their 5 year plan, so that I will know which company will suit their needs the best as they move forward.


I hope that this helps.


Good Luck, keep on moving towards your goals.



Dan Nielsen


Rasna
 
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