Looking for AFFORDABLE Rental Property Insurance

[Trizzy]

Ok. I will spare you all the long-winded conversation and scrutinous qualification process necessary to even receive a quote through Belair Direct. I thought it convient to go through my Auto Insurance provider in attempts to save a couple bucks by amalgamating my bills. Boy was I wrong!

After the stringent and overtly-detailed questionnaire, I finally got a quote of $2,567/year or $213/month. I don`t have a previous property to compare this quotation to, however using other investors previous comments of paying 30-50/month, I think they`re trying to rip me off..

With all that said, my question to all of you is - whom do you use as your insurance provider? Is there a particular reason you choose your provider over another?

As this is my first property, my pre-requisites for an insurance provider are affordability and customer service(or quality of insurance products).

Thanks guys in advance for any insight or possible options other than Belair.

P.S. This is an Ontario property.

 

[LAndersen]

QUOTE (Trizzy @ Jun 17 2010, 01:55 PM) Ok. I will spare you all the long-winded conversation and scrutinous qualification process necessary to even receive a quote through Belair Direct. I thought it convient to go through my Auto Insurance provider in attempts to save a couple bucks by amalgamating my bills. Boy was I wrong!

After the stringent and overtly-detailed questionnaire, I finally got a quote of $2,567/year or $213/month. I don`t have a previous property to compare this quotation to, however using other investors previous comments of paying 30-50/month, I think they`re trying to rip me off..

With all that said, my question to all of you is - whom do you use as your insurance provider? Is there a particular reason you choose your provider over another?

As this is my first property, my pre-requisites for an insurance provider are affordability and customer service(or quality of insurance products).

Thanks guys in advance for any insight or possible options other than Belair.

Are you a REIN member? If so there are companies out there who specialize in helping REIN members. My quotes and insurance were terrible as well. One thing to think of is if your insurance broker deals with investors much or owns any investment property themselves. I am trying to build my team now with like minded real estate investors as part of my team.

 

[Trizzy]

I am not a member of REIN yet. One step at a time. I still have to sign up and pay my local Rental Association for their services.

 

[markl]

Hi Tristan,

Give Phil Jarvie a call he works with a lot of REIN members and if not the REIN program I am sure he can still offer you good service for your insurance

Direct Line: 905-582-7086 email: [email protected]

Regards,

 

[Sherilynn]

If you are looking for cheap, basic insurance, we used Wawanesa for our rentals for several years. We never had a claim so I have no comment as to their service.

Then we bought a property with a few issues that were "non-conforming." This means that if the building was destroyed and we had to rebuild, we would have to rebuild to "conform" to the current bylaws. Since that would entail moving the basement/foundation as well as a huge concrete patio, we decided to get insurance that would cover us for bylaw issues. We now have insurance through Park Insurance.

Regards,
Sherilynn

 

[housingrental]

Van allen insurance in Listowel has served me well
Many rein members use hub (?) and seem happy