My insurance premiums have almost doubled.

[MarkTorgerson]

I am in the process of getting a renewal quote for my property portfolio. My carrier is Economical. I am told that they are losing the flavor for insuring investment property as this sector has been losing money. The quote has my premiums almost doubled. Also a significant increase in deductibles.



I was proposed an alternative. Some insurance companies allow a number of rentals to be added to their home owners policy. They haven't had the same increases as the commercial side. This is something we are still looking into.



There is no doubt that the insurance companies will be clawing back any losses they may have taken in 2013.



A few questions;



Who is the REIN recommended insurer?

Any feedback on their experience with them?

Does anyone else have any feedback regarding what they are doing to combat the upcoming rate hikes?



Thanks in advance.

 

[Sherilynn]

Park Insurance, Hub International, and Sadler Insurance all offer excellent coverage for REIN members. I have used Park and Sadler and have been completely satisfied with both.



I don't know how the prices will compare to Economical, but I left much cheaper coverage with another company in favour of more comprehensive coverage and better service with the above investor-friendly companies.

 

[MarkTorgerson]

Thanks Sherilynn,



Do you have a contact name and number at any of these recommended companies?



Mark

 

[kfort]

I have a few on HUB insurance and am happy with the rate for what I recieve in coverage. Never had to make a claim though. Peace Hills is also pretty good for coverage.

 

[Sherilynn]

[email protected] 1800-663-3739



Steve Hambly at Sadler: [email protected] (780) 433-4426

 

[MarkTorgerson]

Thank You!

 

[nubiwan]

Sherilynn - do you know if these companies cover all Canadian markets? Specifically Newfoundland? I am annoyed with my rates to be perfectly honest, and always looking for a competitive option. I simply get a letter each year stating the increase in premiums, and that is the extent of my interaction with my carrier.

 

[Sherilynn]

I am fairly certain that HUB and Park work across Canada. Not sure about Sadler, but send each company an email and ask. They have all been very quick to respond to my inquiries.

 

[MarkTorgerson]

FYI - Park Insurance was able to reduce my premiums by 30% with better coverage.

Thanks for the contact.

 

[Sherilynn]

Fantastic! And I am certain that you will be satisfied with Park's service.