Ouch ! Insurance Quote For Hamilton 6 Plex with Knob and Tube $4000 from HUB

[davidajones]

I would appreciate words of wisdom as this is my first experience with a building larger than a triplex. .



I close Friday on a 6 plex in Hamilton that was purchased for 350,000. The insurance quote from HUB is coming in at approximately 4000 dollars because it is knob and tube wiring. This includes 400 for boiler equipment which is a separate policy.



I was surprised at several things. The rate: WOW it seems high. and that HUB said yes it's more expensive because this is the REIN coverage program which is a Cadillac. I asked if they had multiple quotes and the response was no we only use Lloyds for the REIN program.



thanks for your help



Dave

 

[Emil1753]

Hey Dave,



I'm in Thornhill as well and my last 5 purchases have been in Hamilton.

Give me a call or shoot me off an email, I'm sure I can help you out.



Emil

416-988-6938

[email protected]

www.truecashflow.ca

 

[MrHamilton]

Hi David,Is this the plex on Sanford? Just curious, did you get quotes on how much it would cost to update the electrical?



Why not shop around for insurance? HUB is indeed cadillac of insurance policies because it is so comprehensive (e.g. vandalism, most insurers don't cover this but HUB does).



Call my man Todd if you need another quote. Kindly let him know I referred you:




Todd O`Donnell, Agent

State FarmÂ

Providing Insurance and Financial Services


900 Jamieson Parkway, Unit 12

Cambridge, Ontario

N3C 4N6

Tel: (519) 651-0496

Fax : (519) 651-0331

Free: 1-(877) 790-FARM (3276)

E-mail: [email protected]

www.toddodonnell.com

 

[staneja]

Contact Julia White, Cooperators Insurance 1-519-749-2667, [email protected]

Give her my reference.

She insures all my properties, one of which is a multiplex in Hamilton that has Knob and Tube wiring, and is insured by her for much less money.



Regards

Sumit

[email protected]

 

[invst4profit]

Shop around with the recommended agents suggested above then:



Take your business to a Insurance broker. They will shop the market for you and will find the best rates.

Compare and see who offers the best. I believe a broker will find the best deal for the same coverage. At least that has been my experience.

 

[meagles]

Hi Dave,



I am not sure who you spoke to at Hub, but please contact me tomorrow to discuss. You can e-mail me at [email protected]. I will be in all day tomorrow.



I look forward to speaking with you.

 

[meagles]

I apologize as I did not leave my phone number. Please contact me at 905-582-7077. I would be more than happy to look into this further with you. I am sorry to hear that you were unhappy with the response you received.

 

[davidajones]

THANKS YOU EVERYONE FOR YOU INPUT



I followed everybody's advice and was able to find a much better situation. Thanks everyone for you help.



Dave