Rental Insurance

[Redmoon]

My rental insurance is due. Any suggestions on what coverage to include and amount for deductible? Personal liability, sewer backup, loss of rental income, full replacement coverage of dwelling and out buildings up to 80% of value - should I consider anything else? Thanks

 

[kfort]

I always max the deductible (usually $2,500 if memory serves me) as I'll never claim anything below at least that anyway.

I max liability ($2M if I recall) also.

 

[Tina Myrvang]

If you wish to speak with an expert please call Park Insurance at 604-659-3130 or toll free 1-800-663-3739.
Please speak with Chris Westrop.

 

[Sherilynn]

Park Insurance is great to work with. Park and a few other brokers across the country offer "REIN policies." They have extra coverage such as flood, extended vacancy, bylaw, and tenant vandalism. I wouldn't want a "standard" rental policy.

 

[Kir Luong]

My rental insurance is due. Any suggestions on what coverage to include and amount for deductible? Personal liability, sewer backup, loss of rental income, full replacement coverage of dwelling and out buildings up to 80% of value - should I consider anything else? Thanks

Why did you add sewer back-up? If there were never any sewer back-ups historical, would you still add it in?

 

[CalvinTruong]

FYI, Park Insurance is only for REIN members. I got conflict messages from Chris Westrop on this. So what happen if you are no longer a REIN member? Chris said it is ok since you went through the REIN learning. I called back one year later or so and ask to get the insurance (this time I am no longer REIN member), the answer was NO.

 

[Matt Crowley]

If you are no longer a REIN member, what are the best options for property insurance?

 

[kfort]

Peace Hills has fairly comparable packages for both rates and coverage.

 

[neill]

+1 Peace Hills - call Steve Hambly at Sadler Insurance 780-433-4426. Great service - both on policy and on claims, and specific rental-type coverages as mentioned above.

 

[Matt Crowley]

Kristopher and Neil: thanks. I am going to look into both this week.

 

[Sherilynn]

Yes, Steve at Sadler should be able to assist you.

 

[Matt Crowley]

^ Thank you!

Chris Westrop from Park got back to me today saying that there is no problem continuing to insure my properties and future properties without being a REIN member. All the same, I'm going to do some shopping and see what else is out there

I'm putting together my information to both Peace Hills and Sandler Insurance. I figure it is as good a time as any to learn more about the options available.

 

[neill]

Hi Matt - clarification: our insurer is Peace Hills via Steve @Sadler Insurance as broker.

 

[Matt Crowley]

Thanks Neil... that makes sense I was getting confused about that one. The broker I was put into contact with at Peace Hills seemed very unfamiliar with SFH investment properties.