Rental Loss- To Purchase or Not To Purchase

[ccameron]

I currently own several rental properties and on my insurance policy i chose to go with a $2500.00 deductable policy for each to save on premiums. I am now considering adding rental loss coverage and was advised that this would add aprox. $90.00 per property per year. Any input? Thanks Chris.

 

[invst4profit]

Check into the details on what triggers it and how long they will pay it.
The likleyhood is you will never collect on it but if financially you can not
afford to be without income on one property for 6 months it may be worth
your cost.
I personally do not have income loss coverage.

 

[ccameron]

QUOTE (ccameron @ Apr 15 2008, 10:13 AM) I currently own several rental properties and on my insurance policy i chose to go with a $2500.00 deductable policy for each to save on premiums. I am now considering adding rental loss coverage and was advised that this would add aprox. $90.00 per property per year. Any input? Thanks Chris.


I suppose your right however now that I have made an issue of it....I will probably stick with it for the term. Thx Chris

 

[GarthChapman]

It`s tough to collect on, so we chose not to take this coverage.

 

[HeatherBrandt]

We have a triplex in Red Deer which covers rental loss up to $26,400 for $69.

Heather Brandt

 

[RedlineBrett]

Garth,

What about loss from fire or flood or the like?

We chose to go for it in case we had a total loss and still had to make payments while we waited for the building to be replaced. What are your thoughts there?

My homeowner`s policy comes with an allowance of something like $29k/yr to pay rent somewhere else while my house would supposedly be being reconstructed.

QUOTE (GarthChapman @ Apr 15 2008, 10:14 PM) It`s tough to collect on, so we chose not to take this coverage.