Banks 'Beg' Friend to Insure Everything with Them

[RE123RE]

Hi,
A friend whose properties are mortgaged with big banks like RBC and CIBC is getting numerous letters, for years now, strongly recommending him to switch his properties insurance to them.
What are your thoughts on the big banks property and car insurances?
Are their prices good?
Due to their reputation, I guess their claims service will be at least average if not good.
Thanks

 

[Thomas Beyer]

In almost all cases life insurance rates are terrible, car insurance higher and property insurance not as good. However, if many properties and/or cars and/or mortgages it may make sense to compare rates.

Never ever get life insurance from a bank to insure "the mortgage" as their rates are 3-4 times above that of an average healthy non-smoker.

 

[RE123RE]

Hi,
Yes their life and mortgage insurances (whatever mortgage insurance means) - I know are bad.
The question is more about properties and car insurances. Does anyone have experience with banks' or know if their policies are better than Hub or Park for example?
Thanks

 

[5har0n]

When many basements were flooded in Calgary, Park Insurance's REIN member policy covered the damage, if I recall correctly. Ask the banks if their insurance would cover this. Do the banks cover lost rental income if, for example, a house has a fire and can not be rented? Do the banks cover vandalism by tenants?

I'm happy with Park Insurance's REIN member rental property insurance.

Note: I have never had to make an insurance claim.