Hi,
So I used to have insurance for my rented condo, just the basics, which came out to $113 per year. I mainly wanted it to cover a rare pipe burst, legal liability, and so forth.
Somehow while I was, this insurance got canceled and the company I bought it from is gone.
I remember REIN peeps telling me to make sure insurance has at least this:
*Loss of use - you would still receive rental income for a specific time period while your rental is "out of service".
*Improvements and betterments - if you put in hardwood, but it used to be carpet/lino.
*Legal liability - if your tenant trips on a piece of hardwood coming up and sues you.
*Water damage extension - if you're hot water tank leaks and damages other units. This covers the deductible you would have to pay on the Strata's insurance policy.
Anything else it should cover?
And who should I call to get this back?
I called the new company that bought the old company but they're trying to charge me double the rate.
Thanks
Matt
So I used to have insurance for my rented condo, just the basics, which came out to $113 per year. I mainly wanted it to cover a rare pipe burst, legal liability, and so forth.
Somehow while I was, this insurance got canceled and the company I bought it from is gone.
I remember REIN peeps telling me to make sure insurance has at least this:
*Loss of use - you would still receive rental income for a specific time period while your rental is "out of service".
*Improvements and betterments - if you put in hardwood, but it used to be carpet/lino.
*Legal liability - if your tenant trips on a piece of hardwood coming up and sues you.
*Water damage extension - if you're hot water tank leaks and damages other units. This covers the deductible you would have to pay on the Strata's insurance policy.
Anything else it should cover?
And who should I call to get this back?
I called the new company that bought the old company but they're trying to charge me double the rate.
Thanks
Matt