First Condo Rental

[FaroonKhan]

Hi all,
I have a couple questions about renting out our first two condos in Surrey, BC we possessed last weekend.

I already have condo insurance (REIN Strata Guard with $2M liability) for each through Park Insurance, I am looking to ensure the tenants get their content insurance and liability as well based on advice from Park Ins. What are rule of thumb numbers should I expect the tenant to have on their policy for liability insurance?

 

[Matt Crowley]

From Co-Operators, https://www.cooperators.ca/en/insurance/home/home-insurance-basics/whats-covered.aspx

From what I've heard fairly comparable across insurance providers. I'm guessing your concern is one of your tenant's guests get injured on the property?

 

[Marnie]

Congratulations on taking action Faroon, that's very exciting. I hope you have celebrated or plan to soon!
Check out this link HERE from Insurance Bureau of Canada. They explain why a person needs tenants insurance and what the recommended liability is. It may be a good link to send your tenants as well, so they better understand the need to be covered.

 

[FaroonKhan]

Thanks Marnie and Matt for the feedback.
Another question: where do I advertise. I have used Craigslist. Any others I should consider?
I have stayed away from Padmapper as I noticed that every Ad there for my area, they are short term Ads pointing to Airbnb. That is not what I want to compete with.

 

[Matt Crowley]

I own in Alberta so Kijiji is dominant here with Rentfaster growing in popularity. I've heard Craigslist is the go-to for BC. Just search "rent Surrey" in Google and the top sites is where you should advertise.

Padmapper is great software but I'm disappointed they have merged in the AirBnb rentals as they seem like different markets to me. I believe that Padmapper merges the information from Kijiji as well and may do so for other sites so you may end up appearing on their map either way.

 

[Marnie]

I own in Alberta so Kijiji is dominant here with Rentfaster growing in popularity. I've heard Craigslist is the go-to for BC. Just search "rent Surrey" in Google and the top sites is where you should advertise.

I agree with Matt!