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Home insurance policy for rental property without prinpical residence insurance

flyingsquirrel

flyingsquirrel

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Jan 10, 2011
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I am having a hard time finding an insurance company that will insurance my rental property without having my primary insurance with them.

Does anyone know of any insurance company that will do that?
 
I am sure there is one company that would provide this insurance. I believe REIN has an association with a company. As an alternative, I know several property management companies have a master policy like ours that is specially designed to handle residential tenant insurance. However you would have to turn your property management over to the management company to take advantage of this
 
SMI (Saskatchewan Mutual Insurance) will insure properties in AB, SK & MB. We have 8 properties insured with them and no principal residence (and we are non-residents).



Nicola
 
Ask around and see if someone can recommend a insurance broker for you. The broker should be able to find the best rates/coverage for your situation.



Jason Bell

Four Bell Properties

204-995-9665

fourbell@mts.net
 
HUB International is based in Ontario. The Park programs are often available just to REIN members, but it's always worth a call. I have my AB and BC rental properties insured with Park.
 
also call TD. in the past their rates were around half the 2nd best quote we got. so consider insuring your residence place with them too for ~$10-20/mo. might be worth the discount. oh and conditions are decent..
 
Hi,


Are you currently renting? One thing you can try is to purchase a $250 per year tenant`s package. The primary residence doesn`t have to be an owned home. One example of something you might be able to do is this:


$250 Tenants Package


$500 - $800 Rented Dwelling - not sure of the size.


Up until a couple of years ago, I had a few options to place stand alone rentals, at a reasonable rate. A lot of the carriers stopped that. They all want the primary home now. Be careful if you place it on a personal lines policy. Quite a few companies have a decline rule if you use a property management company or if you live more than x amount of km`s away from the rental. Coverage can really vary between companies.


I`m new so I haven`t checked the Park Insurance rates yet but the coverage looks great. If you`re going to buy more, why not start on a commercial policy?


Good luck.
 
What's the advantage of having a separate policy for rentals and principle?

The premiums are by location. I have 2 car, principle, and rentals all with TD meloche.

There is a bulk discount, so it's good.



kir.
 
There's none per se. It just depends on your situation. Meloche will likely have a cap as to the number of rental properties they'll allow before they'll no longer insure you.



I was suggesting the stand alone REIN policy for the OP because he doesn't have a primary residence. You can find great rental property rates and great coverage if you give the insurance company your primary home. But's it's usually only cookie cutter stuff. Register a property to a corporation or exceed a certain amount of units and you'll find most personal lines insurance carriers bow out.
 
I think I am going to stick with td meloche monnex for now.

They have the best rate I can find.

I currently only have 1 rental property and am renting.

I am planning to get another one soon.



Does anyone know how many property will TD meloche monnex insure?



I checked and the cheapest rental principle residence policy from them for my situation is around $168.



Some said the park policy is only for REIN members, is that true?

I am going to check that out too.





Also, what do you put in the rental property policy?

Do you cover the appliance? I find it much cheaper without.
 
some insurance companies will insure your property as a standalone rental under a commercial policy.

rental property insurance in Ontario can also be done under a personal lines policy when you have your primary residence insured with them as well. But there are restrictions which vary from company to company. For instance, the number of units in the home can usually not exceed 2 or 3. By units, I mean separate kitchens and bathrooms with no sharing between units, and just 1 family living within each unit. Although there is a company that can do a six plex + the primary residence, but they won't add anymore rentals after 6 units is reached. Another restriction includes the number of rental properties, most will allow 3 or 4 rental properties (plus your home) on one policy, I do know of one that can do over 20. Under a personal policy, chances are you could qualify for a multiline discount when you add your car insurance with that company as well. Other restrictions are there but vary from company to company. For the small to medium sized landlord in Ontario looking for insurance for their home and 3 rental properties with 1 family living in each, having them insured under a personal lines policy might be a better choice.

For those that own student rental houses, i.e rooming houses, a commercial policy is what you need (I am not aware of any companies that will insure them under personal lines) and it is important that you look on the policy that the description states it is being tenated as a student rental.

I kept things very general, it is best to speak to a licensed insurance representative about your situation, as every situation is unique.
 
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