If the property has no mortgage.....

[calgarypoolshark]

If you had no debt on your property would you still have insurance, or just add the `insurance money` to your cash flow?

I am specifically thinking of older homes on 50` inner city lots?

 

[margaretcowan]

Whether you have financing or not is irrelevant. You must have insurance against fire or other destruction of the buildings, negligence and loss of revenue.

Think of your huge losses if these houses burned to the ground and you had no revenue or someone sued you for all you`re worth (or more) if they got injured on your property.

Talk to your insurance company about all the coverage you need to protect your investment and your other assets too.

Margaret

 

[MikeMcCrae]

I think you would still want to carry insurance. Don`t forget the liability factor.

 

[DonCampbell]

I feel that insurance is critical. #1 for liability at the property and #2 in case of loss or major damage so it can be rebuilt and re-rented.

Speak with the guys at Park Insurance (see resource directory) as they have a very strong insurance for rental properties you may wish to review.