Insurance on Rental Properties.. suggestion?

[TommyK]

Hi fellow REIN members!

I am getting close to get my first investment townhouse. I want to plan ahead so I can have an accurate picture of my true cash flow.

Since this is a condo purchaser, the condo fee includes exterior/fire insurance.

I have been told that I should get "rental loss" insurance and "content insurance" on my appliances, fixtures and everything that is mine, not the tenants.

If that`s the case, can you recommend an insurance broker in Edmonton?
Am I missing anything?

Thank a lot in advance!

Tommy

 

[GarthChapman]

First you need to find out what the Condo Corp`s insurance covers - ie does it cover "betterments and improvements" or not. You may not need the coverage you are contemplating. Have your Insurance Agent review the insurance coverage and the Condo Bylaws to know what you need.

Also search this topic on this site and you will find this issue well covered in previous threads.

Hope that helps,

 

[TommyK]

Thank you Garth.
I will look into the condo and get the PM to give me a copy of insurance details.