Just purchased a property a duplex in hamilton, and am working through several insurance quotes. I was wondering what other investors here were paying for insurance, and what type of coverage do they have. I would like to get a good idea of what is reasonable for insuring an investment property
Insurance
- Thread starter zorant
- Start date
- Joined
- Aug 10, 2010
- Messages
- 21
Insurance rates will differ from province to province and from one property to another.
The key is that you have the right insurance for your needs.
I suggest you get at least three quotes from different insurance companies or even insurance brokers.
It`s important that you disclose exactly what type of property you want insurance for and it`s primary use as a rental property.
Also find out what your replacement cost would be in case it burned down and you needed to replace it and make sure you`re covered for at least that. This should include the type of building materials, special features, etc.
It should cover the structure itself less the land value and foundation.
I also suggest you make sure rental income in covered.
If for any reason something should happen and your tenants need to leave while repairs are underway or reconstruction is required the insurance company will continue paying your rent to you.
Liability insurance should also be adequate in case you get sued for any reason.
Hope this helps...
Alan
The key is that you have the right insurance for your needs.
I suggest you get at least three quotes from different insurance companies or even insurance brokers.
It`s important that you disclose exactly what type of property you want insurance for and it`s primary use as a rental property.
Also find out what your replacement cost would be in case it burned down and you needed to replace it and make sure you`re covered for at least that. This should include the type of building materials, special features, etc.
It should cover the structure itself less the land value and foundation.
I also suggest you make sure rental income in covered.
If for any reason something should happen and your tenants need to leave while repairs are underway or reconstruction is required the insurance company will continue paying your rent to you.
Liability insurance should also be adequate in case you get sued for any reason.
Hope this helps...
Alan