Multifamily insurance

Developer

New Forum Member
Registered
Our portfolio has been getting hammered with massive increases year over year for our insurance premiums. I know most landlords are facing the same issue and I was hoping things would be stabilizing after many years of large increases but it is looking like we face another 40% + increase this upcoming year. We have a good size portfolio of older and new apartment buildings in 3 provinces and only one claim in the last 10 years. We've also raised our deductible to 30k. Using a broker and the feedback is many insurance companies are moving away from insuring apartment buildings and we have been way under market for a long time. Wondering what other multifamily landlords are paying per door for insurance premiums (include details on age/construction of building and location) and who they are insured by? Thank you for the feedback
 

Tina Myrvang

Client Care Lead
Staff member
REIN Member
Reach Out to Alex Bell

MYCOR Insurance Solutions​

URL: https://mycorinsurance.com
 

Developer

New Forum Member
Registered
Our average insurance premium rate ended up being about 0.33. Any comparables would be appreciated
 

Paul Gill

New Forum Member
Registered
I agree we have noticed the same, hopefully POST pandemic the insurance rates will improve. I would suggest to shop around there is considerable differences in the premiums offered by brokers.
 

David90

Inspired Forum Member
REIN Member
I took my Edmonton multi-family portfolio over to Desjardins Insurance this year. Saved me $45K in annual premiums.
 
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