Home Insurance + Tenants

[Chris L]

Chris,

I spoke with Cam on the phone today. He is a very professional, clear spoken, friendly, and comforting person to deal with.

I learned a lot from Cam and he really knows his material. Thank you.

Just glad to help. Hopefully you get things all worked out!

[Cal]

So b/c it is not a freehold townhome, the ins co has an issue regarding the condo corp 's coverage/responsibility.

[Mall Guy]

KaeJS - now I don't pretended to know the rental rates for a three bedroom house in Cambridge, but wouldn't it be simpler to rent the upstairs to one family, and live downstairs instead of renting each bedroom individually? As well, every condo I have ever had covered everything outside, and I was responsible for everything inside. It doesn't make sense to me . . . what if a fire wipes out three units, and one person didn't have insure, who rebuilds? Now if is maintenance/replacement of the roof/windows/etc, I could see that as normal, and shouldn't affect your insurance. I currently have a "condo" policy that cover the upgrade beyond the "builder's standards".

[OhGreatGuru]

I suspect the reference to "rental insurance" is the class of insurance policy he requires, regardless of whether or not he is collecting an economic rent. It is not his principal residence, nor is it a secondary residence (such as a cottage) that is not lent out to others. So it doesn't qualify for "Homeowner's Insurance", which would have a lower rate structure. From the insurance company's point of view the risk is similar to a rental property, even if he is charging no rent.