# Insurance for student rental house?



## gregdo (May 18, 2010)

Hi,

I have a house in Ontario that is rented to college students. Does anyone have any suggestions for insurance companies (or an insurance broker) who deals with properties rented to students? We're presently paying about $2500/yr which to me seems excessive.

Thanks.


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## Cal (Jun 17, 2009)

Location, square footage of house will make a difference, hard to comment without.

Also when you were looking for ins what did the other companies quote in comparison?

Might make a difference if you require all tenants to purchase their own tenant insurance....


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## gregdo (May 18, 2010)

The house is in Lindsay (City of Kawartha Lakes).

There was only one company that gave us a quote through the broker we were using.

The house is 2 separate units. The main house is approx. 1000sq ft + 700 sq ft partially finished basement. The second unit is an attached 400 sq ft bachelor apartment over the carport.

The main house has 3 bedrooms on the top floor and a 4th bedroom in the basement. Each of the bedrooms are rented to students. The apartment is rented to a 27 year old teacher.

The insurance policy has the following line items:
House replacement $357000 ($1749)
Contents $15000 ($88)
Sewer backup $10000 ($25)
Owners, Landlords and tenants liability $2,000,000 ($325)
Rent and Rental Value Form $30000 ($108)
Policy Fee ($135)
Ontario Sales Tax ($193)
Discount ($89)
==> For a total policy cost of $2534

We don't provide any coverage to tenants possessions.

Any suggestions greatly appreciated.
Thanks.


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## GeniusBoy27 (Jun 11, 2010)

EEeekkk ... you're paying way too much. Go find a good insurance broker, would be my suggestion.

Especially the house replacement seems awfully excessive ...


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## gregdo (May 18, 2010)

Finding a good insurance broker is what I'm trying to do. Can anyone recommend someone, preferably someone who deals with rental properties?


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## Scottlandlord (May 27, 2010)

These guys know the biz:

http://www.humberviewinsurance.ca/home-condo-insurance.aspx

Talk to Steve Borys.


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## Jungle (Feb 17, 2010)

gregdo said:


> Finding a good insurance broker is what I'm trying to do. Can anyone recommend someone, preferably someone who deals with rental properties?


http://www.ibao.org/

You can find one on there. That's the official (Ontario) site. A couple years ago, I emailed every broker in Ontario with a BCC (Blind Carbon Copy), asking for quotes on my rental property. There was like 200 emails.. 

Every response had a different price and I didn't like the prices. I got a better price from TD Meloch Monnex. No Broker required. 

I've never understood the use for an insurance broker.  I've always found cheaper rates elsewhere and had my questions answered directly by the insurance agent.

Insurance Brokers=piece of the pie.


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## Scottlandlord (May 27, 2010)

How many properties do you own? I've always preferred a good broker who knows my properties and will aggressively shop around for me.


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