# Insurance for Rental Property



## Fain (Oct 11, 2009)

Hi,

Any landlords out there have any recommendations for good places to go for insurance. Am looking for quotes for the rental property i am closing on in hamilton ontario.

Thanks,


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## Just a Guy (Mar 27, 2012)

I'd call a couple of brokers


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## Ag Driver (Dec 13, 2012)

TD covered my room renters while the other 6 or so that I called would not cover me.


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## Mortgage u/w (Feb 6, 2014)

Just a Guy said:


> I'd call a couple of brokers


+1. 
Brokers will always be cheaper - rental or not. Find a reliable broker who will not charge extra fees.


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## Addy (Mar 12, 2010)

+2 on the Broker. They will find the best coverage at the best price. We own a rental in Hamilton and it's insured through our main broker (who insures all our other properties and our primary residence and our vehicles). We get such a great discount from all the business we give them, no one else has even come close. So whoever you have your primary insurance with, check with them. I would still check with a broker as they may be able to find someone to take on the house at a good rate and give you a better discount once you transfer over your other insured properties and vehicles.


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## OnlyMyOpinion (Sep 1, 2013)

Just wondering - is it all about premiums, or do an insurer's reputations for service and willingness to payout a claim vary? 

Like Addy our insurance is all with one insurer - we haven't shopped around so I'm not sure if we are getting the lowest rates. However in terms of service - and from the 'when it rains it pours' episode - after 35 yrs of premiums and no claims, in short order we had a car claim (written off), a rental house claim (burnt down), and a primary residence claim (robbed of jewellery/electronics). The service we received was excellent, there was no dispute of the claims, and we don't believe our premiums have increased beyond the norm. 

But as said, not sure how premiums compare and not sure if we'd be treated well by any insurer?


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## Just a Guy (Mar 27, 2012)

There are only a handful of companies out there...intact, wawanessa, cooperators, AMA, peace hills, etc. Some, like the banks, are really repackaging from a main supplier. There are brokers who only call a few of them, or only rep one, so it's good to call a couple of brokers.

As for the companies, I find their service depends on how their year is going...if they had a lot of claims (overall, not your policy specifically), their service goes down. If they are flush with cash, they tend to be better. I've had great service one year and crappy the next from the same company.


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## OurBigFatWallet (Jan 20, 2014)

Im with intact for my rental but I would definitely recommend shopping around. Insurance is tricky, just because I got a good deal through Intact doesn't mean someone else can get the same deal. For what it's worth Ive used TD in the past and they've been a nightmare to deal with


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## bjthebuilder (Jan 29, 2013)

I use hub international as brokers.


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## johnlena (Sep 6, 2014)

If your rental property becomes uninhabitable due to a covered loss, Allstate Fair Rental Income Coverage can help pay you the rental income you would otherwise lose. In other words, if your tenants have to move out, Fair Rental Income could keep the rental income flowing in for up to 12 months, while the unit is being repaired or rebuilt.


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