Is $138/month reasonable insurance cost for a 100 years old triplex in Orillia?

[Nir]

Hello, The triplex has two 1 bedroom apartments and one 2 bedroom apartment (total 1608 sq/ft above). The MLS shows insurance cost of $817 annual which is $68 a month, but now I found out this figure in the MLS does not include liability which would bring the cost up to $138 a month(!) How much approximately would you expect to pay for insurance in this case? THANKS.

 

[AndreiAngelkovski]

I own a triplex in Orillia on Mississaga Street and it is designated as a Hertage Residential Dwelling. I pay $167 / month for insurance. I personally think that I pay too much and now they (AVIVA Insurance) have increased it for 2008 to $177 / month. I have included $2M of liability and $300k of replacement cost and some other stuff as well. I know they have designated my triplex as a commercial building which places the insurance rates higher. My broker also told me that because there are 2 non-related people on title that makes the rates higher as well. I am not very happy with what I am paying. If anyone has any suggestions please let me know...I would be happy to hear any opinions.

 

[Nir]

Thank You Andrei, this is actully helpfull feebdack. What I heard is that we should pay closer to $1,000 than $2,000 a year but did not have a chance to investgiate that further myself. Cheers.

 

[terri]

[I am not very happy with what I am paying. If anyone has any suggestions please let me know...I would be happy to hear any opinions.


Have you ever tried TD Meloshe Monnex?

I`m currently with State Farm. I usually pay approx. $1700-$1900/yr for each of my 100+ yr old triplexes in Toronto. The last one they quoted $2100/yr. I expected the prices to go down not up the more properties I had, so I shopped around. Got a quote of $670/yr from TD Meloshe Monnex, huge difference. One stipulation is that I have to insure my princial residence with them. I have yet to see the quote or coverage so I`m not sure just how great a bargain it is, but that $1000+/yr savings per property is quite appealling. My other concern about switching over is that State Farm currently insures all my properties and I`ve never had a problem getting anything insured with them, service has been great (of course I have yet to file a claim). I`ve had problems with Allstate refusing to insure a Victorian rowhouse because there were too many houses in the row(?? that was a new one for me). What I don`t want to do is switch everything from State Farm to Meloshe Monnex only to find out that they will not insure certain types of properties in the future.

The potential savings are amazing, but I`m not sure yet if it`s acutally a good deal or not until I read the fine print.

Does anyone else have any experience dealing with TD Meloshe Monnex?

T.

 

[Nir]

Indeed $1000/yr savings is very nice! Thanks for sharing and please let us know what you think after reading the fine print. I might contact them myself in the future.. Cheers.

 

[brad]

Make sure you don`t compromise service for cost. Yes, we all want to get things for a cheap as possible but insurance is too important to go with the lowest bidder just for the sake of a few bucks a month. Make sure to get refferals from people who have had a good experience when dealing with claims.

Brad

 

[GarthChapman]

We have two insurers. With one of them our policy is structured so we pay one amount, under a sort of umbrella policy, for the liability coverage for the group of our properties that they insure. The total value of those properties is just under 3 million and the cost of the 2 million dollar liability coverage is around $1,000 per year. I think this is a less costly method to purchase liability coverage.

Our coverage for single family homes runs from about $500 to $750 per year, dependant on value. The average, including the liability coverage is $705 per year. The most expensive is a triplex in Edmonton worth about $550,000 where the premium is $900 per year, including the liability portion.

It doesn`t seem logical to me that liability would differ with the age of a property.

Hope that helps,