rental home insurance

[Pindy4]

I have no idea how much insurance on a rental home is, and how it is calculated. Any advice? (Also, do you have to use an insurance company in the same city as your rental property?)

Thanks

 

[housingrental]

Cost - it depends on the particular property and coverage. Get multiple quotes.

Location - No. Different city is OK.

 

[Sherilynn]

We have the REIN Investor Guard (Aviva) policy through Park Insurance on all of our rentals. They have a very comprehensive policy that offers a lot of protections that other insurance companies simply cannot offer (such as Tenant Vandalism coverage).



Previously, we had a much cheaper policy with another company, but when we compared what we were getting, we decided the extra cost was well worth it.



And no, you don't need to be in the same province as the broker.

 

[Pindy4]

Thank you

 

[Kjeck]

The cost of homeowners insurance depends on type of coverage the insurance has. Landlord insurance cost starts as low as $50 per monthю However, thee are many factors that influence the price and they include the city and state your property is located in, the cost to rebuild your particular property, and the differences between insurance company offerings.

And if we’re talking about insurance, don’t forget to require your tenants to have renters insurance. It will cover their possessions in case of natural disaster or theft.