where can I get insurance for my condo that will not be my primary residence

[firsttimer]

Hi Everyone,

As the name states, I`m a newbie at the real estate investing/landlording field.

I`m starting out by managing a family member`s condo. The family member will be coming to live with me at my primary residence (that is in my name) and will rent out her own primary residence (condo). The condo is in her name. She called a couple of insurance companies today who said they do not provide rental insurance for investment properties unless you have your primary residence insured with them. Apparently, this is the policy for most insurance companies, and the companies that do not follow this principle charge quite a bit.

I`m trying to avoid having to put her condo in my name - is there another way around this? What if we were to leave her current condo insurance (that she had while living there) in place? Is that a big no-no?

Thanks in advance.

 

[JimWhitelaw]

We have a number of properties (and our principal residence) insured with Meloche Monnexx. I believe they will insure up to 5 rental properties, or 5 properties total.

REIN has special arrangements with two insurers that offer insurance products specifically for investment properties. They are HUB Insurance and Park Insurance. If memory serves me correctly, Park insures in BC, AB an ON. HUB is nationwide. These products are probably only available to REIN members; they may have something similar they offer to non-members. Call them and see (or join REIN).

Park Insurance
1-800-663-3739

HUB Insurance
1-800-263-2383

- interestingly, the members only resource directory here on myreinspace is out of date and doesn`t even list HUB...

 

[HeatherBrandt]

Try State Farm. We have a rental condo with them.

 

[GarthChapman]

Also check out State Farm Insurance. We use them as well. Assuming you have a good Agent (we do) they are an excellent provider.

 

[addbo]

I`ve been using Co-operators for my non-principal residence condo. I don`t own my principal residence. But I do have my car insurance through them as well...