Rental Property Investor · Chilliwack, BC · Member since 2019 · 20 posts · 9 votes
Just curious as to what other landlords are paying for home insurance with a tenanted SFH rental. I've got one property in Alberta and have my insurance set up through Square One, and am currently paying around $120 per month (Home covered at $220k valuation).
This SEEMS fair based on what I pay for my primary residence, but I'm not entirely sure.
This is really insightful, thanks for starting the thread. Anyone willing to recommend a contact or company that they've used for their insurance? I pay quite a bit more on my Ontario property.
TD Meloche Monnex is who I use. Make sure they know it is for a rental property that you own, not your home.
Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
6y
Our SFH and half duplexes in Alberta are $109 - $137/month, for property values that range $282K - $315K. Insurance has definitely gone up a lot in last year or so - some properties 20-30%.
Yours seems a little high for the valuation, but its dependent on so many factors like sqft, age, location, etc. We also get a 5% discount for having multiple properties.
Rental Property Investor · Chilliwack, BC · Member since 2019 · 20 posts · 9 votes
5y
Appreciate the insight! We purchased a second property and shopped around until we found a different company with better rates and a better policy. We're now averaging $80 per property, per month.
Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
5y
Nice! That’s a much better rate. We also shopped around for our latest purchase. We saved a little bit while maintaining the same coverage for a rental
Most of mine are $500 a year or less (replacement costs $140-400K). I have one that is higher as it is a mobile home and my normal insurance provider doesn't cover those.
Real Estate Investor · Tennessee · Member since 2016 · 46 posts · 3 votes
5y
This is really insightful, thanks for starting the thread. Anyone willing to recommend a contact or company that they've used for their insurance? I pay quite a bit more on my Ontario property.
This is really insightful, thanks for starting the thread. Anyone willing to recommend a contact or company that they've used for their insurance? I pay quite a bit more on my Ontario property.
TD Meloche Monnex is who I use. Make sure they know it is for a rental property that you own, not your home.
London, Ontario · Member since 2018 · 104 posts · 38 votes
5y
@Theresa Harris
I use Aviva for all my properties. They are pretty cheap once I bundled everything together. They also include a umbrella policy which is nice to have.
If you want my contact for insurance. I’ll recommend you to my person, she’s an all star, feel free to DM me
New to Real Estate · Ottawa Ontario · Member since 2020 · 23 posts · 19 votes
5y
@Cameron Andrews I just finished shopping around and found that Square1 has given me the lowest rates while still offering the coverage I need. It is an online company, I am not sure if that will help you or not but it has saved me a lot YoY.