Inspection Requirement from Insurance Company

[Sheldon Peart]

Hello Everyone, 

I am reaching out to see if anyone has a suggestion or Insurance provider that they have used to help solve my issue. We are located in British Columbia. 

Currently our insurance provider requires 3-month inspections on all our properties. We have written this into our leases, even though the Tenancy Act allows us to enter a unit once per month as required for maintenance issues. We have kept up with these inspections so far, but now that we have a good handle on the units, i think 6-month inspections would be more reasonable. 

I will use our 4-plex as an example for costs, currently we pay $1,871 annually. Our broker is telling us that if we went to 6-month inspections in our policy, this cost would rise to $2,400 annually. A near 30% increase, which isn't completely unreasonable. My question is, does anyone have these inspection requirements from their providers, if so, do you have a good insurance provider that is cost-effective and also allows for a 6-month inspection requirement? I do understand there are many variables that go into the underwriting of an insurance policy, i am just curious about the inspection requirements of the policy.

I look forward to any advice or insight as to what others are paying and required to do.

Thanks, 

Sheldon