All Forum Posts by: Kate H.

Thanks, but I am looking for insurance, not financing. I will not be financing this purchase and have been telling the insurance companies that there will not be any mortgage on the property. They often like that and some include a discount for not having a mortgage.

Actually I have been trying to get in touch with both but with no success yet. Both seem only to go through brokers, and I tried calling a few brokers, including one who is on both lists, but have been unable to reach anyone, maybe due to holiday hours. I'm going to try again tomorrow. Do you have any broker you could recommend?

Normally I start by saying I need insurance for a house I'm buying and volunteer early on that it's a duplex with tenants in one unit and the other to be occupied by me as a primary residence. Many ask details such as how many tenants and whether they are on a lease and how long of a lease. When I say 5 tenants on one lease, many tend to put me on hold and start dragging things out. And if they ask if they are related to each other, as some will, then I seem to dig myself into a deeper hole. :(

I did get the impression that insurance companies can be fickle. Unfortunately so far they have been fickle in a bad way toward me, giving me a quote after asking a lot of questions and making me hold plenty, then changing their mind on the coverage or backing out right when I'm about to buy the insurance!! Looks like I'll have to keep trying Monday. And so many of them have also been really hard to reach with the holidays.

Thanks, but I did call them, and they were saying I should join a cooperative as I am not a member of any cooperative. Then someone emailed me asking a ton of questions, most of which were expected, and which I am now used to answering and would grudgingly answer if they did not also ask for way too many pictures. And pictures! They also asked for too many pictures, including of the circuit breaker boxes, furnace, basement, kitchen, smoke detectors, porch, each room. And they said they would not be able to provide a quote at all without all those pictures. What?!! That's too much, especially given that I am not in Ottawa and will only move there after closing and after the current month to month tenants move out of the unit that I want to occupy, and that they might just come back with an outrageously high quote after all that effort, as many other insurance companies have.

Thanks, I'll try them Monday. Hopefully they will be more helpful than the agent in Cambridge, ON that was recommended to me by another landlord in Ontario. That agent was surprised and unappreciative that I was calling for a quote for Ottawa when he was in Cambridge. I would have thought he should appreciate the potential business even if it was in a different city, since it's at least in the same province. 

@Rik Shaw what is your location? If you are in the east coast of the US, I could share with you the names of the insurers I used when I had rental properties in New York. I empathize with you. I also had to go through all that time consuming hassle when I was shopping for insurance in the past, and now that I have moved to Canada and am buying a property there, I'm going through all this again over here! So frustrating.

Gee Gee?

But what a coincidence. The student renters are all Carleton University students I believe, and I grew up in Washington state. (I'm an American who recently moved to Canada and am buying my first property in Canada and still learning the ropes!)

Yeah I'm surprised and really disappointed that I've been having this much trouble. When I first started looking a few weeks ago, I got a number of very acceptable quotes but just didn't want to commit to signing up until closer to the purchase date, in case a better deal popped up. Bad move. Apparently these insurance companies have a habit refusing at the last minute because of information I had already given them more than once (like having the 5 student tenants in the main units) or random things popping up!

Anyone have recommendations on insurance companies in Ontario, Canada who would provide broad or basic insurance for a property that is about 100 years old and being rented to more than 3 unrelated parties?

I'm unexpectedly having a very hard time finding insurance for a duplex in Ottawa  that I am in the process of buying. After spending countless hours answering numerous questions and being on hold with numerous insurance companies and brokers, I have had two refuse me at the last minute just as I was about to sign up. The most common complaints have been that one of the units is being rented out to a group of 5 students on one lease, or that the building is 100+ years old, or random things like there have been claims from other homeowners in the area. Closing is coming up next week, so I rather urgently need to find something!

Also, I'm looking for a broad or basic coverage and can have a high deductible to save on premiums. I don't need the comprehensive policies that I have found most companies and brokers seem to default to if not push really hard. Anyone have recommendations?

https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/ten-ways-to-cut-the-cost-of-home-insurance/article11483375/

Move down from comprehensive to broad or basic coverage …

There are three levels of home insurance coverage: basic, also sometimes called a fire policy, the mid-range broad policy and the top-of-the-line comprehensive policy. Most people go with comprehensive coverage, and you'll find that online quote providers typically default to this type of policy. But Mr. Browne said fire is your main risk. "You can live through a sewer backup, you can live through a theft, you can live through a leaky roof," he said. "But it's hard to recover from a fire."

I agree with this! I started in my mid 30s, as a cash investor. I did buy my first primary home in my early 30s with a small mortgage that was such a pain to get that I decided not to take on debt again. In my 20s, I was moving around a lot, working a lot, and saving a lot. I'm now in my early 40s and semi retired.

p.s. - age is really just a number that is what you make it. I'm really only 20; the years keep passing me by and turning into decades, but I just can't seem to mature beyond 20 ... ;)