Rental Property Investor · Toronto ON, Canada · Member since 2015 · 58 posts · 11 votes
I just started to review the insurance policy of our rental properties this year, we invest in multi-unit apartment buildings. My goal is to consolidate the insurance policies, one idea is to use the same company for all our buildings to get better rate.
Right now I am looking for low insurance premium, but during this selection, some other questions popped in my mind, just want to check with you.
1. What coverage do you usually need for your rental properties?
2. What insurance companies in Ontario/Canada have good reputation for covering rental properties, such as reasonable price, and easy to make a claim?
3. One of our properties seems to be using an insurance broker, I wasn't involved when this is set up, I am just wondering, what is the benefit of using an insurance brokerage service, seems they charge 17.5% as commission.
Unfortunately I don't answers for you, as I pretty much have the same questions and have been researching for myself and looking into possibilities, so I'm following this thread. I also noticed that many Canadians use insurance brokers, and I am also wondering what are the benefits and costs of using an insurance broker. I came from the US, where I always contacted insurance companies directly for quotes and bought insurance directly from the company, as I always figured I'd save money cutting out the middleman.
I did come across these sites that could be useful in finding companies to get quotes from: https://www.kanetix.ca/