While the insurance arms of the banks will sometimes undercut other providers, my first question would be whether the coverage was the same between the two policies? If the first policy was broad coverage and included loss of rents, vandalism, sewer backup, etc., the price may not have been that terrible.
If the TD policy is a basic set of named perils, it may not provide the same degree of coverage.
I just bought insurance for my duplex and it cost $1400ish
I just went thru new insurance and found the best result was from the staff at western financial. They are brokers same as a mortgage broker. They took the time to explain the differences.
I ended up paying aboit 1150 for SFD for the year but it was 300 better than the next offer with slightly better coverages. Had a couple quoted at 800 and 900 but found out they were hard to get any claims thru and lacked in things like glass and had maximums for water damages.
The broker was awesome! She made the choice really easy.
Western financial on central street here in pg!
Nice to see a local face on the forum!
Good luck Alex. Hope that helps
We just shopped around a Duplex rehab in Orillia and settled with State Farm ARV about $400k and landed on $1400 yearly, I would question why TD is so low, sounds like a great deal but may be undercovered.
Alex Cons , I just recently signed up with TD as well , TD was quite a bit cheaper. What I found out was that my past insurance had my rental as a 2 storey building . TD entered it as a single storey with a basement suite. When the broker asks you how many storeys it is you think 2 cause it kind of is in a way. They should clarify (and you should double check) but most times they don't and you end up paying more
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