Canadian Money Forum banner

1 - 6 of 6 Posts

·
Registered
Joined
·
18 Posts
Discussion Starter · #1 ·
Hi,
I was working and bought a home in edmonton last year. I stayed there for 1 year and moved to ontario for education. I tried to sell edmonton home but could not. I don't have any other property. I started renting my edmonton home. My friend is staying in my edmonton home and managing home for me. So, I have to get standalone home insurance. Should I say to insurance companies I am renting the home or not? As I do not want high insurance and also some insurance companies don't give standalone insurance. Is there a discount for students? Which companies give standalone insurance? Approx how much will be standalone insurance for 2 storey 2003 home in edmonton?

Any suggestions helpful

Thank you so much
 

·
Registered
Joined
·
14,815 Posts
False representations may lower the insurance premium, but it will give the insurance company an opportunity to deny future claims.

So the choice is yours.

Save some money for something you are afraid to use.........or pay the full amount and not worry about the renter burning down the house.

If I were you, I would also require the renter obtain and provide proof of "renter insurance". We rent......and the landlord demands this.
 

·
Registered
Joined
·
7,286 Posts
Landlord insurance is cheaper than homeowner's insurance, mainly because you don't need to cover contents other than maybe appliances.

Your tenants should have tenant's insurance not only to cover their contents, but also to cover if they do major damage to your property (ie have a fire).
 

·
Registered
Joined
·
3,197 Posts
I second sags. This is your property and your investment (and liability if it is still mortgaged). You need to insure the property to protect your investment and your personal liability if anything happens on the property for which you could be sued. And try to insist that renters have tenants' insurance, though this can sometimes be hard to enforce.

Misrepresenting the facts to your insurance company is a sure way to trouble and denial of any claims.
 

·
Registered
Joined
·
18 Posts
Discussion Starter · #5 ·
Hi,
Thank you so much for your replies. For sure I would like to say the real situation and that it is rental property. Square one does standalone landlord insurance but they do not offer to owners staying out of the province. So, my options are very limited. Its just that my situation is different and I am ready to pay above home owners insurance price. But the insurance companies don't even consider my situation. Its just sad that I ended up in a situation where insurance companies won't pay and I am a student. Definitely did not need this stress when I am a student.

Let me know if someone knows any insurance companies or brokers that gives insurance for my situation

Thank you all
 

·
Registered
Joined
·
3,197 Posts
Stop harping on the fact you are a student, as if that should entitle you to something. It won't get you any sympathy with any insurance company. You made the decision to back to school (though the state of the economy in Alberta may have been a factor in your timing.) Not too many students can claim to own houses.

Insurance should be a deductible operating expense on a rental property. (You were planning on declaring the rental income I assume?)

See an insurance broker - that's what they're for.
 
1 - 6 of 6 Posts
Top