donaldcoomer28
New member
I don’t live in Ontario but I recently purchased a rental property (detached home) in Ottawa. It is currently being rented out and I’m getting quotes of $4k+ to insure it as a rental property. I’m beginning to regret my decision as I had not expected home insurance to be so expensive. Prior to purchasing, I’d asked everyone I know who lives in Ottawa (friends, family, including my realtor) and everyone was paying anywhere from $1300 to $1700/year.
I’ve gotten a quote from Square One and have also spoken to a broker and the quotes are in the $4-5k range. The broker also informed me of two things:
Yes, in hindsight I could’ve dug deeper and it’s on me but I had a million things to deal with, had no reason to suspect my actual cost would be 3x what others are paying, and you don’t know what you don’t know….so here we are.
Hoping someone in the know can help me. Is there anyone else in a similar situation who has found a solution? Are there any insurance companies or brokers who might be able to offer reasonably priced home insurance for my situation?
I’m not looking for sympathy. I’m just trying to find a solution. I understand housing is a touchy subject, so please don’t respond if you don’t have anything productive to add.
Thanks in advance!
I’ve gotten a quote from Square One and have also spoken to a broker and the quotes are in the $4-5k range. The broker also informed me of two things:
- Most home insurance companies will only insure your rental if your primary residence is also with them; thus, I have limited options to choose from.
- The companies that ARE willing to insure, perceive the risk to be higher if you don’t live in the province, even if you have family there who can look after the property, which is true in my case.
Yes, in hindsight I could’ve dug deeper and it’s on me but I had a million things to deal with, had no reason to suspect my actual cost would be 3x what others are paying, and you don’t know what you don’t know….so here we are.
Hoping someone in the know can help me. Is there anyone else in a similar situation who has found a solution? Are there any insurance companies or brokers who might be able to offer reasonably priced home insurance for my situation?
I’m not looking for sympathy. I’m just trying to find a solution. I understand housing is a touchy subject, so please don’t respond if you don’t have anything productive to add.
Thanks in advance!