Insurance Thread (condo/home/rental)

[toronto_guy]

Furnace & hot water system

Hi,
I have just bought an Condo town house and shopping for insurance.Does the home insurance cover appliances(dryer,washer..),furnace,hot water system.

BHUSAN

 

[general surfer]

Hi,
I have just bought an Condo town house and shopping for insurance.Does the home insurance cover appliances(dryer,washer..),furnace,hot water system.

BHUSAN

i'm new to this as well, but i heard my friend told me go to your car insurance company to ask, they usually offer home insurance as well, and if you are using the for both, they probably give you some discount on that!

 

[androiduk]

Apartment Insurance

In light of the recent apartment fire on Sherbourne I thought it might be good to get some info on apartment insurance. How much does it cost a year? What generally does it cover? Does it cover items that are damaged or stolen while you're outside (camera,IPOD, etc.)? Any recommendations for a good agent.

 

[CityPainter]

I purchased condo insurance earlier this year through TD Canada Trust / Meloche Monnex. The ballpark will likely be $15 to $20 per month. For this I got $1 million in liability, $25K for contents (covers things not attached to the wall, including appliances), and additional coverage for flooding/leaks, fire/smoke damage, and theft. The deductible is $500 on any claim. There were some limits, for example, your computer/technical equipment can only be covered up to $10K, I think. Obviously if you want a lower deductible or have priceless works by Picasso on your walls and the Hope Diamond in your dresser you will need to pay more.

They also offer an optional additional home-office insurance coverage for about another $5 a month, designed for people who work from home. It extends coverage to more computer equipment, as also covers laptops if they are stolen from your car or while you are meeting in a coffee shop or something. Also, if your office is seriously damaged in a fire or flood you can get some coverage to rent a temporary workspace somewhere else while your home office is fixed up.

 

[dt_toronto_geek]

I've been with Atrens Counsel (intact) for years and I'm happy with them. I pay by the year which is $296.00, $500 deductible with $40K contents coverage, replacement cost (everything for my roommate and I - we are both listed on the policy), loss of use of dwelling $14K, Bodily injury/property damage $1M, etc. I had my second claim in about 26 years in Aug. of 2009 when I lost all contents in a locker flood which turned into a nightmare of mold thanks to my landlord but the carrier was fantastic and the settlement fair. My only other claim was stupid, a stolen bike back in the late 90's but I think I was under CAA back then.

Everyone should have home insurance, it's affordable and you can usually pay by the month, quarterly or yearly - whatever is easiest for you financially.

 

[W. K. Lis]

Having the charity agencies, city, or fellow neighbours is fine to help most people, tenants or condo owners, but it should not exceed the deductible that is not covered by their insurance. If they do not have insurance, I would get very upset if they end up living somewhere for free, unless it is in their friend's or relative's home.

 

[GraphicMatt]

Rental insurance is so cheap it's ridiculous not to have it. If your rental is below grade or has a basement you should look into adding water damage to your policy as well.

If you went to University, check to see if discounted alumni insurance is available. Lots do through Meloche Monnex.

And, yes, they do cover contents lost or stolen outside your home, though you'd have to have a pretty low deductible to make claiming an iPhone or whatever worth it.

 

[PinkLucy]

If you've got a decent bike that gets stolen, it might or might not be covered -- check the policy! It might also be covered on your car insurance. There may or may not be an extra fee. Just went through this with someone and although there was coverage for contents stolen outside of the home (e.g. the bike), the claim process wasn't straightforward.

 

[nfitz]

Policies like this aren't really worth a stolen bike or such, with deductibles. They are for when your entire apartment goes up in smoke and you are homeless. It's been about 6 years since I was in an apartment, but I used to pay about $130 a year. Got up to about $180 when I was renting most of a house ...

Though even house insurance seems pretty cheap compared to car insurance.

 

[PinkLucy]

I'm not saying just get it for the stolen bike but the OP wondered about goods stolen outside the apartment, so I was just saying ... And yes, having just paid both car and condo insurance, condo insurance is WAY cheaper.

 

[dt_toronto_geek]

Policies like this aren't really worth a stolen bike or such, with deductibles.

True, it was a stupid move to put in a claim, I never did it again.

 

[PinkLucy]

Depends on the bike; I'm talking about one that was worth over 5 grand. That was worth it.

 

[Polkaroo]

If you have a car, getting apartment insurance will give you a multi line discount and will probably make your total payment less than insuring just the car on its own.

 

[MetroMan]

I didn't realize how valuable rental insurance was until I was told it would cover the nearly $5000 worth of items that were stolen from my car while I was in LA. Who knew insuring my apartment in Toronto would cover theft of items stolen in the USA?

It's totally worth the peace of mind.

 

[OolloO]

Rental property home insurance

I have two rental properties. One which I am currently living in and willing be moving out from at the end of the month.

I'm currently with TD

When I obtained insurance 1.5 years ago they just how many units in the home and had no problems obtaining rental property insurance.

They now ask how many families and that I'm limited to 2 families or two distinct sets of unrelated people.

Both homes are bungalows in (East) North York.

First home has the main floor 3 bedroom rented to family of two. The basement has three bedrooms and an additional kitchen \ washroom. Each basement room is rented to a separate individual.
-2 bathroom\kitchen combinations
-5 people total
-4 unrelated families

Second home has the main floor 3 bedroom rented to a family of two. The basement has two separate units (bachelor and two bedroom) each with their own kitchen \washroom.
-3 bathroom\kitchen combinations
-4 people total
-3 unrelated families


Maybe I've provided too much detail here, but are there any affordable companies that provide home rental insurance.