Quote:
Originally Posted by sa226
Full disclosure: I'm an insurance troglodyte.
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Sure hope I'm not the only one that had to google that.
Insuring a rented condo has to be one of the easiest/low risk things to do as far as insurance goes.
Yes, some insurers will want your primary property too (offset a "bad risk" with a good one) but plenty out there will do a standalone, especially a condo. Wawanesa does this for sure.
Do you NEED insurance? Well, certainly not as much as you would with a standalone detached house. Reason for it being is the liability protection. Plus you can have your rental income insured as well. Meaning if your tenants were forced out due to an insurable claim, they will pay you your rental income for a "reasonable time frame" usually the estimated time it takes to do repairs.
Last is landlord contents. This is usually minimal, say $5000 for the major appliances.
Do you NEED it? Well, no, not really. Is it a good idea? Yep, for the liability alone. These policies usually are only $200-$300/yr so why not?
I'm honestly a little surprised you are having a tough time finding someone to do this for you. Like I said, Wawanesa will do it for sure. Intact likely would too to at least the next renewal.