Quote:
Originally Posted by DoubleK
Does anyone have a recommendation/suggestion for an insurance company who provides insurance for a non-resident?
We have moved to the US but are keeping our house in Calgary and are renting it through a property management company.
I've called a couple brokers but no luck as of yet. I understand that this will cost more, but I can't find anyone who will insure me. Do I need to set up a corporation?
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Isn't it just converting your home insurance to a renter's insurance (not to be confused with by tenant liability insurance)? That's what I did years ago and then when I sold a condo unit to a non-resident, my insurance guy sorted out the insurance for the buyer who asked if I could help them get insurance through the same company I had previously been using.
I'm quite certain you don't need a corporation AND it's likely not as tax efficient to do that (likely better to own a rental property in your personal name than through a corp).
I use the Co-operators. Probably not the cheapest, but they've always gone to bat for me and caused little issue when I had auto claims. I haven't had a claim on my homes yet, but I assume it'd be similar to the experience I had with autos if I needed to file a claim. That being said, the cheaper insurances are probably more likely to fight you if you have a claim.