Home Insurance quagmire.

[Table 5]

So my wife and I bought a condo about a month and a half ago, and with life being extremely hectic the last little while, we only got around to looking for home insurance today. I called up my insurance agency, and apparently because we did not currently have a policy on the condo, they are unable to provide us with insurance. Same thing happened at another place I called.

I feel like I'm missing something. How can I be denied insurance over this? How am I supposed to get insurance when I can't get it unless I've never had it before? And more importantly, what's the solution?

[afc wimbledon]

Originally Posted by Table 5

So my wife and I bought a condo about a month and a half ago, and with life being extremely hectic the last little while, we only got around to looking for home insurance today. I called up my insurance agency, and apparently because we did not currently have a policy on the condo, they are unable to provide us with insurance. Same thing happened at another place I called.

I feel like I'm missing something. How can I be denied insurance over this? How am I supposed to get insurance when I can't get it unless I've never had it before? And more importantly, what's the solution?

Try the bank you have a mortgage from, trust me they will be motivated to get it covered

[Rathji]

Sell your house to me for $1.

I will rent it back to you for whatever it costs me to insure it.

Win - Win.

[Hockeyguy15]

What kind of insurance were you looking for? Most apartments already have fire and such through the condo board, you're likely only going to need contents insurance and possibly flood or something.

[Table 5]

Originally Posted by Hockeyguy15

What kind of insurance were you looking for? Most apartments already have fire and such through the condo board, you're likely only going to need contents insurance and possibly flood or something.

Yes, that's what we're looking for, as the condo board has general building insurance. However if we have bathtub leak or something, the condo board will probably come after us for the money.

[HELPNEEDED]

Originally Posted by Table 5

Yes, that's what we're looking for, as the condo board has general building insurance. However if we have bathtub leak or something, the condo board will probably come after us for the money.

So-weird that you can't get insurance. Try TD?

[Hockeyguy15]

That seems really weird, I would be tempted to call them back and try again. If they say no I would ask for a better explaination of "well you don't have a policy now, so we can't give you one".

[albertGQ]

Originally Posted by afc wimbledon

Try the bank you have a mortgage from, trust me they will be motivated to get it covered

Are banks in the home insurance business?

I know you can get mortgage insurance, but I'm not sure about home insurance.

[jydk]

I think there must have been some sort of miscommunication with who ever you were talking with. ANY broker or direct writer will gladly write you a condo policy, regardless if you've had previous coverage or not. The only thing that make sense here is that because this product is so inexpensive, your broker was too lazy to want to write the business.

[HELPNEEDED]

Originally Posted by jydk

I think there must have been some sort of miscommunication with who ever you were talking with. ANY broker or direct writer will gladly write you a condo policy, regardless if you've had previous coverage or not. The only thing that make sense here is that because this product is so inexpensive, your broker was too lazy to want to write the business.

+1, what happened does not make sense.

[Table 5]

It was with TD Meloche Monex and we already do business with them in terms of our cars, travel. So not sure why they wouldn't want to have more.

You're right there must be some sort of miscommunication....it's not making sense. It was my wife who called, so maybe I should try myself.

[AMG_G]

Call Bill at http://www.touchstoneinsurance.ca He was able to save me hundreds.

[Deegee]

Originally Posted by albertGQ

Are banks in the home insurance business?

I know you can get mortgage insurance, but I'm not sure about home insurance.

Lending places are in the business of protecting their assets.

Originally Posted by Rathji

Sell your house to me for $1.

I will rent it back to you for whatever it costs me to insure it.

Win - Win.

Capital gains will be a pain when you sell the condo.

[normtwofinger]

I thought you had to have insurance in place from day 1 of taking possession. At least that's what my realtor told us when we bought. We even had it in place a day earlier, to overlap the previous owners insurance.

[DownInFlames]

Originally Posted by Table 5

Yes, that's what we're looking for, as the condo board has general building insurance. However if we have bathtub leak or something, the condo board will probably come after us for the money.

Make sure your policy covers having to pay the building's deductible. Some don't, but you can often add a rider to cover it.

[albertGQ]

Originally Posted by Deegee

Lending places are in the business of protecting their assets.



Capital gains will be a pain when you sell the condo.

What banks also offer home insurance? Meloche Monnex doesn't count cause they're a seperate entity.

Jus curious cause I don't know of any

[HOOT]

Originally Posted by DownInFlames

Make sure your policy covers having to pay the building's deductible. Some don't, but you can often add a rider to cover it.

This! Find a policy that covers special loss assessment and deductible of the condo corp.

I'm sure most policies would cover 'improvements and betterments' but make sure to confirm it's covered. Nothing worse than updating an older style condo unit (if that's the case) to have it built back like it was in the 70's. Shag carpets anyone?

[Swayze11]

Sounds like a miscommunication. I am also with TD MM and never had a policy with them ever and was able to get house insurance no problem.

[bizaro86]

Originally Posted by albertGQ

What banks also offer home insurance? Meloche Monnex doesn't count cause they're a seperate entity.

Jus curious cause I don't know of any

Rbc and scotia both also sell insurance just like td. Although, if you don't count subsidiaries, like td meloche monnex, then none of them do. The govt won't let them sell insurance through the branches directly, although rbc had a few insurance branches right beside bank branches for awhile.

[macker]

^Think Scotiabank Insurance is "The Personal"

TD Melloche can be fussy in this way and if you don't fit their business box they will find reasons to stear you elsewhere. Not unlike the way they handle commercial risks as they send them elsewhere. I would think that if you call back and have supporting business with them there should be no reason that they won't offer you condo insurance.

Not something you want to ignore though as there are many benefits to condo insurance and the premiums are minimal. Your condo fees can often be covered as part of your loss of use and I have even heard of some companies covering gym/pool membership fees in certain situations. Also your impovements and betterments need to be covered and could include new flooring, cupboards, carpeting, bathroom fixtures, wall coverings and lighting fixtures. Loss assessment will pay your unit owners share of any special assessment if the assessment is made by a direct loss to the condo element. Includes assessment due to deductible in the condo corporation policy. The condo corp deductibles are typically outrageous and this pushes things back to the unit owner. Example : to rebuild the Millrise condos due to the fire each tenant could have been assessed $28,000 for th loss assessment if they would have rebuilt all four levels instead of just knocking down and rebuilding the top two levels. This is to cover the common areas. Oh, and $1,000,000 personal legal liability worldwide is thrown in.