If you own an income property there is a lot to know and often a lot of questions that should be researched like “how much is insurance for a house we rent out to others?” among many others. There are many great organizations, professionals and resources that help others educate potential income property investors and owners on things like how how to find great tenants, things to know about the Landlord Tenant Act, which in Ontario is called the Residential Tenancy Act etc., but speaking to an ALIGNED Insurance broker is the best way to answer “how much is insurance for a house we rent out to others”.
What Factors Impact How Much Is Insurance For A House We Rent Out To Others?
Insurance pricing is a complicated art and science which takes in numerous variables, factors, historic data etc. etc., but below are some of the main factors that help answer the question how much is insurance for a house we rent to others:
- Location of the property – different geographies have very different rating models for things like fire, flood, earthquake etc.
- Replacement cost of the property – The cost to rebuild a home if it burns down or destroyed by a tornado, flood etc. is a major driver of cost
- Liability limit purchased – the higher the liability limit the more expensive the insurance
- Type of tenants – Student rentals, short term rentals, rooming houses and renting a home to a single family all impact the cost of insurance with rooming houses followed by student rentals having the most expensive rates.
- Amount of rental income – as rental income is insurable the amount of monthly rental income from a property is an important cost factor
- Historic claims – past property or liability claims in the past 5 years impact insurance costs
To Discuss How Much Is Insurance For A House We Rent Out To Others? Or How To Get An Insurance Quote For A House That Is Rented Out To Other Connect With One Of Our Canadian Insurance Brokers Today at 1-866-287-0448 of CLICK HERE!
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