Hi Neil,
The best way to insure your property is to find a good broker who you are comfortable with. Insurance prices tend to be like a roller coaster, where a company can be the highest at one time in the market place, and the lowest 6 months later.
Over price, I would ask around. Don`t be focused on price, but on the claims service, because that is when you will really find out if the product is good. Did the adjuster call you when they said they would, did they handle your claim in an efficient manner...etc... That is what is important with insurance.
|Also, keep in minde companies vary in there target market, some insurance companies may like rental properties while others will not.
When shopping for insurance, make sure you ask the broker who they are insured with and why they are quoting you with another company.
I believe insurance companies can now only give information if you have signed a consent form, or given verbal consent. If you have had claims, it is important to know what type of claim, how much was paid out, the circumstances surrounding the claim. For example, if you have had 5 losses on your property insurance, lets say they are all fire losses, they can call the other insurance company to find out the details of the loss, ie ciagretted not put out properly, poor maintenance, etc...
If you are moving your policy, always ask for a claims experience letter. You should keep this record for at least 6 years.
Also, when placing your insurance, ask how many rental properties a company will insure before having you move to commercial insurance, or if you are buying all over the country, will they provide insurance for these locations that are out of province and if so, what will you need to do.
Many banks will not provide insurance on rentals, or seasonal properties. There niche market tends to be your average home and car.
Make sure you talk to your broker, and if your property is vacant you must let your broker or the insurance company know. During the time it is vacant your coverage will be changed, get this in writing, so you know how your coverage will change.
Another option of reducing your insurance premium is to assume more of the risk your self, go with a higher deductible. Make sure your evalutions on your home are current - should be done every 3 years. And ask questions, ie if a claim occurs what do I need to do. Read the exclusions in your policy wordings, and limits.
And your last questions, is different companies can require different information. A new application has to be submitted every time you move your insurance to a new company, this information is not shared. Some caompanies want pictures on rental properties, others don`t want the, some want them if the properties are over 30 years old etc...
Also, try to place your business with one company it can give you leverage. If you have claims - make sure you do your homework, if the rate is to good to be true, it probably is.
Don`t move car insurance except on renewal as there is a penalty charged unless your penalty offsets your cost savings.
Property insurance can be moved anytime without any penalty. Keep in mind if you are moving your insurance every year, you may run into a problem where the company just doesn`t want to insure you anymore. Also, having history with a company is good.
Above all be honest and upfront.
Good Luck
