Insurance premiums are influenced by several factors, including the profile of the landlord, past incidents and location. So, it’s difficult to quantify how much an unrelated occupant adds to an owner’s property insurance premium, not least because such calculations are considered propriety information by many firms.
He added a rise in premium could significantly add to a landlord’s expenses, especially since insurance costs have ballooned by 30 to 40 per cent since the pandemic.Article content But other experts don’t agree that more unrelated tenants alone will raise premiums. Cindy Sommer, vice-president at BFL CANADA Risk and Insurance Services Inc., told Postmedia there “really shouldn’t be an increase to the landlords’ insurance if they have all the ‘fail safes’ in place.”“If the landlord is renting out a room in their home, their personal insurance provider may charge a fee for the additional exposure but it would be fairly reasonable,” Sommer said.
Having all tenants under one lease, installing a monitored alarm system and using fire-resistant materials in homes are some other ways landlords can limit their insurance liability, experts say.
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