Insurance in Ontario Advice

[Mackenzie53]

Hello,

Today I talked to my insurance company about adding any coverage that would be needed to operate, and was unpleasantly surprised to find out that if I do AirBnB, They Will Not Cover Me At All. I received another quote from Intact Insurance for a hefty price. What insurance companies are people using and what type of insurance (are they mentioning short term rentals?) are they getting for operating in Ontario? Any help would be greatly appreciated, just want to make sure I am covered. Thanks!

[M199]

@Mackenzie53 

Likely you should work with a broker.  Our broker had to deal with multiple insurance companies to get us our commercial rental coverage.  It is required in Ontario and about twice as expensive as homeowners insurance.

[M199]

@Mackenzie53 

By saying required, that is because unless you live at the rental, home sharing, no homeowners policy will cover the rental.