Insurance
16-09-2024
06:40 PM

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16-09-2024
06:40 PM
Insurance
I'm trying to do rental arbitrage in ottawa and making that property into airbnb. What's the insurance that we should get for apply to city
9 Replies 9
18-09-2024
02:46 PM

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18-09-2024
02:46 PM
Hi there @Paul11453 👋
I'm popping by to invite some hosts that have been around in the past who are also based in Ottawa, Canada - @Susan5807, @Lan11755, @Ben6105 and @Marie-Eve42. I hope you don't mind me tagging you into this conversation, but we wondered if you could support Paul with his question re insurance needed to apply to the city. 😊
18-09-2024
03:03 PM

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18-09-2024
03:03 PM
Hi @Paul11453 , your need property insurance that explicitly includes coverage for shirt term rentals. Generally this is extra coverage that you add to your policy.
18-09-2024
03:05 PM

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18-09-2024
03:05 PM
@Ben6105 Ya I contacted several insurance agencies and they are only able to provide me a commercial general liability insurance with short term rentals. Do you know any company that provides property insurance.
Thanks for the support
18-09-2024
06:11 PM

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18-09-2024
06:11 PM
@Paul11453 I get my property insurance through TD. By default it includes insurance for "home sharing" (their term for short term rentals / Airbnb) for up to 30 days, but you can add additional coverage to increase that up to 120 days of the year.
18-09-2024
07:32 PM

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18-09-2024
07:32 PM
@Paul11453 @Ben6105 Those wanting to set up an arbitrage business can't get home insurance for short term guests as they don't own the property.
this is another reason why it's a big risk for landlords to allow someone to sublet their property for short term rentals
18-09-2024
08:05 PM

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18-09-2024
08:05 PM
I failed to realize that was @Paul11453 's intent. Thanks for that call-out, @Helen3 . To clarify, I own my property, so short term rental coverage is provided by my property insurance.
@Paul11453if you are looking to airbnb a dwelling that you rent, I'm not sure where you would get the appropriate insurance. You could still try with TD, but I don't know for a fact that their Tenant's insurance offers that coverage.
18-09-2024
08:05 PM
18-09-2024
11:58 PM

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18-09-2024
11:58 PM
@Paul11453. Hi Paul, if you are doing this with your landlords/owners consent then they are the ones that will need to take it out. As a tenant you only get to insure your personal property. At least thats how it works here.
19-09-2024
02:33 PM

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19-09-2024
02:33 PM
The owner wouldn't be able to take out STR home insurance as they are not running the STR business @Frances3408
19-09-2024
02:33 PM
20-09-2024
01:39 AM

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20-09-2024
01:39 AM
@Helen3. Not unless the owner was formally part of the sub letting arrangement in a written agreement and getting a cut. Perhaps I was being too subtle with my earlier response as I suspect this isnt the case. 😉

