August 24, 2015
(Vancouver, BC): Over the past 6 months, Square One Insurance has talked to over 4,000 house owners across Canada and has found over 14% of them rent out a portion of their home to non-family members. BC has the highest rate at 25% while the Prairie Provinces have the lowest at 5%. This could be a basement suite in the home, or a garage converted to a laneway home. Vancouver-based Square One says that while mortgage-helpers are well, helpful, there are implications to a home insurance policy that they need to be aware of.
“The high percentage of people renting out a portion of their houses is understandable given today’s economy and the rising price of real estate across the province,” says Daniel Mirkovic, Square One’s President & CEO. “In fact, we suspect the actual percentage is considerably higher. Some people may be reluctant to disclose this information to their home insurance provider if they haven’t secured necessary municipal approvals and permits.”
The rental income from your tenants can be a great help in paying off your mortgage. But if you’re considering renting out part of your home, be sure to discuss it with your insurance provider first. A rental suite may or may not be allowable under the type of policy you have, and adjustments may need to be made in order for coverage to remain in place. Here are some things to keep in mind when you’re considering renting out a portion of your home:
Since more and more people are creating rental spaces in their homes, it’s important to have the right insurance coverage in place. To learn more, speak with your insurance provider or call Square One at 1.855.331.6933. And for more home insurance tips, visit www.squareoneinsurance.ca.
-30-Established in 2011 and based in Vancouver, British Columbia, Square One offers the only home insurance policy in Canada that can be personalized to your unique needs. That means you only pay for the protection you need. Square One is also one of the few providers to automatically include earthquake, water backup and broad water protection in its policies. Square One currently serves British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. For more information about Square One, or to get an online quote, visit www.squareoneinsurance.com. For more information on this release, please contact: Aneel Mattu