Best Financial Advisors in New Westminster, BC

A lot of people have in-home suites they’re either renting out to tenants or family. What additional policies do they need to consider to ensure their suite & tenants are covered? Insurance companies don’t care if it’s legal or not. It’s not a question we have to ask when we’re doing an application form. They want to know how many suites are in the home & how many people live in those suites in the home. There’s a surcharge because having extra people in your home increases your risk for fire, water damage, smoke, etc. If you didn’t declare that to the insurance company & your tenant in the basement suite flooded the home or caused a fire & smoke damage, the insurance company could use that to decline the claim. So that must be declared. If you don’t have a renter just yet, it’s okay, but once you do, advise your insurance company. The insurance company will also require your tenant to carry their own insurance for contents & liability. That is benefit for the tenant since the homeowner’s insurance company will go after the third party who’s responsible for the damage to subrogate the loss. They don’t care who that person is. It’s their right in the policy wordings to subrogate a loss they feel is subrogatable under law no matter who that third party is. The homeowner has no say, wouldn’t matter if it’s your grandma, they don’t care. It's becoming increasingly popular for an insurance company to say no problem, but we need proof the tenant has insurance.