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Attention Homeowner with Suites

~ Attention Homeowners With a Secondary Suite  ~

Here is a bit of information that could be very valuable if you own a house with a secondary suite.

The story was first reported by Tara Carman and Vancouver Sun.
When Raj Bhangu put a secondary suite into his Kitsilano house, he spent the extra $20,000 to do it legally and get the right permits. But he was surprised to find that even though he had home insurance, it would have been null and void had the unthinkable happened — a flood, fire, earthquake or any other unforeseen catastrophe.
That’s because insurance companies will not pay out if homeowners don’t inform them when they put in a secondary suite, something Bhangu found out when his insurance came up for renewal several months after his first tenants moved in. Almost one quarter of B.C. residents rent out a secondary suite in their home to help with the mortgage — and that’s likely a conservative estimate — but most are unaware they are not covered if their insurance company doesn’t know about it, according to Square One Insurance.

Failing to tell the insurance company about a secondary suite is the absolute worst thing that could happen because they’ll say that you didn’t disclose all of the necessary and pertinent information on the home which would have affected their decision as to whether they would insure the risk or not.

In conclusion - If you have decided to get into the landlord business, then learn the rules and protect your property. Talk to your realtor about it before you turn your home into a rental property - and become a smart landlord.

To read the full story click here:
http://www.vancouversun.com/business/2035/Landlords+declare+secondary+suites+covered+insurance/6729657/story.html#ixzz1wyCIQkJQ

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