Eligibility Criteria For Investor Guard Policies
Properties that qualify for the Investor Guard policy for rented dwellings are subject to the following eligibility criteria:
- New policyholders need to be a member of the “Real Estate Investment Network”
- Dwellings must be well maintained, in good condition, and rented to others for private residential purposes
- Building must have been originally constructed for residential occupancy
- Dwellings over 25 years old must have updated heating, electrical, and plumbing systems satisfactory to the underwriter
- Roof updates required at 20 years unless roof covering is rated for longer life expectancy
- Hot water tank: maximum 10-years old
- Minimum 100-amp electrical service
- Dwellings must be within 8 kilometers (5 miles) of a responding fire hall
- Dwellings must have functioning smoke and carbon monoxide detectors, and a fire extinguisher (For multi-unit properties, each unit must be equipped with its own functioning detectors and fire extinguisher)
- All bedrooms must have at least 1 window (for optimum safety, these windows should be easily opened from the inside, accessible and large enough for anyone to fit through in case of a fire)
Ineligible Properties
- Properties with more than one water damage claim in 3 years, or more than two claims of any kind in 3 years
- Dwellings with knob & tube wiring or fuses
- Dwellings with aluminum wiring (unless it is a singular wire from the breaker to an appliance – no pigtailing)
- Dwellings with galvanized plumbing
- Units with primary wood heat
- Outdoor oil tanks older than 19 years, or indoor tanks older than 24 years, and all underground oil tanks
- Any buildings not on continuous concrete foundations (i.e. post & pier), ICF (insulated concrete forms) or wood foundations
- Log homes, house trailers, mobile homes, houseboats, heritage homes
- Dwellings slated for demolition
- Properties located on farm property. (This includes risks with outbuildings that are obsolete, former farm buildings, not structurally sound, used for mercantile operations or containing animals/poultry)
- Rental dwellings or units rented on a short-term basis (less than one year), sublets, or used as shared accommodations with paying guests
- Properties with boarding, rooming, or lodging occupancies
- Risks known to have contained or been involved in illegal drug cultivation, manufacture, or distribution
- Any risk with cancellation for non-payment in the last 36 months