Rental Property Insurance
An income property comes with challenges.
Let’s make this one easier.
Owning an income property is a great investment but being a landlord is a significant responsibility. Your rental property insurance needs to protect you against the unexpected. We’ll help guide you to find the right coverage.
Let’s get started and you’ll see why working with us is better.
The right investments need the right protection
What if there was a fire at your rental property?
What if, during repairs, you lose rental income?
What if your lawnmower and power tools were stolen?
Make rental property insurance work for you. Not the other way around.
We know the additional risks that come with being a landlord, and we want you to enjoy the benefits of your properties. Most importantly though, we want you to feel confident that you and your investments are protected.
It’s common for landlord insurance policies to be built custom to suit the needs of each rental property perfectly. Common coverages of a rental property insurance policy can include:
Rental Income Replacement
If your rental needs differ from a standard approach, we can adjust the coverage where needed. We work with many of the best insurance companies, so we can review your existing policy, or create a new one to make sure you have all the angles covered.
It’s also important to understand what your rental property insurance will not cover. Your tenant’s possessions or actions are not covered by your policy. As a result, it’s common for landlords to include the requirement to buy tenant insurance in their lease.
What’s the difference between home insurance and rental property insurance?
Landlord insurance is for properties you own that you rent out to tenants. It’s sometimes possible for your rental property to be added as an extension of your primary residence home insurance policy, but there will be conditions around who is renting the space. This is most common when you are renting out a basement apartment or space within the home you yourself reside in.
Why do I need landlord insurance if my tenant has their own tenant insurance?
It’s also important for you and your tenants to have separate liability coverage in case of damage at the property. Because you aren’t always present at the property, things can go wrong. If damage occurs, you’ll need your own liability protection. If damage or injury occurs at the property that is caused by your tenant’s actions, their insurance policy will kick in to cover the costs.
What information do I need to get a quote?
- When would you need your coverage to start?
- Where is your rental property located?
- What type of rental property do you own? (e.g. House, Condo, Apartment Building, etc.)
- What type of rental agreement will you use at your property? Short term or long term?
- What is the age of your property?
- What is the total value of your belongings kept at the property?
- Do you have any detached or additional structures on the property?
- Will your tenant be required to obtain tenant insurance?
- What is your insurance and claim history?
How much does landlord insurance cost?
- Where your property is located
- The type of rental property you own and the age of the home
- How you rent the property–long or short term
- How many tenants rent your property
- Your insurance and claim history
Is rental property insurance mandatory?
It’s also not a bad idea to put in your lease agreement that tenants must have tenant insurance. Your landlord insurance will not cover your tenant’s personal belongings at all, or provide any personal liability protection if they accidentally cause damage.
Did you know that your personal belongings can be categorized with a maximum value or individual limits on how much you can claim for certain items?
It’s also critical to look at what your condo corporation offers and doesn’t offer. Complicated? Yes, but our Specialists have the knowledge to be able to look critically at what your condo corporation offers and adjust your own condo insurance policy to fill in the gaps where extra protection is needed. Easy peasy.
What is the value of working with an insurance Specialist?
We’ll also cut through the industry jargon to make sure you understand your policy, and help you navigate optional coverages to recommend additional options you may want or need.
With rental property insurance especially, there are a lot of options, and it can be overwhelming or even downright difficult to find the right coverage. An insurance broker will help you build the right policy for your situation. As your needs change, your Specialist will also help you update your policy so you stay covered.
An insurance Specialist is also aware of discounts offered by insurance companies and can recommend combining products to save you time and money. In fact, some insurance companies and their products are only available through an insurance broker. Bottom line? We can save you money too.
What do I do if I have to file a claim?
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Turns out, they love us too.