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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?

Not to worry. Your landlord insurance policy can include coverage to help you pay for the repairs or replacements, so you don’t have to pay out of pocket.

What if, during repairs, you lose rental income?

If there’s unexpected damage, and your tenant can’t stay there while it’s being repaired, your landlord insurance can include coverage to replace the rental income.

What if your lawnmower and power tools were stolen?

Your rental property was broken into and all your property maintenance tools were stolen. No problem. Your landlord insurance can cover property damage and your items at the rental property.

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:

Liability Coverage

Protects you financially if someone is injured on your property and sues you.

Property Coverage

Protects the building or structure itself from damage, and can also protect additional structures like a fence or shed, or your property maintenance equipment kept at the property.

Rental Income Replacement

Replaces lost rental income if your tenants can’t live at the rented property while repairs are being made.

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.

FAQ

What’s the difference between home insurance and rental property insurance?
Great question. The key difference between home insurance and rental property, or landlord, insurance is who lives at the property you are insuring. With home insurance, you are expected to reside at the insured home.

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?
Your landlord belongings kept at the property for maintenance, any other structures on your property like a shed or garage, or your appliances and furnishings that are provided for your tenants aren’t covered under your tenant’s policy.

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?
To get the best price and the right coverage, we’ll need some information about you and your rental property. Questions you may need to answer include:

  • 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?
Insurance companies determine rates differently for different insurance products. For rental property insurance, some factors that affect your premiums are:

  • 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?
While it’s often not legally required to have rental property insurance, your mortgage lender often requires it as a condition. Landlord insurance is crucial if you rent out your space because your homeowner insurance policy will not cover your claim if you’re renting the property and something unexpected happens.

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?
Like we said, shopping for insurance is not fun. So think of us as your insurance partner. We’ll do everything we can to make getting the right coverage as smooth, simple and painless as possible. We know every insurance situation is unique, so we know the important questions and will learn about you to make sure your policy gives you the protection you need.

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?
If you need to file a claim, it’s okay, don’t worry, we’ll do it with you. We know accidents and claims happen, we’ve seen and heard it all. As your insurance partner and advocate, we will help you through it. Call us at 1-833-745-0299 and we’ll be here to help you navigate the situation, 24/7.

We love our clients.
Turns out, they love us too.

…understands the value of customer service, quick response and a dedicated expert who delivers on time.
Earl S.
Insurance can be daunting to try to wade through and having you look after our welfare is extremely appreciated.
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