If you own a residential property or you are thinking about buying one in Canada, protecting your property is essential. Whether you handle the maintenance of the building solo or have a contractor in place, you will need a secure property insurance policy to handle unexpected events.
Fast and Affordable Rental Dwelling Insurance in Canada
If you are a first-time rental property owner or want to upgrade your insurance policy details, we are here to help. Our trusted brokers can walk you through a rental dwelling insurance policy that suits your needs. We understand your rental property is important and you may require some flexibility, so we also offer a tailored insurance plan exclusively for rentals with property managers.
Rented Dwelling Insurance in Canada
If you own a rental property or you are thinking about buying one, learning to protect your property is essential. Whether you handle the maintenance of the building yourself or have a contractor in place, you will need a secure property insurance policy to handle unexpected circumstances.
What is Covered Under a Landlord Insurance Policy?
Owning a rental property comes with various risks, so it is key to prepare for unexpected events ahead of time. You may rent out a condo, home or apartment, which increases your exposure level as a landlord. Below are some rental dwelling insurance coverages and items you need to consider if you rent out a property in Canada.
Landlords must have some basic water protection in an insurance policy, as damage to the property owner’s building and potentially the units or homes around you could result in a hefty bill. Without adequate coverage, it could cost you thousands of dollars out-of-pocket. Keep in mind that overland and sewer backup coverage are both add-on options to a policy, not a basic part of your landlord insurance policy. (See below for Additional Water Insurance protection).
A fire can happen anywhere and at any time in your home and can quickly get out of hand. In addition to keeping your residence free of fire hazards and replacing old fire extinguishers and alarms, you must have proper protection in case of fire damage to your residence or across multiple units in a strata condo. A landlord insurance policy includes fire protection for your peace of mind.
Premises security protects you and your renters — everything from break-ins to major theft and vandalism. The best protection in addition to a complete rental property insurance policy is always prevention. As a property manager, it is prudent to have the home’s locks repaired, request background checks for residents and staff, and make sure you have a clean environment to help deter criminals and ensure safety for everyone.
One of the most common liabilities that you need insurance coverage for is a slip and fall in the home. This important coverage includes legal costs in case you are sued. Surprisingly, you need protection inside and outside your property. Think about how visitors can injure themselves in the hallways and walking on your icy sidewalk in the colder months. Be prepared for the unexpected and you won’t have any pricey claims to deal with.
Additional Coverage Options for Landlords
A basic rental dwelling insurance policy does not include all scenarios. For example, your property insurance policy could include the items below, which could potentially save you hundreds to thousands of dollars, depending on where you live and what you own.
Sewer-Back up & Overland Water Insurance, you may want to consider adding sewer back-up and overland water insurance coverage for extra protection.
Sewer Back-up is water damage from the back-up or escape of water/sewage from a sump pump, sewer or septic system.
Overland Water Insurance, often called flood insurance, may cover you if water enters the home through an overflow in the basement, a lake or river. Insurance companies each define this type of insurance differently, but it may include the sudden overflow of water from surface waters (e.g., rainfall, thaw). If in doubt, contact a Rhodes & Williams broker to ask for details and get a direct quote based on your unique needs as a landlord.
Umbrella Liability Insurance
Umbrella liability insurance may work for you if you like an extra cushion of protection in a scenario where the worst happens. Remember, every home is unique so you will likely have different coverage than your neighbours. If you have any questions, please reach out to one of our brokers. Our job is to help you find what you need, quickly and with ease.
Why Choose Rhodes & Williams Insurance?
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No. While rental dwelling insurance is not required by law in Canada, proper insurance is necessary to protect against various perils (fire, theft, vandalism).
Some accidents and damage caused by tenants may be covered under a rental dwelling insurance policy. For example, if a tenant accidentally starts a fire damaging your stove or other appliances, you may be reimbursed. But, if a tenant intentionally causes damage to the structure of your home, you will likely be stuck paying the repair bill. Always check with one of our licensed brokers for specific scenarios before they happen to get adequate insurance protection.
No, to obtain coverage for sewer back up and overland water insurance, you need to add both options to your rental dwelling insurance policy. Consult one of our experienced brokers for insurance details and a solid insurance rate.
As a landlord, you are required to have adequate insurance for your property and do regular maintenance, including clearing all sidewalks and driveways for safety. If anyone slips and falls on your property, you require commercial general liability insurance to cover medical costs and potential legal and settlements fees.