As a landlord in Guelph, you’ll need landlord insurance to protect potentially your largest and most expensive investments. Accidents, weather damages, and liability claims are costly for the property owner to fix, especially if it escalates to a lawsuit. Insurance Hero doesn’t just insure your rental properties, but any detached structures, landscaping, owner belongings, and equipment on the rental property can be included in your comprehensive, affordable insurance plan.

Landlord Insurance for Canadian Homeowners

Whether you rent out individual units or entire properties, landlord insurance is essential to protect you and your buildings. A standard homeowner’s insurance policy only covers the primary residence of the homeowner, not any of their rental properties. 

Landlord insurance protects you and your rental properties from financial loss and liability arising from accidents and third-party injuries and property damage. Landlord insurance covers the rental property, its contents, any attached structures to your rental properties, and loss of rental income. Your landlord insurance policy also covers liability if you’re sued by a tenant, visitor injuries, and any personal items you keep at your rental properties.

Landlords sometimes require tenants to carry tenant insurance. But having landlord insurance is important to ensure you keep your properties and belongings safe while providing a place for your tenants to stay. Otherwise, the ensuing damage and financial loss suffered could be very costly if escalated to a lawsuit or larger accident.

Property Types and Uses for Rental Property Landlord Insurance for Canadian Homeowners

There are several types of landlord insurance, depending on the type of rental property you own. You can speak with an insurance specialist to determine which type of rental property landlord insurance you need.

Rental property insurance is the standard type of landlord insurance used for homeowners that rent out their rooms or rental properties. Rental property insurance applies to rental units in your primary residence or when you lease out a home separate from your residence.

Condo rentals insurance applies to when property owners rent out a condo they own.

Apartment buildings landlord insurance is for any rental structure you own with seven or more individual units.

Commercial landlords insurance applies to landlords that lease out properties for commercial purposes.

Unoccupied dwelling landlord insurance is for vacant units.

Student rental unit landlord insurance applies to properties that are rented out to students, most commonly in university or college areas.

Short-term rental landlord insurance applies to properties you lease out temporarily or periodically. It’s also called home share insurance is most commonly used for Airbnb units.

What is landlord insurance and why do I need it?

Landlord insurance provides protection for property owners and their rental properties. A standard homeowner’s insurance policy only covers properties meant to be the primary residence of the homeowner. Your homeowner’s policy doesn’t cover properties that are rented out, regardless if it’s a room in your primary house or other investment properties. If you frequently rent out rooms or individual properties to tenants, you’ll need landlord insurance.

Landlord insurance covers your rental properties, their contents, visitor injuries, and liability to tenants and visitors. Whether you rent out properties on a long-term or short-term basis, landlord insurance is important. While landlord insurance policies differ depending on your needs and insurance company, it essentially protects property owners and their rental properties from financial loss. Landlord insurance covers the property, its contents, any attached structures to your rental properties, and loss of rental income. Your landlord insurance policy also covers liability in case you’re sued by one of your tenants, visitor injuries at your rental properties, and any personal items you keep at your rental properties.

Is it necessary to get landlord insurance?

Landlord insurance isn’t mandatory but is strongly recommended if you own rental properties. If you’re not insured and suffer a loss, there could be considerable damages that you have to pay for yourself. Landlord insurance helps cover some of the costs to lessen your financial risk as a property owner.

Landlords sometimes require tenants to carry tenant insurance as a part of their rental agreement or lease. But having landlord insurance is important to ensure you keep your properties and belongings safe while providing a place for your tenants to stay. Otherwise, the ensuing damage and financial loss suffered could be very costly if escalated to a lawsuit.

What type of insurance is required for a rental property?

Landlord insurance is strongly recommended but not required. The type of insurance you need depends on the type of rental property you own. For example, if you specialize in short-term rentals and own many Airbnb or cottage properties, then short-term rental landlord insurance is the choice for you.

How much does landlord insurance cost in Ontario?

The cost of landlord insurance in Canada varies depending on factors like the type of rental property they own. Your landlord insurance policy and price are based on your unique needs as a property owner. Insurance companies consider the type of landlord insurance you need, how many properties you have, and the types of coverage you want to determine your risk as a customer and your insurance premium.

Is landlord insurance mandatory in Ontario?

No, landlord insurance isn’t required by law in Ontario. However, it’s strongly recommended for all property owners to purchase insurance, regardless if they own one rental property or many properties.

Protect Your Ontario Rental Property with Landlord Insurance

Purchasing landlord insurance is easy with the help of Insurance Hero. The insurance specialists will support you throughout the process to answer any questions you have and find the right insurance plan. We help you save money and time by giving you the quotes and information you need to make a smart and informed choice.

Insurance Hero partners with many leading insurance companies, so you can compare the different plans offered and choose what’s best for you. All you need to do is submit your information using our online form or calls us at 1 (855) 777 4376 to get your quote today.