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.