landlord insurance icon Landlord Insurance in Ontario

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Best-Rate Landlord Insurance in Ontario

If you’re a landlord in Ontario, it’s critical to have the right insurance policy to protect your property investment. From basement suites and rental houses, to main-level town homes and apartment rentals – Insurance Hero insures not only your building, but any detached structures, landscaping and equipment on landlord property can be included in a comprehensive and best rate plan.

Here’s Why You Need Landlord Insurance

A standard homeowner’s insurance policy only covers properties meant to be the primary residence of the homeowner. It covers your property, its contents, and personal liability for you, your spouse, and your dependents. 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.

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.

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.

Does landlord insurance cover damage caused by tenants?

Landlord insurance is meant to cover your rental properties from covered perils, such as bad weather or accidental damage like a burst pipe or broken HVAC system. Your landlord insurance policy might cover accidental damage caused by your tenants, such as if they accidentally cause a kitchen fire that destroys the appliances, the walls, and the flooring. It helps pay for costs of repairs, structural replacements, and lost rental income while the rental property is being fixed or rebuilt.

On the other hand, your landlord insurance policy won’t cover intentional damages, wear and tear, and maintenance issues. For example, if your tenant steals from your rental property, puts a hole into the wall, or breaks a piece of furniture. You could retain their security deposit or make them pay as outlined in their rental agreement or lease, but your insurance company likely won’t cover repairs or any costs for the damages.

What extra coverages should I add to my landlord insurance policy?

In addition to standard coverage for rental income loss, liability, rented dwelling structures, and landlord’s belongings, you should also consider purchasing sewer backup and overland water protection.

Sewer backup coverage is common with rental houses, townhouses, apartment buildings, and other rental units. It covers damage to the sewer line that goes from your rental property to the city’s sewer drainage system. If water from the sewer, septic tank, or floor drain reaches your rental property, there could be damages to the flooring, walls, furniture, and other structures. Sewer backup coverage can help with repairs, the cost of removing sewage water from your property, and other damages that need remedying.

Overland water coverage protects your rental properties from damages caused by freshwaters, such as excessive rain, spring run-off, overflow from lakes and rivers, and melting snow. It’s widely available to almost all homeowners, tenants, and condo owners as an add-on to their policy. Water damage can be expensive to reverse, so if you rent out basements or other units that could easily suffer from an overflood of water, overland insurance is an important add-on to your landlord insurance policy.

What are some tips to find cheaper rental income property insurance?

You should always do research and compare insurance prices and policies before purchasing rental income property insurance. Understanding how insurance companies calculate your insurance risk and the different policies available is the first step to finding affordable insurance. It helps you align your insurance needs with a policy that both meets your coverage and budget requirements.

You should also try to keep your rental properties in good condition. A property that’s well maintained has lower chances of being damaged. Taking good security measures can also make your property safer and less prone to theft or other unintentional damages. A rental property that’s secure and well-kept means there’s less chance of the space being temporarily uninhabitable due to damages. As a result, insurance companies have less risk to insure your properties and you’ll likely have lower premiums.

How is rental insurance different from homeowner’s insurance?

Rental insurance protects units that are rented out to tenants, whether that’s in your own residence or other owned properties. It covers damages and unintentional accidents both from covered perils and from your tenants. A homeowner’s insurance policy covers a property owner’s primary home and its contents.

Does landlord insurance cover damage to tenant property?

Landlord insurance doesn’t cover damages to the tenant’s property, no matter how the damages were incurred. However, tenants can purchase tenant insurance or rented dwelling insurance to protect their own belongings and furniture. Although tenant insurance isn’t required, it’s strongly recommended for anyone renting a property. Landlords can also make it a required condition in the rental agreement or lease for tenants to purchase insurance before renting a property.

Protect Your Ontario Rental Property with Landlord Insurance

Whether you own one rental property or multiple properties, landlord insurance is always important for protecting your units against financial loss from covered perils and unintentional accidents.

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 call us at 1 (855) 777 4376 to get your quote today.

At Insurance Hero, we understand you can’t control when accidents happen. Making sure you have the right coverage is usually the biggest challenge to protecting your property. To explore affordable, personalized real estate insurance in Ontario and get a complimentary quote – contact a hero for more information.

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