As a rental property owner in Ajax, you’ll need rental property insurance to protect your largest and potentially most expensive investments. Whether you rent out your basement, extra rooms in the house, or separate houses or apartments, rental property insurance has you covered. Insurance Hero insures your rental property and any detached structures, landscaping, owner belongings, and equipment on the rental property.

Landlord Insurance for Your Ontario Properties

Landlord insurance isn’t required in Ontario, but it’s a wise choice to keep your rental properties protected against accidents, liability, and covered perils. Otherwise, damages could create substantial financial loss if you pay for everything yourself. 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 if you’re sued by a tenant, visitor injuries, and any personal items you keep at your rental properties.

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 and when you lease out a home separate from your residence.

Condo rentals insurance applies to when property owners rent out a condo they own. It helps property owners cover belongings and damages not dealt with by the condo association. 

Apartment buildings landlord insurance is for any rental structure with seven or more individual units. It covers unintentional damages and landlord belongings in any of the apartment 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.

Investment and Rental Property Insurance in Ajax

Many insurance companies provide comprehensive insurance packages for investment and rental properties in Ajax. Whether you’re actively renting out a property or it’s been unoccupied for a while, there are options for you to choose from. Insurance policies generally cover the rental property, contents belonging to the landlord to operate the rental property, liability, and loss of rental income.

Investment and rental property insurance are useful to mitigate the financial risks of being a landlord. Accidental damage, covered perils, tenant and visitor injuries, and other liability claims can become expensive, especially if they escalate into lawsuits. Without a comprehensive investment and rental property insurance policy, Ajax property owners will have to pay a lot of money out of their pockets. Insurance Hero provides many insurance policies to help property owners cover the costs of accidents and liability and reduce the financial risk of rentals.

Does my homeowner’s insurance policy cover my rental property?

A homeowner’s insurance policy is different from an investment and rental property insurance policy. The main difference is that a homeowner’s insurance policy is meant for a property owner’s main residence. It covers the property they live in, its contents, and liability for themselves and their spouse and dependents. A homeowner’s insurance policy also covers detached structures, equipment, and landscape used to maintain the property owner’s main residence.

However, a homeowner’s insurance policy doesn’t cover any rental properties. Rental properties could include basement units, additional rooms in the owner’s main residence, a townhouse, an apartment unit, short-term rentals, and student rentals. A landlord insurance policy is responsible for protecting the property owner and any investment or rental properties they own. Landlord insurance isn’t required but is strongly recommended to protect any properties that are rented out to tenants.

What does rental property insurance cover?

Rental property insurance protects the property owner and any of their rental properties against accidental damages, covered perils, loss of rental income, and personal liability. There are also add-on options available to cover additional damages, such as overland water and sewer backup. Examples of rental property insurance coverages include fire, theft, snow melt-off, visitor injuries, floods, and vandalism.

Rental property insurance doesn’t cover wear and tear, intentional damages, the tenant’s property, or maintenance issues. For example, if a tenant brings in bed bugs to the rental unit or furniture breaks.

Can I still buy property insurance online if I own a condo or rent?

If you own a condo or rent, you can still buy property insurance online. There are many types of property insurance available, whether you live in a condo, rent your primary residence, or have many rental properties. Insurance Hero can help you understand the different property rental insurance policies available to protect you, your property, its contents, and your primary residents. All you have to do is fill out the online form or contact an insurance specialist to discuss your options.

Does rental property insurance cost more than standard home insurance?

Rental property insurance most likely costs more than a standard home insurance policy. There are more risks involved with operating rental properties because the property owners can’t physically monitor and take care of the properties. Especially if you rent a property to multiple tenants, there’s a higher chance of accidents and damages. Insurance companies see the increased risk of a claim, which means higher premiums.

What perils are specific in Ajax?

Ajax is by the water, so there might be risks of overland water from snow or the lake, especially in the cold winter months when there’s snow. Ajax is also in a small family-friendly residential area, perfect for short-term staycations away from the big city. There’s more risk for unintentional accidents with so many short-term tenants coming and leaving.

Getting Rental Property Insurance Right: How Landlords Can Ensure Their Rentals Are Properly Protected

Purchasing rental property insurance is easy with the help of Insurance Hero. 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.