Rental Property Insurance Mississauga

As a rental property owner in Mississauga, 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 Mississauga Homeowners

Landlord insurance is essential, regardless of what type of rental property you have or how many properties you have. It keeps your rental properties protected against accidents, liability, and covered perils. 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.

Get the Landlord Insurance That Works for You

Landlord insurance is a long-term investment, so it’s important to purchase an insurance policy that aligns with your requirements and budget. There are many types of landlord insurance available, depending on what kind of rental property you have and whether you rent to tenants on a long-term or short-term basis. Your insurance company or broker can help you understand what each type of landlord insurance is and which types are best for you.

There are also add-on options available to make your landlord insurance package even more comprehensive. For example, overland water coverage and sewer backup coverage are common add-ons that property owners want.

Overland water coverage protects against damage and repairs caused when groundwater enters the home’s foundation. Overland water could be melted snow or runoff from bodies of water, such as a river, lake, or swamp. It’s not automatically included in your landlord insurance policy but is useful if you live near water or somewhere with severe winter weather.

Not all homeowners are covered for sewer backup under a standard landlord insurance policy and backups could cost thousands of dollars in damage. Sewer backup coverage protects against damage and repairs caused to the sewer line running from your house to the city or town. It also covers the cost of having sewer water removed from your house that entered through your plumbing system.

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How is landlord insurance different from regular home insurance?

A standard home insurance policy covers a property owner’s primary residence. It covers accidental damages to the building, its contents, and the property owner’s equipment used to run the property. A homeowner’s insurance policy also covers the property owner, their spouse, and their dependents against liability and litigation.

However, if you have tenants, regardless of whether it’s a basement unit or a separate property, your home insurance policy won’t cover the rental units. Landlord insurance is for property owners with rental or investment properties. It covers the owner’s property used to operate the rental property, the building, and its contents. It also covers lost rental income and liability against tenant and visitor injuries.

Is rental property insurance mandatory?

No, rental property insurance isn’t required by law. However, it’s always a wise decision to purchase comprehensive rental property insurance if you have any rental properties. Landlords rely on rental income as positive cash flow, and any damage or lawsuits could be expensive to repair. Rental property insurance gives landlords peace of mind with their rental properties.

How much is rental insurance in Ontario?

The cost of landlord insurance in Ontario 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.

Does rental property insurance cover tenant damage?

If a tenant accidentally damages your rental property, your rental property insurance policy might cover the cost of repairs, replacements, and lost income during this time. For example, if a tenant accidentally sets a kitchen fire that burns down the floor, walls, and appliances, your insurance policy will likely cover the damages up to the coverage limit.

What are some tips to find cheaper 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. 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.

Protect Your Rental Property with the Right Coverage

Getting 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.