As a rental property owner in Oshawa, 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.

Why You Need Rental Property Insurance

If you have rental properties, your standard homeowner’s insurance won’t cover those properties against damages or liability claims. Landlords with rental and investment properties often rely on these units as positive cash flow. Even if you rent out rooms in your primary residence, you’ll want to consider rental property insurance.

As a landlord, you don’t always know everything about your tenants and you can’t be there to monitor your properties 24/7. Even with extra precautions and security measures, there are always risks involved with renting or leasing your properties. For example, a tenant or visitor could suffer injuries because of your property or cause accidental damages. Harsh weather conditions and changing seasons, such as a fire or snow melt-off, could also cause property damage. Without comprehensive rental property insurance, you would have to pay for costly damages and repairs on your own.

Standard Landlord Insurance Coverages

Landlord insurance protects the property owner, their building, and their belongings used to operate the rental property, such as landscaping equipment. It also protects the property owner against liability claims if a visitor or tenant is injured on the rental property. Standard landlord insurance has liability coverage, coverage for the rental building and its detached structures, coverage for the owner’s belongings, and coverage for loss of rental income.

Liability coverage protects you in case you get sued for injuries or unintentional property damage to your tenants or their visitors.

Coverage for rental buildings and detached structures helps with the costs of repairing or rebuilding the rental property, including sheds, fences, and garages.

Coverage for the landlord’s belongings protects any items you have at the rental properties, such as landscaping equipment, maintenance equipment, furnishings, and appliances.

Coverage for loss of rental income helps replace the income that would have been earned if the rental property wasn’t uninhabitable due to repairs.

What does landlord insurance normally cover?

Landlord insurance protects the property owner’s rental properties, their belongings kept at the rental properties, loss of rental income, and liability against claims of injury or property damage made by the tenants or their guests. A standard landlord insurance policy helps cover the cost of repairing and rebuilding the rental property if there were any unintentional damages and medical bills. You could also add sewer backup and overland water coverage to protect against water entering your home from the sewer or groundwater. Your landlord insurance won’t cover the tenant’s buildings, intentional damages, maintenance and equipment breakdowns, and wear and tear.

What is landlord insurance and why do you need it?

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 or visitors for injuries and property damage.

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.

Won’t ordinary home insurance be enough to cover my rental property?

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 insurance policy doesn’t cover properties that are rented out, regardless if it’s a house or condo. If you rent out rooms or individual properties to tenants, you’ll need landlord insurance.

How do I make a claim on my landlord insurance?

Your insurance company will provide you with a landlord insurance policy that fits your coverage needs and budget. If you need to file a claim on your landlord insurance, contact your insurance company to submit a claim. You’ll need to provide information, such as proof of the damage, the total value of the damage, and receipts of any home upgrades required.

Some reasons where you’ll want to file a claim:

• Your unit was damaged by the weather, fire, burglary, or vandalism.
• A tenant caused significant damage to your rental unit.
• A visitor or tenant is injured.
• A tenant files a lawsuit for injuries sustained or property damage.
• Your unit is temporarily uninhabitable while under repairs.

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 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.