As a rental property owner in Richmond Hill, 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.

Basic Coverage Under Landlord Insurance

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.

You could also add sewer backup and overland water coverage to protect against water entering your home from the sewer or groundwater.

Types of Rentals Covered

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.

How much does landlord insurance cost per month?

The cost of landlord insurance 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. On average, you can expect to pay around $20 to $80 per month for a standard landlord insurance policy.

Is it worth getting landlord insurance?

Many landlords depend on rental income for positive cash flow, so landlord insurance is essential to reduce financial risk from damages or lawsuits. 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.

What’s the difference between homeowners and 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 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.

Is rental property insurance mandatory?

No, rental property insurance isn’t required by law. However, it’s a wise choice for any landlord to purchase comprehensive rental property insurance. 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. Landlords sometimes require tenants to purchase tenant’s insurance, but rental property insurance is also important.

Why get landlord insurance?

Unintentional damages, covered perils, and lawsuits are expensive, especially when escalated to a lawsuit. It could cost thousands of dollars just to remove water that’s flooded into the rental property from a burst pipe or sewer backup. If there are major damages, you could also lose rental income during the repairs. Whether your rental property needs rebuilding or you accidentally cause injury or property damage to a tenant, you don’t want to find yourself without insurance protection.

Get the Right Protection for Your Rental Property with Landlord Insurance

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.