As a rental property owner in Scarborough, 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.

What You Should Know About Rental Property Insurance

There are also many types of rental property insurance you can purchase based on the kind of property you own. 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 Rental Property Insurance Protects Landlords in Scarborough

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 is landlord insurance?

Landlord insurance protects the rental building, detached structures, its contents, and the property owner against accidental damages, covered perils, and liability. It also protects the property owner against loss of rental income in the process of rebuilding the property. Landlord insurance helps with medical bills, replacing lost income, and repairs, and more.

What does landlord insurance cover?

Landlord insurance protects the property owner, their building, and their belongings used to operate 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.

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.

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.

Why is landlord insurance so important?

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. Your landlord insurance policy also covers liability in case you’re sued by one of your tenants or visitors for injuries and property damage.

How much does rental insurance cost?

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.

What is landlord insurance and why do I need it?

Landlord insurance protects your rental properties, the belongings you keep at the rental properties, and the loss of rental income. It also protects you against liability if you’re sued by a tenant or visitor for injury or property damage. Landlord insurance is important for mitigating the financial risks involved with renting or leasing properties and ensures your positive cash flow.

Rental Property Insurance that Landlords Can Rely On

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.