Rental Property Insurance Quotes Ontario

When you’re a landlord, you have to wear a lot of hats in order to ensure that your rental property stays profitable. You have to vet tenants. You have to keep the building up to regulatory standards. And if you’re particularly ambitious, you have people constantly coming in to maintain your elevators and keep your ventilation system in tip-top shape. 

However, even when you’re putting your best foot forward, you can never predict when a fire will break out or a tenant will suffer a serious injury while on your property.

As a property owner and a landlord, you have an interest in protecting your investment. But at the same time, you do need to look out for your personal bottom line.

Here at Insurance Hero, we pride ourselves on offering some of the most affordable rental property insurance in Sudbury. Contact us to request your FREE rental property insurance quote today.

What You Should Know About Rental Property Insurance

Most people wouldn’t dream of purchasing a home without taking out an insurance policy. Why? Because solid insurance can give you a financial cushion if and when the unexpected happens. Rental property insurance can prevent you from having to repair or rebuild your rental property out of pocket. Here’s what you need to know about taking out rental property insurance:

1. Rental Property Insurance Can Protect You Against Liability Claims

All it takes is one nasty fall for a tenant to be seriously injured and suing you. Much like homeowners insurance, rental property insurance can cover legal costs and settlement amounts if you’re forced to defend yourself against a liability claim.

2. Rental Property Insurance Can Cover Structural Damage

When a fire or a tornado has gone through your building, the cost of getting repairs done can be devastating. This insurance type is able to assist with the cost of repairing or rebuilding your rental property. In the aftermath of an insured peril, this coverage option can make all the difference.

3. Rental Property Insurance Doesn’t Cover Your Renter’s Personal Property

If an insured peril has done damage to your building, chances are that your tenant will also be dealing with property loss. Your rental property insurance may be able to cover some of the property you maintain in the unit. But your tenants will need to take out their own insurance to get coverage for their personal belongings. 

Why You Need Rental Property Insurance in Ontario

By our count, there’s at least one major reason why rental property insurance is an absolute must for Ontario-based homeowners:

Peace of mind.

No matter how many inspections you do or assessments you pay for, there’s just no way to know when you’ll be stuck dealing with a worst-case scenario. A tenant could suffer a serious injury in the lobby tomorrow. A pipe could burst and leave extensive water damage behind in its wake. For all you know, a fire could burn down the whole building next month. 

Rental property insurance allows you to receive compensation in any or all of these scenarios. Furthermore, as the property ages and building malfunctions become more likely, insurance becomes all the more essential. 

Are you ready to protect the investment you’ve made in your property? Contact us to get started today!

How much does landlord rental insurance cost?

The factors that could impact your final quote include:

• Whether you own a basement suite or a multi-unit condo
• The age and overall condition of your rental property
• Past insurance claims 

Due to these details, it’s possible for two landlords to be paying substantially different rates for rental property insurance. Here at Insurance, we do what we can to offer the lowest rates possible for rental property insurance. Request a FREE quote at any time.

What does landlord insurance normally cover?

Landlord insurance will typically cover damage to the building, liability claims, as well as damage to some of the appliances and property inside of the unit. Typically, this type of insurance won’t 

cover damage to the tenant’s personal property.

Why is landlord insurance so important?

Plain and simple, you never know what can happen. In a perfect world, you’d be able to plan for the best and operate under the assumption that your property will last for a long time. Landlord insurance can help you limit your financial losses if the unthinkable happens and your property is harmed by an insured peril.

What Is Landlord Insurance and Why Do I Need It?

Put simply, landlord insurance is like homeowners insurance with a twist – it’s designed specifically to cover rental properties. If you are renting to tenants on a regular basis, it’s important that you’re able to protect both your investment and your future income. However, natural disasters, lawsuits, and aging electrical systems are just a few of the risks that can render your property unlivable and, by extension, unprofitable.

Landlord insurance can ensure that you’re ready in the event of a worst-case scenario and it can help you repair your property at no additional expense to yourself. When you get right down to it, that kind of certainty is worth its weight in gold.

Know How to Protect Your Rental Property with the Right Insurance Coverage

Any time that you own a property, it just makes sense that you’d want to do what you can to keep your property safe. But when you’re making a partial or full-time living off of your property, protecting your investment could have a direct impact on your financial situation. The truth is that even when you’ve done your best to safety-proof your rental property, you simply never know when an insured peril might take it all away. 

As a company, Insurance Hero understands that there’s no such thing as a cookie-cutter rental property. Every landlord and every property needs to be treated with special care and consideration. Our rental property helps Sudbury-based landlords find the coverage they need at incredibly affordable rates. 

Request your FREE rental property insurance quote today.