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:
- 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.
- 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.
- 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.