Contractors Home Renovation Insurance Ontario Rented Dwelling Insurance

Protect Your Most Valuable Assets From Unforeseeable Events

What is Rented Dwelling Insurance?

As a landlord, it’s hard to know for sure who you’re renting your property to and the exact condition of your property at all times. Whether you have multiple rental properties or just one, you want to ensure that each of them is treated with care and always maintained to good standards. We know that’s not always the case, and damages can occur at any time. With natural wear and tear, environmental factors, and human interventions, anything can happen, even if you’re only renting out a small room. Theft, sewer and drain backup, rental income loss, and injuries are only some of the concerns you might have when renting out a property.

While your tenants have tenant insurance that covers their personal property and liabilities, we want you to have the same protection as well for each of your rental properties. That’s why Insurance Hero provides landlords with rented dwelling insurance.

In short, rented dwelling insurance, also known as landlord insurance, helps landlords protect one of their most valuable assets from unforeseeable events that can cause damages to their rental properties or leave their rental properties completely destroyed when renting out their spaces. It could be caused by fires, explosions, vandalism, and more.

With rented dwelling insurance, you have protection against certain liabilities and losses.

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What Does Rented Dwelling Insurance Cover?

What your rented dwelling insurance policy covers depends on the package you choose and the type of coverage you want. Insurance companies will have their own pre-packaged plans that you can choose from or you can customize your rented dwelling insurance coverage to better fit your rental needs.

While rented dwelling insurance isn’t required by law, it provides good protection from risks and gives you peace of mind when renting your property to tenants.

Here’s what rented dwelling insurance can provide you:

  • Coverage for the physical damages to your property and the attached or detached structures. This includes walls, floors, fixtures, heating systems, cooling systems, and your furniture. Your specific insurance policy will determine the amount of coverage you have and the risks you’re covered against.
  • Coverage for any of your personal belongings included in your rental property, such as lawnmowers, appliances, and snowblowers.
  • Assurance that your lost rental income is replaced if your property becomes uninhabitable in the event of a covered loss and tenants need to relocate.
  • Coverage for any claims or lawsuits when you’re legally liable for the injuries or property damages caused to a third party arising from your ownership of the property.

Regardless of what type of coverage you want, having rented dwelling insurance can shield you from the unexpected and make sure that your properties are always protected.


What You Should Know About Rented Dwelling Insurance

Rented dwelling insurance is different from your standard homeowners insurance. Your home insurance policy is designed to provide coverage based on the fact that you live on the property. Homeowners insurance may provide coverage if you’re renting out the basement or a room in the house you live in, but it doesn’t provide coverage for your investment properties. Rented dwelling insurance will provide the coverage you need for your rental properties.

You should also know that rented dwelling insurance won’t cover damages to your tenants’ property. This includes their furniture, electronics, and other personal belongings. If your tenants also want insurance protection, they’ll have to buy their own tenant insurance.

Furthermore, if your tenants damage the property of someone else or injure someone because of their own negligence, your rented dwelling insurance will not cover any claims associated with the damages or losses.

The price of your rented dwelling insurance policy depends on the type of coverage you want, the value of each of your investment properties, and their locations. To get an accurate rented dwelling insurance price quote, it’s best to talk to your insurance brokerage about your needs and their specific offerings.

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Need a Quote for Rented Dwelling Insurance?

Whether you have one or many rental properties, rented dwelling insurance gives you the peace of mind you need to rent with confidence.

With help from Insurance Hero, you can compare the different rented dwelling insurance rates available to select the coverage plan and premium that work for you. We save you the hard work of contacting individual insurance companies by bringing the quotes directly to you!

Ready to purchase rented dwelling insurance? Click here to get an online quote in minutes, or call us at 1 (855) 777 4376 today.

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