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Coverage when you rely on monthly rental income from tenants

We have great landlord insurance for your rental property with coverage for liability, rental income and building damage. If you own rental properties or have renters in your home, you’ll need a different kind of coverage than general homeowners insurance. Landlord insurance not only covers damage to your property, but can also cover lost income if your tenants have to find alternate accommodations after a claim. Have any questions? Call us. 1-800-731-2228

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How much is landlord insurance?

The amount of coverage you’ll need depends on the number of tenants you have, and kind of rental properties you own. For example, renting a home to a family will have different coverage requirements than a student renting a room. As an outlet for over 70 of Canada’s top insurers, we have lots of coverage options, no matter what kind of rental property you own. Call us for a quote. 1-800-731-2228

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Good to know: What does landlord insurance cover?

There are different kinds of coverages and rates based on the kind of property and tenants you have. Here’s a few of them:

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Home rentals

Protects single or multiple-family homes with long-term renters in them. By the way, there are discounts for landlords with tenants who have renters insurance.

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Apartment building coverage

Different than residential property insurance, this kind of coverage is for buildings that house seven or more families or rental units under one roof.

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Rented condos

Own a condo that you rent out? You’ll need insurance to fill gaps in coverage not covered by the condo association like damage or accidents in your unit.

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Student rental units

If you rent rooms to students, having residency rules could save you money on insurance. Ask us how.

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Airbnb rentals

Rentals through Airbnb need a special kind of insurance to protect your property, especially if you own properties out of town. Lean more about Airbnb insurance.

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All home insurance coverages

We offer lots of different kinds of home insurance, that we can customize to your needs. Have a look at what we have to offer.

How much is landlord insurance and other good things to know

Your regular homeowner’s insurance doesn’t provide enough coverage if you rent to tenants. Whether you’re a homeowner renting out your basement or a commercial landlord renting out multiple properties, getting landlord insurance is a good move.

Landlord insurance typically covers the entire building, or the parts you’re renting. It’ll also replace lost rental income if you can’t rent the property because it’s been damaged. Airbnb rentals aren’t covered by typical landlord policies and need a special kind of insurance. If all of this sounds confusing don’t worry, we’ll help you sort it out.

In Ontario, average residential landlord premiums cost around $900 a year for a house and $400 a year for a condo or apartment. If you’re renting out a commercial property, the premiums are based on the size of the space and how it’s being used.

For a condo or apartment in Ontario, coverage costs around $400 a year. Because the overall building is insured by the condo corporation, rates are much lower than they would be for a house.

Yes, you can deduct your landlord insurance premiums from your rental income when you do your taxes.

If you have tenants, make sure you get it right away. If something happens and you need to make a claim, it may not be covered if you didn’t let your insurance company know that you were renting out the property.

Landlord insurance generally costs around 20% more because of the added risk of someone else living on your property. Landlord policies usually don’t cover theft or vandalism.

Yes, this can be added as a requirement in your standard lease agreement.

You should ask that your tenants have at least $1 million in liability coverage, which is standard with a tenant policy.