Landlord Insurance in Calgary
Comprehensive Rental Property Insurance in Calgary
If you’re looking to lease your owned property, you definitely need to protect it from different types of damage. Landlord insurance, also known as rental property insurance, is protection that covers property owners from financial losses to their rental properties. It includes coverage for the building, contents owned on the property, liability arising from ownership, and loss of rental income. Landlord insurance is recommended for homeowners to protect themselves from unexpected events, damages, and third-party lawsuits.
At Sharp Insurance, we provide comprehensive landlord insurance to help you make extra income without putting your property on the line. Get the coverage you need at the price you can afford.
How to get an affordable Landlord Insurance Quotes
There are several methods to purchase Landlord insurance in Calgary; take the initial step by contacting us.
Why Calgary Landlords Go for Sharp Insurance
Sharp Insurance is a Calgary-based award-winning, innovative insurance brokerage. Thousands of our clients trust us to do right by them and find them the most fitting Calgary Landlord insurance. Here are some of the many reasons why you should work with Sharp Insurance.
We’re independent.
We always give priority to giving you the best service, not the insurance company. We shop with different insurance providers to get you the best deal, helping protect your valuable assets, including your car, house, and much more. Get insurance solutions made just for you.
Comprehensive Coverage Options
We always aim to find you a wide variety of comprehensive coverage options that go beyond the basic. Whether you need property insurance, auto insurance, business insurance, or recreation insurance, you will find the most all-around coverage offered by the top insurance providers that we work with.
Exceptional Customer Service
Our customer service is available 6 days a week to make sure we answer all your inquiries as soon as we can. We train professionals to be able to help you with friendly professionalism. Contact us by email, phone, app, portal, text, or in person and get the treatment you deserve.
Advanced Technology At Your Service
Wherever you are, you can use our online portals. Using our award-winning MySharp app, you can stay up-to-date with all of your insurance policies so you’re never caught off guard. Bring up your pink card in seconds or check your coverage details at any point with utmost ease. We want your insurance experience to be as convenient as possible.
What Does Landlord Insurance Cover in Calgary?
Property Damage
The structure of the building and other structures of your rented dwelling are protected by landlord insurance under property damage coverage. If your building gets damaged from perils named in your policy, like fire, wind, theft, vandalism, and extreme weather conditions. Permanent fixtures, like plumbing, lighting, electrical systems, and built-in appliances, are also covered.
Personal Liability Coverage
Liability coverage in rental property insurance protects the property owner from legal liability related to personal injury on the property. If the tenant or their guests get injured because of an unsafe condition in your property, you will be legally liable to compensate them, which incurs expensive legal fees. With Personal liability coverage, your insurance company helps pay for the legal expenses.
Lost Rental Income
Loss of rental income coverage can reimburse landlords for lost rent if the property is temporarily uninhabitable after an insured loss. Some policies offer this coverage to help landlords maintain their rental income from their investment property in difficult times, by paying a fair rental income replacement.
Personal Property Coverage
This coverage is for the personal possessions of the landlord that they left in the rental property for storage or other purposes. That may include appliances, furniture, or equipment. This coverage only covers items owned by the landlord; the tenant’s own belongings are covered by renters’ insurance under contents insurance.
Optional Landlord Insurance Coverage in Calgary
Landlords can customize their insurance policies with optional add-ons for additional protection.
Sewer Backup
This coverage pays for damage caused by sewer backup in your house, covering repair, cleanup, and replacement bills.
Overland Water Damage
Heavy rainfalls and rapid snowmelt may cause water to seep into your house, especially if you live near rivers or lakes, or in a low-lying area, causing damage. With overland water coverage, you can restore the property, making it safe and secure, as it pays for repairs, replacements, and restorations.
Earthquake and Landslides
This coverage protects you in the event of a covered loss or damage resulting from an earthquake. While major earthquakes are not common in Toronto, the current climate conditions are unpredictable. It’s a coverage for landlords who want to be prepared for anything.
What is Excluded from Landlord Insurance Coverage?
Landlord insurance policies exclude these risks:
- Tenant’s personal belongings: The items that belong to the tenant are covered by renters’ insurance.
- Wear and tear: Damage from normal wear and tear is not covered by insurance.
- Illegal activities: Damage from illegal criminal activity is never covered, even if the owner was unaware of it.
- Tenant’s liability: If the tenant is responsible for damage to a property or third-party injury, the landlord’s policy will not cover it.
- Commercial properties: Properties that are operated for business have their own type of insurance.
Checkout: Landlord Insurance in Alberta
Get a hassle-free online quote now from Sharp Insurance!
Read more: 8 Scenarios Not Covered by Home Insurance
How Much Does Landlord Insurance Cost in Calgary?
Landlord insurance costs between $40-$80 or $480-$960 per year for basic coverage. For more comprehensive policies with additional coverage, the yearly premium can reach up to $1,000 – $1,500 per year. Note that no two landlords pay the same amount, as many factors affect the price, like property type, location, age of property, safety features, and more.
What Are the Factors that Affect the Price of Landlord Insurance?
- Property Type: A single rental condo is cheaper than a multi-unit apartment building, as they both face different risks.
- Location: Each neighborhood in Calgary has its own crime rates and weather challenges. High crime rates and extreme weather conditions increase the insurance premium rates.
- The Building’s Age and Condition: Old buildings are more high-maintenance than new ones, with a higher risk of sustaining significant damage. That’s why the age and condition of the rental building play a part in the pricing.
- Claims History: Your claims history is also a major risk. The insurance provider looks into the rental property owner’s claims record to see if they have previous claims. Having previous claims signals that you are more likely to file more, making you a high-risk policyholder, so you might get higher insurance rates.
- The Number of Rental Units: More rental units mean more tenants, each with their own challenges. That’s why renting one unit is cheaper insurance-wise than renting multiple units.
- Coverage Type and Limits: The more coverage you add, the more you pay. You get more protection, but for a higher insurance premium. It’s crucial to be selective to pick the right coverage.
How to Get an affordable Landlord Insurance
Landlord insurance can become affordable with these tips:
- Compare landlord insurance quotes: We can help you get the best deal. We gather different deals for you to compare and give suggestions if you need them.
- Combine multiple insurance policies: You can combine your auto or home insurance with your landlord insurance to get a discount from your insurance provider. Many insurers offer discounts to their loyal customers.
- Upgrade your security system: An upgraded security system can get you a higher rate from most insurance providers. It also protects you in case of theft or vandalism, or any liability claims.
- Maintain a clean claims history: Avoid making claims for small damages that you can afford. Keeping a clean history can get you significantly lower insurance premiums.
- Upgrade your home systems: Old systems and appliances can be safety hazards. Upgrading to safer plumbing, electrical, and heating systems can signal less risk and get you a better rate.
- Review Your Coverage: Make sure that you have enough insurance to protect you, but review your own policy to ensure you remove any extra coverage you don’t need.
What is the Difference Between Home Insurance and Landlord Insurance?
Homeowners insurance is a different type of insurance from landlord insurance. Home insurance is designed to cover properties where the owner resides, and does not protect investment properties not lived in by the owner.
As for landlord insurance, it covers a rental house or condo with a lease agreement. Many landlords have their own insurance for their primary home that they reside in, besides their rental property insurance.
Get a Quote
Is Landlord Insurance the Same as Airbnb Insurance?
No, landlord insurance is different from Airbnb insurance. Landlord insurance is a long-term rental property insurance. It covers long periods, usually starting from 6 months, while Airbnb insurance may offer a short-term rental property insurance policy for property owners who lease their rental home as Airbnbs.
Find the Right Landlord Insurance Coverage in Calgary
Protect your rental property with confidence. Our Calgary team makes landlord insurance simple — guiding you through claims, coverage, and policy options with expert advice and exceptional service.
FAQs for Landlord Insurance in Calgary
Landlord insurance is designed to protect property owners who rent out their home or unit. It typically covers damage to the building, liability claims if someone is injured on the property, and often lost rental income if your tenant must vacate due to a covered peril.
No, a standard homeowner’s policy is built around an owner-occupied home, not a rental scenario. Once you rent out the unit, especially if you’re not living there, your risk profile changes, and you’ll usually need a dedicated landlord or rental-property policy.
No, landlord insurance covers your property, including the building, fixtures, your owned contents, and your liability as landlord. It does not cover the tenant’s personal belongings, like their furniture, electronics, or clothes, nor will it typically cover the tenant’s personal liability for things like damage they cause. Tenants should carry their own renters’ insurance.
Yes, standard policies may exclude things such as intentional damage by tenants, wear & tear, or long-term vacancy risks. Also, depending on location, you may want optional endorsements for sewer backup, overland flooding, or loss of rental income. It’s important to review the policy and talk to a broker about what’s not included.
Premiums depend on factors like the value and type of property, location, including local rental demand and risks, how many units you have, your claim history, and what coverages you include. To help manage costs, proper maintenance, tenant screening, security measures, and bundling with other insurance may help.