Landlord Insurance in Edmonton
Protect Your Rental Income with our Landlord Insurance in Edmonton
Are you a property owner with an investor mindset? If you own one or more rental property and renting them out is your next investment move, you’ve officially graduated from a regular homeowner to a landlord.
Real estate investment can be highly profitable, but it also comes with challenges; it’s time-consuming, risky, and often stressful to manage. Protect yourself and your rental dwelling financially with the right choice of insurance coverage that offers suitable coverage for your budget, properties, and tenants. Landlord insurance in Edmonton is there to secure your rental income, landlord investment, and personal assets in case they face unique risks.
Get a QuoteWhat Is Edmonton Landlord Insurance and?
Landlord insurance, also known as rental property insurance, protects the people who rent out houses, condos, basement suites, or multi-unit buildings. It is specifically designed to protect your building, liability, and rental income. If you are a landlord in Edmonton and face financial losses resulting from perils such as fire, theft, water damage, or liability if your guest or tenant is injured on your property, landlord insurance is the right coverage for you.
As a homeowner, you’d think your insurance covers rental properties too, but it doesn’t. Home insurance covers only the home you live in, while landlord insurance covers properties you rent to tenants. You need landlord insurance because you are not a resident in your rented dwelling; therefore, the risks of property damage are inevitable. All in all, property insurers treat rental homes as investment properties, not personal residences.
Why Do You Need Edmonton Landlord Insurance?
As a landlord, you are more exposed to risks than a regular homeowner. Your property is not just a home; it’s an investment that requires stronger protection from potential damage or covered events, like fire or a leak that could affect its value. Opening your house to different tenants and guests makes your property vulnerable to unexpected events. As profitable as renting could be, it also comes with its share of risks. You shouldn’t depend on your standard home insurance to provide you with the right protection, since landlord insurance is there to secure your long-term investments.
Who Needs Landlord Insurance in Edmonton?
People who go for landlord insurance are far more than you know. You don’t have to be a real estate investor to be considered a landlord; even renting out a part of your house qualifies you for landlord insurance, since homeowners’ insurance is not enough to cover all your needs.
Here are the types of people who need landlord insurance:
Homeowners renting a suite: If you’re renting out the basement or any section of your house, you should go for landlord insurance because you can’t expect the property damage or risks you might face.
Condo owners: If you have a rental condo, the risks just got a little bit higher. With neighbours around, you may face problems or property damage, such as theft or water damage.
Investment property owners: If you have a rental house, apartment, or commercial property, you should have landlord insurance aside from your standard homeowners insurance to avoid financial losses and unexpected events.
Airbnb hosts or Short-term rentals: If you have a rental property that you rent weekly or monthly, home insurance is not enough to secure your short-term rentals. You will likely need additional rental property insurance that includes coverage for short-term stays to cover damage from guests.
Many landlords: If you have more than one real estate investment property, you’re prone to higher risks, which require comprehensive landlord insurance to ensure full security for all of your investment properties.
What Does Landlord Insurance Cover?
Dwelling and Other Structures
This insurance coverage helps cover damage caused by unexpected events and protects your rented dwelling. Property insurance coverage pays for repairs of the building itself after a covered peril like fire, wind damage, theft, vandalism, or water damage. It also covers attached structures such as garages, decks, and sheds, and permanent fixtures like roof, plumbing, and built-in appliances.
Liability Coverage
The personal liability coverage pays if you’re legally liable in case your tenant, contractor, or visitor is injured. This is because of the severe damage that may happen in your rented dwelling. It covers medical bills, legal defense costs, or settlements if you are sued. For example, if a tenant slips on icy stairs or a guest trips over a broken walkway, this type of coverage will give you the ultimate security.
Loss of Rental Income
Lost rental income is also known as fair rental value coverage. This coverage reimburses you for the lost rent during repairs you don’t get when a tenant moves out due to a covered loss like fire, water damage, or storm. As a tenant, you should be aware that this coverage doesn’t pay for your missed rent payment; this type of coverage requires standard tenant insurance.
Contents Insurance
Contents insurance simply protects the landlord’s own belongings left in the unit, like appliances or furniture, not the tenant’s personal belongings. For the tenant to protect their valuables, they need to have their own renters’ insurance. If you have a short-term rental like Airbnb or a furnished property, this coverage would be very beneficial.
Additional Coverage for Edmonton Rental Properties
If you live in Edmonton, you’re likely facing risks like spring thaw, wind damage, or water damage. Any landlord can customize landlord insurance policies and include optional add-ons to their coverage to provide the best protection against such unique risks.
Sewer backup coverage
Sewer backup is important for any rental property in Edmonton due to the damage caused by heavy rain or sewer blockage, the one that causes extreme water damage to your rented dwelling. This coverage helps you pay for repairs, replacements, and clean-up.
Overland water coverage
Overland water coverage includes coverage for water damage caused by heavy rainfall or rapid snowmelt, which usually happens in the spring thaw in Edmonton. Overland water coverage pays for the property repairs and restoration after a covered loss.
Earthquake coverage
Earthquakes are not common in Alberta, but landlords secure themselves by adding this additional coverage to their own insurance. Earthquake coverage protects your rented dwelling from structural damage and supports restoration after a covered loss.
Landlord Insurance vs Home Insurance Policy
Knowing the difference between landlord insurance and home insurance will save your rental property from potential financial losses. If you think your standard home insurance policy is enough to secure your rental property, you have to think again.
Home insurance protects the house you live in. It covers property damage, personal belongings, and liability in case someone is injured inside the house. For example, if a fire happened in your house, the insurance provider pays the repair costs.
Landlord insurance coverage is designed to protect your rental property or investment property, which you’re not a resident of. It covers the structure itself, landlord liability, and the loss of rental income after a peril. For example, if a fire happened in your rental property, the insurance will not only pay for the repairs, but also the loss of rental income.
Is Landlord Insurance Mandatory in Edmonton?
Landlord insurance isn’t mandatory by law in Edmonton. However, if you’re still paying a mortgage for your property, your lender or bank may require you to carry property insurance coverage. In all cases, landlord insurance is a must-have investment that protects you and your property from damage and legal liability. If you’re found legally liable, it pays for your legal fees. Moreover, your landlord policy helps you mitigate financial losses by paying for lost income if needed.
How Much Does Landlord Insurance Cost in Edmonton?
Landlord insurance costs between $40-$80 monthly or $480-$960 annually for a small house, while large houses could cost much more for a standard policy. There is no fixed rate, as the cost varies from one policy to another based on several factors, such as location, property type, and the coverage option you choose. You don’t have to worry about getting the right coverage because we help you compare landlord insurance quotes from several insurance providers to give you the best price that fits your budget.
What are the Factors that Affect the Cost of Landlord Insurance in Edmonton?
- Property Type: Small properties or rental condos cost less than multi-unit properties because the risks are different.
- Location: Every neighborhood in Edmonton faces its own unique risks, like extreme weather conditions and crime rates, which cause the premium of your insurance to go up.
- Building’s Age and Condition: As a building ages, the risk of damage increases. Older homes are more prone to severe types of damage, like plumbing leaks and fire incidents, compared to newer constructions.
- Claims History: If you have a high claims record, your premium may increase since you’re considered a high-risk policyholder. Your claims history plays a major role in determining your insurance cost; the more claims you have, the higher the chance insurers believe you’ll file again because of statistics.
- The Number of Rental Units: If you own more than one rental property, this means you have a lot of tenants with potential issues of damage, liability, or missed rent payments.
- Coverage Type and Limits: Adding more coverage to your policy usually means a higher premium. You need to make the right choice when it comes to your coverage types and add-ons.
How Can I Save Money on Edmonton Landlord Insurance?
Compare landlord insurance quotes: Don’t stress about searching for the best deal; we’ll do it for you. We partner with leading insurance providers to find the right coverage at the right price.
Bundle multiple insurance policies: If your insurer considers you a loyal customer, you can combine your auto, home, and landlord insurance policies to get a discount.
Maintain a clean claims history: Stay away from small, unnecessary claims that you can handle. Keeping your claims record clean helps you get a cheaper quote.
Review your current policy: Sometimes, your current policy may have unneeded extra coverage. However, make sure you have enough insurance to protect you.
Upgrade your property & security systems: Get a better insurance policy rate by upgrading your home and security systems. Protect yourself from theft or vandalism, and upgrade your electrical, heating, and plumbing systems to lessen the potential of risky incidents.
Why Sharp Insurance is the Best Choice for Landlords in Edmonton?
We Choose The Best Insurer For You
We are an independent brokerage that chooses the best protection for you, so if you look for a brokerage that prioritizes you over the insurer, the answer is Sharp Insurance. We partner with different insurance providers to secure your high-value assets like your car, home, or rental property with the most ideal coverage offered for your needs. Our landlord insurance policies come with many benefits, ensuring the best value for landlords in Edmonton.
Wide Range of Coverage Options
We go above and beyond to offer comprehensive property coverage options that fit your investment plan. Whether it’s auto, home, condo, rental property insurance, business, or recreation insurance, we provide all-inclusive coverage for your lifestyle and budget. With access to many insurers, we find the right balance between cost, coverage, and convenience.
Excellent Customer Service
Our customer service is professional and friendly. They are known for being helpful, knowledgeable, and proactive in solving problems. They are trained to play the role of the insurance advisor who gives you the best advice. We are available 6 days a week, and you can reach us via email, portal, phone, text, app, or in person with excellent service in mind.
Landlord Insurance, Edmonton – FAQs
Have questions about your Landlord insurance in Edmonton? Sharp offers innovative solutions for Landlords’ insurance in Edmonton and we’re here to answer all your questions. See our FAQs answered for your convenience below.
No, landlord doesn’t cover intentional tenant damage like normal wear and tear, such as faded paint, or worn carpets, or damage that happened because of negligence, like vandalism, if they spray-paint a wall or break a fixture. It also doesn’t protect the renter’s personal belongings or long-term damage due to their poor living conditions. To protect personal items, tenants should have their own renters’ insurance.
The additional types of damage covered by landlord insurance include accidental damage caused unintentionally by tenants, such as a fire started while cooking, loss of rental income if your property becomes uninhabitable during repairs after an insured loss, or liability if a guest is injured on the property due to your responsibility as the landlord.
No, you can’t add Airbnb insurance to your standard landlord policy. Landlord insurance covers long-term tenants, while short-term rentals carry different risks and are considered a business activity that needs commercial property coverage. Short-term rental insurance is limited and not fully comprehensive, so it’s best to contact your insurer or get a separate policy for proper protection.
No, landlord insurance is not mandatory in Canada. However, some mortgage lenders require it to guarantee the ultimate security of properties. Landlords should go for this insurance to protect their rental properties from potential liability, property damage, or lost rental income.
Yes. Even if you live in part of the home, renting out a basement suite or secondary suite changes your risk profile. Most standard home insurance policies won’t fully cover rental units without the proper landlord or rental endorsement. Adding landlord coverage ensures both the rented portion and your liability as a landlord are properly protected.
Insurance coverage can change when a property is vacant for an extended period. Many insurance companies restrict or exclude certain protections unless you notify them or add a vacancy endorsement. It’s important to report vacancy periods to avoid gaps in coverage.