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Landlord Insurance

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Landlord Insurance

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Landlord Insurance in Alberta & Ontario

Investing in real estate can be lucrative in both the short and long term. But have you considered, or are currently, renting out your space to tenants? Whether you’re in the midst of finding a suitable residential rental property or looking for prospective tenants, being a landlord has its risks. This is where a comprehensive insurance policy comes in.

Get a free landlord insurance quote from one of our skilled brokers. Read on for more information about landlord insurance and how it can help you protect your properties.

What is Landlord Insurance?

Landlord insurance is a form of insurance protection that, while different from situation to situation, is used to protect property owners from unexpected financial losses involving their rental properties.

Protection may include the physical building down to the structure of each unit, common areas, hallway, exterior fixtures and any contents that do not already belong to tenants. It may also include coverage for liability arising from your ownership of the rental property and, with some policies can provide protection for loss of rental income.

Landlord insurance is separate from tenant insurance and these policies do not overlap, thus making it more necessary for both to exist to insure both parties. Landlord insurance can spare your operations from a particularly nasty loss and provide you with the necessary financial reimbursement to keep your operations going.

What Does Landlord Insurance Cover?

A landlord insurance policy may cover the following:

  • Property damage coverage due to fire, flooding, falling objects, wind damage, theft and vandalism. Covered property may include walls and floors, building foundation, fixtures, plumbing and electrical systems, HVAC, furniture and more.
  • Legal liability coverage if a third party suffers property damage or bodily injury.
  • Replacement for lost rental income if your tenants must temporarily vacate the premises of the building for a certain period due to an insured loss and are unable to pay rent.

Landlord insurance coverage may vary for damages inflicted by tenants, so it’s best to familiarize yourself with your policy documents. If you are still unsure, consider asking a landlord insurance broker for advice.

There are certain limitations to landlord insurance. Typically, it does not cover any damages that affect your tenant’s property, including any furniture they bring into their unit, appliances, electronics, clothes, equipment and more. It also will not cover them if they are liable for someone else’s injuries or property damage.

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How Much Does Landlord Insurance Cost?

The insurance rate for landlord insurance differs based on many factors, including the landlord’s physical structure of the rental property and the location of the property.

Below are the factors that impact a landlord’s premium:

  • Property value
  • Property square footage
  • Number of units of the property
  • Number of tenants
  • Property location
  • Building materials
  • Year property was built
  • Property’s heating, electrical, plumbing and more
  • Insurance history

Why Choose Sharp Insurance

Speak to a Sharp Insurance broker to get an accurate assessment of what it will cost to insure your rental property. Our brokers also give you tips to get lower insurance rates.

How to Reduce your Landlord Insurance Premium

There are a multitude of factors that can affect your insurance rate. Below are a few ways to reduce your landlord insurance premium:

  • Bundling two policies
  • A higher deductible lowers your insurance rate.
  • Discounts, installing security monitoring systems and more

To keep costs low, it’s recommended you do your due diligence about your prospective tenants. A tenant who doesn’t look after their own unit and who misses payments may cost the landlord money.

What You Need to Know About Landlord Insurance: FAQs

While not mandatory, tenants must have their own insurance policy to protect them from financial loss. Landlords can require tenants to carry insurance as part of their lease agreement. A landlord insurance policy will be rather limited when it comes to protecting their tenants’ belongings and more. Renters, or tenant insurance, protects tenants from costs associated with the negligent destruction of landlord property, losses due to theft or vandalism, natural disasters and liability for injuries.

If a tenant needs temporary housing, a renters policy provides compensation for additional living expenses. A tenant policy also reduces the risk of a lawsuit for the landlord, in case the third party who may have been injured in an accident decides to sue the landlord.

Because renting out your property to tenants constitutes business activity, it is not covered by your home insurance policy. Your home insurance excludes anything related to you generating an income. So, if you don’t rent out a full property but just a portion of it, you’ll need to have some form of rental insurance on top of a home policy. In this case, you may be able to get an endorsement for your renting endeavours. Ask a landlord insurance broker at Sharp for further advice.

Sharp Insurance Provides Fair Insurance Coverage

As one of Canada’s top insurance brokerages, we work to get you the insurance you deserve. We believe in giving our customers as many options and cost savings opportunities as possible so that they can be confident that their landlord insurance won’t be an expense which tremendously offsets the revenue they generate from their rental activities.

Moreover, our landlord insurance brokers are highly trained and dedicated to working for you. Before advocating on behalf of an insurance company, we advocate on behalf of you. We do the heavy lifting for you and work hard to find you rental property insurance or landlord insurance that is most fitted to your needs.

You can also benefit from getting in touch with us over the phone, our online portal or app, social media, e-email or in-person. We offer a myriad of service options you can choose which is most convenient for you.

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