Landlord Insurance in Saskatchewan
Protect Your Rental Property in Saskatchewan With the Best Insurance
Saskatchewan Landlord insurance, or rental property insurance, is a type of property insurance that protects owners who rent their property from damage caused by tenants, liability claims, and lost rental income.
If you have a rental property that generates passive income every month, then you understand the value of a smart investment. However, suppose you don’t have landlord insurance. In that case, you’d be leaving your investment property exposed to several risks that can lead to losing both your money and time in case of unexpected events. We understand how challenging it can be to manage your rental property, attract suitable tenants, and avoid unexpected expenses that can disrupt your cash flow. That’s why carrying landlord insurance is your best bet to protect your property when things go sideways. Contact Sharp Insurance today to secure your coverage.
What is the Difference between Home Insurance and Landlord Insurance in Saskatchewan?
Saskatchewan Home insurance and landlord insurance are both types of property insurance for an owned property unit that form protection for your financial future. But they differ when it comes to usage. For example, if you own two properties, one that you live in and one that you rent out, you need separate policies for each property.
The property you live in is to be protected by standard homeowners’ insurance, which includes dwelling coverage, contents coverage, and liability insurance coverage. In other words, home insurance covers the building, its contents, and any accidents that may happen.
As for the property you rent out in Saskatchewan, it will not be protected by home insurance. Its protection relies on having landlord insurance, which includes dwelling coverage, optional landlord contents coverage, lost rental income coverage, and liability insurance coverage. Both types of insurance are distinctive in what they protect and how they protect it.
Many Saskatchewan homeowners entrust our insurance experts to protect their homes. Speak to one of our insurance brokers and get a quote now!
Do Landlords in Saskatchewan Really Need Insurance?
Rental property insurance is a must for every landlord in Saskatchewan. Many landlords think that insurance is only important for large commercial buildings, but this isn’t right. Even if your rental property is small, it still faces risks that can create unexpected, costly problems. A sudden burst bipe or a small fire can turn your investment into a financial setback, especially if the accident leaves your property uninhabitable for a while. Think of it as a backup plan that you don’t want to use, but you’ll be glad it’s there when something goes wrong.
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What Does Landlord Insurance Cover in Saskatchewan?
A comprehensive rental property insurance policy for landlords in Saskatchewan includes the following coverages:
Dwelling Insurance
Dwelling insurance is a type of property coverage that protects landlords from losses or damage to a rental property that they don’t live in. This insurance covers the physical structure of the building itself, attached structures, and any other detached structures, including sheds, fences, and garages. It covers damage caused by several unexpected risks in Saskatchewan, such as fire, theft, vandalism, wind damage, and certain weather events. It helps pay for repairs and replacements so you can restore your property without disturbing your rental income.
Contents Insurance
Contents coverage is crucial for landlords who leave furniture, equipment, or appliances at the rental property for tenants to use, as it includes coverage for damage caused by unexpected events such as fire and theft. Needless to say, this coverage only protects the landlord’s belongings, and it doesn’t cover any of the tenant’s possessions. However, your tenants can still safeguard their belongings under tenant insurance, which covers their personal items and provides liability coverage against third-party claims of bodily injury and property damage.
General Liability Coverage
Renting your property can lead to situations where someone gets hurt on your building or a tenant causes damage to someone else’s property. Although these accidents are unintentional, you can still be held responsible if they lead to injuries, property damage, or legal claims. General liability insurance helps protect you from these claims by covering legal costs, medical expenses, and settlements arising from third-party liability claims. Without this coverage, a simple slip-and-fall accident can cost you thousands of dollars and long legal battles that can drain your time, money, and energy.
Loss of Rental Income Insurance
If a covered event forces your tenants out of the property till it’s restored, you could lose your monthly rental income. Loss of rental income insurance helps replace your lost rental income if your property is temporarily uninhabitable due to an insured loss. It helps you pay for utility bills, mortgage, and other expenses that don’t stop just because your tenants can’t stay in the unit. This specialized coverage for landlords reduces the financial burden during repairs and restorations till you can welcome tenants again.
Read more:
- How to Keep Your Home Insurance Current on Vacation
- Water Coverage: What Homeowners Need to Know
- 4 Tips to Protect Your Home from Floods During Spring Melt
Why Sharp Insurance Is the First Choice for Saskatchewan’s Landlords
Comprehensive Coverage Options
Sharp Insurance is a partner with the best insurance providers in Saskatchewan, meaning that you get access to a wide range of coverage options to choose from. We help you build a comprehensive policy that truly fits your needs, not a one-size-fits-all plan that will leave you dealing with coverage gaps and unnecessary expenses.
Your Insurance Right in Your Pocket
Our award-winning application, MySharp, will completely change how you view insurance. It allows you to access your pink card via voice commands, review your policies, request changes online, and check out your payment schedules. You can also submit claims through our app, making it easy to gather your documents and send them directly to our team with just a simple click.
Excellent Service, Affordable Rates
As an independent insurance brokerage, we’re not tied to a single insurance company. So, when you come to us looking for landlord insurance, we search the market on your behalf and compare quotes from different providers to get you the right coverage. Landlord insurance policies can vary widely when it comes to pricing and protection. That’s why having a seasoned partner in Saskatchewan is essential to help you choose the perfect policy for your rental home.
What Is the Difference Between Landlord Insurance and Tenant Insurance?
Landlord insurance is a specific coverage designed for property owners who rent their houses, condos, or even suites in their homes to tenants. It protects the building, your belongings if you decide to leave any at the property, your liability, and your rental income. Meanwhile, a tenant insurance policy protects the tenant’s belongings, covers their liability, and helps pay additional living expenses if they have to leave the property due to a covered event.
Who Should Carry Landlord Insurance in Saskatchewan?
- Homeowners Renting a Suite: Even if you’re renting a part of your home, like a basement, your home insurance policy won’t protect it because it doesn’t cover rental properties. That’s why you should get landlord insurance to protect your rented space from damage and yourself from liability issues.
- Condo Owners: Condo owners should carry landlord insurance, whether they’re renting out their units to short-term or long-term tenants. Renting out a condo unit without landlord insurance can lead to costly risks, including property damage and liability claims.
- Investment Property Owners: If you’ve invested in a standalone rental property, don’t put this investment at risk by skipping landlord insurance. Even if your tenants have renters’ insurance, you still need landlord insurance to protect the structure of your property and cover your own liability as an owner.
- Airbnb Hosts: Landlord insurance is highly recommended for property owners who rent their houses, apartments, or even basements to short-term tenants. The high turnover of guests increases the chance of accidental damage, liability issues, and unexpected incidents.
How Much Does Landlord Insurance Cost in Saskatchewan?
The average cost of landlord insurance in Saskatchewan ranges between $40 and $80 monthly, which works out to $480 to $960 per year. Which is lower than the average premiums in other provinces such as British Columbia, Ontario, and Alberta. However, this range isn’t guaranteed for every property because insurance premiums depend on several factors, including:
- Age and condition of the building
- The property’s location
- The type of tenants you rent to
- Coverage type and limits
- Deductible amount
- Your claim history
Contact Sharp today to get a free quote for your landlord insurance coverage from a reliable insurer in Saskatchewan. As a leading insurance broker, we compare multiple policies on your behalf, explain your options, help you understand your benefits, and ensure you purchase the right coverage.
Is it Possible to Get Cheap Landlord Insurance in Saskatchewan?
We have good news: you can get lower landlord insurance rates if you follow these steps from our experts at Sharp:
- Partner with an Insurance Broker: Working with an experienced insurance broker in Saskatchewan like Sharp will help you get lower insurance rates. At Sharp, we compare insurance quotes from multiple providers to find you the best insurance policy that fits your property and your budget.
- Bundle Insurance Policies: Many insurers offer discounts when you combine multiple insurance policies into one bundle. For example, if you buy landlord insurance and auto insurance or home insurance from the same provider, you may get lower rates.
- Maintain Your Property: Keep your property in good condition to avoid the likelihood of claims and liability issues.
- Improve Security: Invest in security devices like smoke detectors, security cameras, and monitored alarm systems. Besides helping reduce the risks of theft and fire, they can also help you get lower insurance rates.
- Choose a Higher Deductible: Choosing a higher deductible can lower your insurance rates, but don’t forget that you’ll have to pay that amount out of pocket when you need to file a claim.
Are Landlords in Saskatchewan Legally Mandated to Carry Rental Property Insurance?
Rental property insurance for landlords isn’t legally mandated in Saskatchewan, but that doesn’t make it any less important. Without a comprehensive landlord insurance plan, landlords can find themselves responsible for covering damage after unexpected events and paying for liability claims. They can also lose their rental income completely if their property becomes temporarily uninhabitable after a covered incident.
Another thing that landlords should keep in mind, especially if they’re applying for a loan, is that many lenders require proof of insurance to approve financing for a rental property. Therefore, skipping landlord insurance in Saskatchewan is never a good idea, regardless of the size of your rental property. If you want affordable and reliable landlord insurance in Saskatchewan, contact Sharp today for a free quote.
Is There Anything Landlord Insurance in Saskatchewan Doesn’t Cover?
There are some common exclusions that landlords should be aware of, such as:
- Intentional Tenant Vandalism: Insurance is meant to cover accidental damage caused by unexpected events, so intentional damage isn’t covered by insurance.
- Commercial Buildings: Landlord insurance is only designed for residential rental properties. If you own a property used for business purposes, you’ll need a commercial property insurance policy instead.
- Tenant’s Belongings: Landlord insurance doesn’t cover tenants’ belongings; they’re covered under tenant insurance.
- Tenant’s Liability: If a tenant causes damage to a third-party property or accidentally injures someone due to the tenant’s negligence, landlord insurance doesn’t cover it.
- Normal Wear and Tear: Maintenance issues and normal wear and tear aren’t covered under landlord insurance. Also, it doesn’t cover other issues like mould and pest infestation.
Read more:
- 7 Uncontrollable Factors Affecting Home Insurance Rates
- 8 Scenarios Not Covered by Home Insurance
- 10 Foolproof Tips To Save On Home Insurance
Landlord Insurance, Saskatchewan – FAQs
Have questions about your Landlord insurance in Saskatchewan? Sharp offers innovative solutions for Landlords’ insurance in Saskatchewan and we’re here to answer all your questions. See our FAQs answered for your convenience below.
Landlords in Saskatchewan need rental property insurance to avoid paying out of pocket for repairs, liability claims, and income loss when unexpected events affect their property. Landlord insurance also helps property owners attract more responsible tenants, secure financing for their rental property, and protect their investment, no matter what happens.
The best way to understand the coverage your rental property needs is to review the risks associated with your building, the type of tenants you have, and the value of the structure and any belongings you leave inside. Our advisors at Sharp can help you assess these factors and choose the right coverage for you.
Yes, landlords in Saskatchewan should require tenant insurance to ensure that tenants have protection for their personal belongings and liability. When tenants carry their own insurance, they become more responsible because they know they will be held accountable for any accidental damage they cause.
Standard landlord insurance doesn’t cover property damage that occurs during long periods of vacancy. If you expect your rental property to be empty for some time, it’s important to notify your insurer and secure a vacancy coverage add-on if available.
Landlord insurance protects rental residential properties, including condos, apartments, and standalone homes. It can also apply to secondary suites such as basements and guest houses that are leased to tenants.
While Alberta law does not require tenants to carry renters’ insurance, landlords in Saskatchewan commonly make it a lease requirement. Tenant insurance helps protect their’ belongings and reduces liability risks for both parties.
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.