Landlord Insurance in Sherwood Park
Protect Your Rental Income with our Landlord Insurance in Sherwood Park
Your owned property could become a good source of investment with minimal risks. Landlord insurance helps you protect the rental unit you own from most perils, while maintaining a stress-free, steady income. It protects against property damage, loss of rental income, legal liability, and other related expenses.
Sharp Insurance can help match you with top insurance providers who tailor policies just for you. We have the expertise, experience, and dedication to protect your most valuable assets from unexpected events, offering different types of insurance, including auto insurance, business insurance, home insurance, recreational vehicle insurance, and more.
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Why Get Landlord Insurance in Sherwood Park from Sharp
Comprehensive, Fair Coverage Options
We offer all our clients the same level of care with customizable insurance plans that match their insurance needs and fit their budgets. Our partnership with the top insurance companies in Sherwood Park gives us room to offer the best, most comprehensive coverage to everyone. We will find you a fair deal and help you throughout the claims process. With Sharp Insurance, you get the right insurance solutions from people who care.
User-Friendly Tech Solutions
Our online portal, MySharp app, and website allow easy access to our services around the clock. With a few clicks, you can find out about services, manage your insurance products, and get access to your pink card. With Sharp Insurance, your journey is a smooth sail from start to finish.
Our Services Are Available 24/7
You can connect with our team any time, any day. We are available to help you on the phone, by email, social media, or in person. Whenever you need us, you find us. Not to mention that we have an online portal that you can use to get access to your insurance information via the web or a mobile app. Using the portal, you can make a request or submit a claim anywhere with no hold time.
What Is Landlord Insurance?
Landlord Insurance, also known as rental property insurance, is a type of property insurance designed for property owners who lease their units to tenants. It covers the building or structure, the landlord’s possessions, in addition to liability coverage in relation to the rental property. It also covers lost income, helping you keep your income even in the toughest situations. Landlords can also purchase additional coverage options, known as add-ons, so their rental property is fully protected against all types of risks.
What Are the Types of Landlord Insurance in Sherwood park ?
- Rental Property Insurance: The standard type of landlord insurance for property owners of townhomes, single-detached, or semi-detached homes.
- Rental Condo Insurance is for condo and strata rentals.
- Residential Buildings Insurance: This type of insurance is for owners of multiple residential units that they rent. Usually, any property owners of more than 7 units need this insurance.
- Cottage Insurance is for owners who rent their cottage or seasonal home.
- Commercial Property Insurance: This is for property owners who rent out their spaces for commercial use, like stores or offices.
- Student Housing Rental Insurance is for landlords who rent their houses or apartments to students.
- Short-term Rental Insurance is also called Airbnb insurance, made for owners who rent their property for weeks or days.
What Does Landlord Insurance Cover in Sherwood Park?
Landlord Insurance has 3 main coverages.
Property Damage
Personal property damage, also known as dwelling coverage, protects the structure or building of your owned property against risks, like fire, hail, wind, theft, and vandalism. It helps pay for damage repair and replacements as needed.
Personal liability coverage
If a third party suffers bodily injury or property damage because of the landlord, liability insurance coverage pays for all legal fees and medical expenses. For example, if a tenant’s guest falls on broken stairs, they could sue the landlord because of the unsafe conditions.
Lost Rental Income
If the rental property is severely damaged, and the tenant has to vacate it, this insurance coverage pays for a portion of the lost income, giving the landlord peace of mind. For the tenants in that case, they get additional living expenses coverage for financial support instead.
Landlord’s Contents Coverage
This coverage only includes the landlord’s belongings, including fixtures, HVAC system, plumbing, electrical systems, and possessions kept in the unit for storage. If the rental property is furnished, it may also include the furniture owned by the landlord.
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What Add-ons Can You Include in Your Landlord Insurance Policy in Sherwood park?
Under Construction
A coverage that provides liability protection when your home is under construction or renovation. Such protection is needed for your property, especially if the renovation increases the property value, leaving you underinsured.
Fair Rental Value Coverage
This is similar to lost rental income coverage, but it increases the amount of rent you get when the property is too damaged, making sure that you get a fair rental value while the property is getting fixed.
Unpaid Rent
Unpaid rent is important for you when your tenant refuses to pay rent. It will compensate you for the unpaid rent, and may also pay legal fees you pay to recover rent and evict the tenant if needed.
Additional Content coverage
This coverage increases the limits of your contents coverage, so you can add extra items, like art pieces and expensive decorative items that may increase the rent value.
Sewer Backup
Sewer backup damage is vexing and can cause significant financial loss if the damage is severe. This coverage pays to repair for the damage caused by sewer backing up.
What is Not Covered by Landlord Insurance in Sherwood Park?
- Maintenance Issues: Maintaining your property to the best shape is your responsibility, and damage from failing to do so isn’t covered by insurance.
- Equipment breakdown: Damage to appliances you own, like stoves and furnaces, isn’t covered by insurance, but you can add additional equipment breakdown coverage to include it.
- Tenant’s belongings: Your insurance doesn’t cover the tenant’s belongings. They are covered by their tenant insurance.
- Infestations: Things that take time to cause damage, like mold or pest infestation, aren’t covered by insurance, as you should fix them as soon as they appear.
- Extreme weather events: Floods, earthquakes, and tornadoes aren’t covered events by standard insurance. But you may still add them as additional coverage options.
Your property deserves the best care from insurance experts. Contact us to get the right coverage now!
Is Landlord Insurance Mandatory in Sherwood Park?
Landlord insurance isn’t mandatory by law in Sherwood Park. 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 Sherwood Park?
Landlord Insurance costs between $300-500 per year for a small condo, to $1,700-$2,200/year or more for a detached house, and more for a multi-apartment rental unit. As a rule of thumb, landlord insurance is usually 15%-20% more expensive than Sherwood Park home insurance policies.
In all cases, each insurance policy has a different insurance premium rate, depending on many factors, like location, number of units and tenants, claims history, and more.
What Influences the Pricing of Landlord Insurance in Sherwood Park?
- Location of rental home: Some location factors may affect the price of landlord insurance. For example, each neighborhood has distinctive crime rates and claims stats. Moreover, the unique weather characteristics may also affect the insurance price.
- Claims history: Insurance companies look into your claims history. The more claims you have, the higher they set the insurance premiums are. Statistically, having claims signals that you will file more in the future.
- Safety features: Having a secure home with an advanced security system may get you a better deal. It shows the insurance company that you’re serious about keeping your home protected.
- Property type and size: The size of the property and the number of units affect the insurance premium. A big house or a multi-unit apartment building faces more risks and has more value than a small condo.
- Property Age and Condition: An old house may have some flaws, like an outdated system or a weak structure. That may result in being more expensive to insure because it is more higher risk than a new house.
- Rebuilding costs: Overall, insurance companies must take into account the overall cost of rebuilding the house in case it is severely damaged. If it is built with expensive materials, for example, it will have a higher insurance price.
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How to Get Cheap Landlord Insurance in Sherwood Park, Alberta?
Here’s how to reduce your premium and get a better deal on your landlord insurance policy.
- Compare Quotes: While it is a bit easier to go with the first quote you receive, you might miss out on great deals. Save money by browsing different deals from different providers. At Sharp Insurance, our insurance brokers can help you by finding the best deals with the best coverage options for you to compare and choose.
- Bundle Insurance Products: Buying insurance bundles that include other types of property insurance or even car insurance can get you a discount from your insurance provider.
- Install a Home Security System: Having a secure and up-to-date security system protects your home from theft and vandalism. It also shows insurance companies that you care about your home’s safety and can decrease your insurance premiums.
- Upgrade Home Systems: If your house is old, it is best to upgrade the heating, electricity, and plumbing systems. Not only will that increase rent value and keep your home safe, but it will also get you a discount because it makes your home less risky.
- Increase Deductibles: Higher deductibles decrease premiums. However, it’s important to make sure you can afford the deductible at any point.
- Decrease Coverage Options: More coverage means better protection, but only if you need that coverage. On reviewing your coverages, you may find that you have extra coverage that you don’t need. In that case, we encourage talking to your insurance brokers about decreasing your insurance coverage. An annual review of your coverage plan is recommended, as your needs and budget may change during that time.
Get the Right Landlord Insurance Coverage in Sherwood Park
Getting the right Landlord insurance coverage in Canada is the perfect mix of protection and price.
Landlord Insurance Sherwood Park FAQs
Have questions about your Landlord insurance in Sherwood Park? Sharp offers innovative solutions for Landlords’ insurance in Sherwood Park and we’re here to answer all your questions. See our FAQs answered for your convenience below.
Yes. Homeowners insurance is designed for homes occupied by owners. Once you rent out your property, the risks change, and most home policies exclude or limit coverage for rental properties. A landlord insurance policy ensures your building, liability, and rental income are properly protected.
A typical landlord insurance policy may include:
- Coverage for damage to the building
- Liability protection if someone is injured on the property
- Optional loss-of-rental-income coverage if the home becomes uninhabitable
- Optional coverage for landlord-owned contents such as appliances or furnishings
No. Landlord insurance only covers the landlord’s property and liability. Tenants must purchase their own renters’ insurance to protect their belongings and personal liability.
Premiums depend on factors such as:
- Property location and local risk exposure
- Building age, condition, and construction type
- Whether the unit is furnished
- Tenant type and occupancy
- Claims history
- Additional coverages selected
Loss of rental income is usually optional. It helps replace rental income if your property becomes uninhabitable due to an insured event like fire or major water damage. You typically must add it to your policy, but it’s highly recommended for landlords who rely on consistent 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.