Rental Property Insurance

Great question. The key difference between home insurance and rental property, or landlord, insurance is who lives at the property you are insuring. With home insurance, you are expected to reside at the insured home. 

Landlord insurance is for properties you own that you rent out to tenants. It’s sometimes possible for your rental property to be added as an extension of your primary residence home insurance policy, but there will be conditions around who is renting the space. This is most common when you are renting out a basement apartment or space within the home you yourself reside in.

Your landlord belongings kept at the property for maintenance, any other structures on your property like a shed or garage, or your appliances and furnishings that are provided for your tenants aren’t covered under your tenant’s policy. 

It’s also important for you and your tenants to have separate liability coverage in case of damage at the property. Because you aren’t always present at the property, things can go wrong. If damage occurs, you’ll need your own liability protection. If damage or injury occurs at the property that is caused by your tenant’s actions, their insurance policy will kick in to cover the costs.

To get the best price and the right coverage, we’ll need some information about you and your rental property. Questions you may need to answer include:

• When would you need your coverage to start?

• Where is your rental property located?

• What type of rental property do you own? (e.g. House, Condo, Apartment Building, etc.)

• What type of rental agreement will you use at your property? Short term or long term?

• What is the age of your property?

• What is the total value of your belongings kept at the property?

• Do you have any detached or additional structures on the property?

• Will your tenant be required to obtain tenant insurance?

• What is your insurance and claim history?

Insurance companies determine rates differently for different insurance products. For rental property insurance, some factors that affect your premiums are:

• Where your property is located

• The type of rental property you own and the age of the home

• How you rent the property–long or short term

• How many tenants rent your property

• Your insurance and claim history

While it’s often not legally required to have rental property insurance, your mortgage lender often requires it as a condition. Landlord insurance is crucial if you rent out your space because your homeowner insurance policy will not cover your claim if you’re renting the property and something unexpected happens.

It’s also not a bad idea to put in your lease agreement that tenants must have tenant insurance. Your landlord insurance will not cover your tenant’s personal belongings at all, or provide any personal liability protection if they accidentally cause damage.

Like we said, shopping for insurance is not fun. So think of us as your insurance partner. We’ll do everything we can to make getting the right coverage as smooth, simple and painless as possible. We know every insurance situation is unique, so we know the important questions and will learn about you to make sure your policy gives you the protection you need.

We’ll also cut through the industry jargon to make sure you understand your policy, and help you navigate optional coverages to recommend additional options you may want or need. 

With rental property insurance especially, there are a lot of options, and it can be overwhelming or even downright difficult to find the right coverage. An insurance broker will help you build the right policy for your situation. As your needs change, your Specialist will also help you update your policy so you stay covered.

An insurance Specialist is also aware of discounts offered by insurance companies and can recommend combining products to save you time and money. In fact, some insurance companies and their products are only available through an insurance broker. Bottom line? We can save you money too.

If you need to file a claim, it’s okay, don’t worry, we’ll do it with you. We know accidents and claims happen, we’ve seen and heard it all. As your insurance partner and advocate, we will help you through it. Call us at 1-833-745-0299 and we’ll be here to help you navigate the situation, 24/7.