Protect Your Rental Property with Landlord Insurance
We provide important coverage for property owners who rent their property out to others, whether it’s their house, condo, or townhome. Landlord insurance is often referred to as rental property insurance in BC, and as a landlord, you should always be prepared for the unexpected.
While renting out your property to others can be a useful source of income, it is important that landlords protect this revenue source by ensuring they have an insurance policy designed to protect their property and their rental income, should they be confronted with a sudden loss.
Certain homeowner insurance policies provide coverage for renting out a portion of your home but they will usually only do so if the homeowner occupies a portion of that same property. If a landlord decides to rent out the entire property, insurance companies require a Rented Property insurance policy.
For those renting out their condo, this part of the coverage provides protection, up to $500,000 for improvements and betterments conducted on their condo unit, should they experience a claim. For those renting out their entire home, this part of the coverage protects the dwelling, up to $1,200,000 on a Replacement Cost basis, as well as any detached private structures up to 10% of the dwelling limit.
Whether you’re renting out your Condo or your Home, you need coverage for the possessions you leave in the residence you rent out. This could be anything from the appliances that come with the home, like a washer, dryer, refrigerator, and stove, to a fully furnished house, that comes with numerous couches, tables, beds, dressers, and more. This portion of your Landlord policy provides coverage for those elements.
Arguably the most important reason why people own a rental property, is to earn additional income from it. But what if your home experiences a flood or a fire, and requires your tenants to be displaced, causing you to lose the rental income? Your Landlord Insurance policy will provide coverage, to a predetermined limit, for the loss of rental income due to a covered loss.
Premises liability insurance protects landlords against potential lawsuits that may arise from injuries sustained by visitors to your rental home. Some simple examples may include friends or acquaintances who slip and fall on your stairs. Landlord’s owe a duty of care to their tenants and maintain the come and protect anyone who sets foot on the premises.
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Optional Add-ons and Customizations
To cover any damage caused to your home as a direct result of an earthquake, you can add this coverage to your home insurance policy.
This coverage provides broader water damage protection for loss or damage caused by sewer backup, an overflowing appliance or overland flood from surface water or ground water. This coverage may not be available to all BC residents.
In addition to a number of add-ons, our online home insurance policy provides a number of flexible customizations. You can set the limits that you want, schedule personal property, and more.
Our online landlord insurance policy offers comprehensive landlord insurance offering that our BC customers love. It features a series of industry-leading coverages, elevated coverage limits, and it’s backed by superior, locally operated claims service. We have featured some of the key components of our online landlord policy below:
Amount of Coverage
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Tips & Tricks
Build your claims-free discount
Most insurance carriers provide discounts to those who have gone several years without experiencing an insurance claim.
Paying annually for your premium typically offers savings over monthly financing.
Improve your home security
Make your property more secure with a monitored burglar alarm system. Many insurance carriers will offer you a home security discount as a result.
Frequently asked Questions
I rent my home seasonally. What kid of coverage should I get?
Why should landlords require renters insurance?
Does my homeowners policy cover my rental property?
What does landlord insurance cover?
Does landlord insurance cover tenant damages?
I am looking for Rented Condo/Landlord Insurance, however the unit is not tenanted yet. Can I still purchase insurance before the tenants move in?
Looking to File a Claim?
Our dedicated claims department is committed to making the claims process as smooth and stress-free as possible. Whether you need to file a claim for your home, vehicle, or business, we have the expertise to guide you through the process.