Are you and landlord in Ontario? Do you rent out your basement? Own rental units? Are you leasing a house to tenants? You'll need landlord insurance to protect your rental property investment.
Protect your property, rental income, finances and building structures.
While being a landlord can be challenging, getting landlord insurance coverage and quotes doesn’t have to be difficult.
At ThinkInsure, we’ll help you compare landlord insurance quotes and find the best coverage at the cheapest rates.
Here you will learn :
The types of landlord insurance coverage
How landlord insurance is different from home insurance
How landlord insurance works
Answer to common questions about landlord insurance
What Is Landlord Insurance?
Landlord insurance provides coverage for property owners who rent a property. You can a rent out a home, apartment unit, or condo.
It can also be a space or room in your home. Landlord insurance provides financial protection from damage caused to rentals.
There is not coverage for rented dwellings under your standard home insurance policy.
Depending on your situation, you may need to add an endorsement to your current home insurance policy. Or you may need to take out a separate landlord policy.
Types Of Landlord Insurance Coverage
There are a number of different types of landlord insurance coverage.
They meet the needs of a specific type of rental :
Landlord rental property insurance : This is the standard type of landlord insurance used when renting a dwelling.
Condo landlord insurance : This policy is for when you rent your owned condo to tenants. This helps to insure things not covered by your condo association insurance policy.
Apartment building coverage : This type of coverage applies to any structure with 7 or more rental units.
Commercial buildings insurance for landlords : This coverage is for landlords who lease commercial buildings or properties for commercial purposes.
Unoccupied landlord insurance : This coverage is for rental units that are vacant.
Student rental unit : This coverage is catered to properties used for student rentals.
Short term rental insurance : This coverage is also called Airbnb insurance or home share insurance.
This policy provides coverage if you rent your property out periodically through home share platforms.
How Much Does Landlord Insurance Cost?
The average landlord insurance policy costs approximately 20% more than your homeowners insurance policy. For example - the average home insurance rates in Ontario about $1250 per year. You can expect landlord insurance to cost about $1500 per year.
All situations are different. All types of rentals have unique risks and coverage requirements. Get a landlord insurance quote to get an accurate estimate of policy costs.
Things You Need To Know About Landlords Insurance
While both policies offer similar types of coverage, the scope and focus on the coverage varies.
Home insurance protects your home, personal contents and liability.
Landlord insurance policies protect your investment in a rental property. The type of covered offered in a landlord policy is specific to renting out a property.
While landlord insurance is not legally required, it is highly recommended.
Failure to have the correct coverage in place could result in a denial of a claim.
This is even the case if you live in the property. You could leave yourself exposed to additional risk without coverage.
The type of coverage you will need to protect your rental depends on your situation. There are two common ways rentals work :
Occupied by landlord : You live in the property you rent out. You rent a room, your basement, or a portion of your home.
Rented but not occupied : You do not live in the property you rent. You rent a home, condo, or apartment unit to a tenant.
This distinction will impact the type of insurance coverage you need.
You Occupy The Home You Are Renting
You are living in the home and there is a separate apartment in the home. The landlord needs to advise their insurer to change the home occupancy from “1 family” to “2 families.”
Most insurance companies will ask the tenant get a renters insurance policy.
This could be a condition for the landlord to change the dwelling class to a “2 family home.”
You Rent Out A Home Separate From Your Residence
If you rent a property that you do not live in, you will need a separate landlord insurance policy.
The type of coverage you need will depend on the type of rental and many other factors.
Landlord insurance provides you with protection for your property, contents, and liability. This includes your building structure on your property.
It also includes legal costs if you face a lawsuit and other specific types of coverage.
Landlord Property Coverage
Property coverage provides you with protection for physical property and structures. Coverage includes :/p>
The building structure : Coverage for damage as a result of fire, wind, hail, lightning, and other perils.
Other structures on the property : Coverage for garage, deck, fence and other structures on the property.
Landlord contents insurance : Coverage for the landlord’s personal contents onsite to maintain the property. This includes a lawnmower, gardening equipment, and snow blower.
Landlord Liability Coverage
Landlord liability coverage protects the property owner from legal liability. It will cover the costs of legal fees and medical bills related to personal injury if the landlord has fault for the incident occurring.
Failure to maintain your rented property is one of the most common sources of liability claims against landlords.
Extra Landlord Insurance
Vandalism coverage : Provides coverage if a tenant or third party causes significant damage or vandalises the rental unit.
Property under construction coverage : This protects your property during building and renovation projects.
Theft coverage : This provides protection of the landlord’s personal property at the rental property.
Fair rental income : This helps if your property has too much damage to rent from a covered loss. You will receive compensation for rental income you would have received while repairing the property.
Landlord rent insurance : Insurance for nonpayment of rent. It provides coverage for rental income in the event an occupant fails to pay. It may also help cover legal fees for recovering rent or evicting a tenant who owes rent.
Condo liability protection : Invest in liability protection that’s above insurance offered through your condo association. This ensures you have extra coverage in the event of a fire, flood, or other covered loss.
There are a few main things that you do NOT have coverage in a landlord’s insurance policy :
Property maintenance : Landlords are responsible to the regular upkeep and maintenance of the property.
Equipment breakdowns : Property owners do not have coverage for the breakdown of household equipment and appliances. This includes the furnace, stove, dishwasher, etc.
Tenants’ personal property : Tenants will need to purchase insurance to cover their belongings.
Do you rent your basement, a room in your home, or have a secondary residence you rent? You need to get the best landlord insurance for your situation. Here’s how you do it :
Do a landlord insurance policy comparison : Always compare your coverage options. Policy options and coverage varies from insurer to insurer.
Speak with a broker : Our team of insurance professionals has your best interest in mind. We’ll help you find a policy that meets your unique needs.
Choose the right type of coverage for your situation : We’ll help you customize landlord coverage for your specific situation. Regardless of how or what you rent, we have coverage for you.
Don’t shop based on price alone : Policy cost is an important factor. You also need to consider the value and type of coverage you will receive.
Get Flexible Coverage And Savings For Landlord Insurance
Getting affordable landlord insurance coverage for your rental unit or second property is quick and easy with ThinkInsure. We’ll help you compare quotes, find the best coverage for your needs, and much more. We’re the best landlord insurance comparison site for a reason :
Customizable coverage options : No two rented dwellings are the same. We’ll ensure you have the right custom coverage to meet your unique situation.
Personalized customer service : You’ll work with a dedicated personal service representative to help you with all your insurance needs.
Quickly compare landlord insurance quotes : We’ll help you find and compare quotes in a matter of minutes. Get the best rates and the coverage you need to protect your property.
We make getting insurance easy : Get a quote online. Call us at 1-855-550-5515 to get a quote, update your policy, ask questions, and more.
Save money! We’ll ensure you are getting the best landlord insurance rates based on your situation. Our team will look for cost saving opportunities to help you maximize your investment.
Compare Quotes From Top Landlord Insurance Providers
At ThinkInsure, we’ve partnered with the best landlord insurance companies in Ontario. We make it easy for landlords to get coverage and protect their investment. Compare quotes from the best insurance companies to find the cheapest landlord insurance rates.
Some of our insurance partners include Aviva, Travelers, Intact, Economical, Wawanesa, Unica, Pembridge, and many more.
What Are Some Tips To Find Cheap Landlord Insurance Quotes?
Want the lowest landlord insurance rates? Use these tips to find cheap landlord building insurance :
Understand your situation and coverage needs : Avoid over insuring your property. Understand your needs and choose the right amount of coverage for your situation.
Compare quotes annually : Always compare coverage and quote options each time your policy comes up for renewal.
Update your policy : Notify your insurer of changes to your property, tenant status, coverage needs, and information. It could lower your rates.
Work with a broker : Our team will compare policy options to help you find coverage discounts and cost savings.
Ontario Landlord Insurance FAQs
Finding the right coverage for your situation is important. Like many other landlords, we know you have questions about your coverage needs. Here are some of the top questions we receive about landlord insurance in Canada:
Yes. A standalone landlord insurance policy is typically more expensive than a standard homeowners insurance policy.
The policy type best for you depends on the property you rent, coverage needs, and many other factors. Get a quote and compare coverage options to find the best coverage for your specific situation.
Yes. Your policy typically covers damage by your tenants. Check your policy to understand coverage limits. You may also need to take out additional coverage.
Not all landlord policies include coverage for vacant rental properties. Many insurers do offer vacancy coverage as a policy add-on.
Every situation is unique. The size, property type, and number of units all play a role in how much landlord liability insurance you need. Speak with an insurance professional about your specific situation.
You will need special coverage for vacant properties. Speak with your insurance professional about your coverage options.
You will need a standalone landlord insurance policy if you rent out a property other than your primary residence. If you rent out a room, you can add a policy endorsement to your current home policy for rentals.
It is a good idea that you get a landlord insurance policy no matter who you rent to. This ensures you have protection in case of a covered loss event.
Get Landlord Insurance Quotes Online
Looking to get a landlord insurance estimate? We’ll help you get quotes from the best insurance company for landlord insurance in your area. Get landlord insurance online or call us toll-free at 1-855-550-5515 to compare quotes and save.
Insurance Blog And News
Read our insurance blog get helpful tips, information and news.
Learn About Home Insurance Premiums
What is a property insurance premium? Learn about the types of home insurance premiums, factors that can impact your house premiums, how to calculate property insurance premiums, as well as tips for how to lower home insurance premiums.
Average Cost For Home Insurance In Ontario
What is the average home insurance cost in Ontario? We’ll take a look at the average cost of homeowners insurance in Ontario and top factors that influence the average house insurance rates.
How To Create A Home Inventory List For Insurance
You never know when you could experience a loss or need to file an insurance claim. Do you have a home inventory list? Not sure where to start? Use our tips to help you build a thorough and trackable home inventory record.
Home Insurance Claim – House Insurance Claims Process Tips & Advice
Filing a home insurance claim? Get answers to common questions about how it works, what to expect, and get great tips and advice for managing the house insurance claim process.