Compare rental income property insurance quotes

Q: How much does landlord insurance cost per month?

Expect to pay about $20–$80 per month depending on many factors including the type of building (residential vs. commercial), primary purpose (rental or storefront), and size of the building to name a few.

Q: Is it worth getting landlord insurance?

Many landlords rely on positive cash-flow from their rental property. The peace of mind knowing that your income will continue if an insured loss becomes a reality is absolutely worth its relatively low cost.

Q: Does landlord insurance cover tenants belongings?

No, for that each tenant will require their own renter's insurance policy to cover their own valuables. Landlord's insurance will protect the major appliances in the tenant's suite.

Q: Does landlord insurance cover vacancy?

Not all landlord insurance policies include coverage for a vacant apartment. Many insurers do offer additional coverage for this exclusion. Speak with your broker.

Q: Do landlords have to have insurance by law?

While there is no law mandating landlord insurance, your mortgage lender often requires it. Even when you're mortgage-free though, it makes sense to protect a property that earns you income and save you from headaches and financial fallout.

In the market for income property insurance? Compare landlord insurance quotes online for free, in under 5 minutes.

What is landlord insurance?

Matt Hands, Business Director, Insurance

February 10, 2021

Do you own a rental property or income property? Do you consider yourself a landlord? If so, there's special home insurance you'll need to purchase. It protects more than just your home and property from damage or liability, but also your stream of rental income.

Rental income property insurance, or landlord insurance, is designed for these kinds of homes. If you own this type of property, you’ll want to have this insurance in order to protect yourself.

Landlord insurance coverage types

Rental income property insurance is similar to traditional home insurance in many respects. To begin, it includes the same basic coverages, such as:

Property coverage

Landlord's belongings

Liability coverage

Loss of rental income

Landlord Insurance Quotes

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Optional landlord coverages you can add

You can extend coverage for specific risks for a more complete policy

Flood insurance

Earthquake insurance

Extended contents insurance

Airbnb coverage

Non-payment of rent

Where am I not covered with rental property insurance?

Much like a typical home insurance policy, there are a number of situations where you can't make a claim. These include:

General wear and tear.
Damaged caused by termites, insects, or rodents.
Damage cause by earth movements, such as landslides (unless you buy the extra coverage).
Vandalism (some policies allow to you add this coverage).
Any damage or destruction due to an intentional or criminal act.

Credit check required?

No, but it can help you save on landlord insurance. A high credit score signifies fewer claims and insurers may reduce premiums.

How much does landlord insurance cost?

The average cost of landlord insurance is about $900/year for a house and $400/year for a condo/apartment. The cost changes for owner-occupied, or a commercial property.

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Ratehub.ca Pro Tip

Most insurers won't give you landlord insurance without first knowing your tenants have insurance.

Should landlords require renters insurance?

Adding a prerequisite for tenant insurance on your lease agreement is a smart move for both the landlord and the tenant. Renters insurance protects their contents, third-party liability if someone injures themselves in their unit, and additional living expenses. Additional living expenses pay for them to live elsewhere following an insured loss until you can repair their unit.

It benefits the landlord in many ways, including:
Tenant insurance can pay your deductible if your renters are responsible for any damage to your building.
Landlord insurance doesn't pay for tenants' belongings, only their own policy covers their stuff.
Avoid costly legal fees if a tenant pursues you for something they feel is your problem. With tenant's insurance, there's no need to go after the landlord.
By requiring renters insurance, you can get a discount from your insurer from the reduced risk.
It's affordable peace of mind for your tenant at an average of $12-$20.

Read more on our blog: Should my tenants have renters insurance

FAQs about landlord insurance

How much does landlord insurance cost per month?

Is it worth getting landlord insurance?

Does landlord insurance cover tenants belongings?

Does landlord insurance cover vacancy?

Do landlords have to have insurance by law?

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

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