Rental property insurance & landlord insurance quotes

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

No, each tenant will require their own renters insurance policy to protect their own valuables. Rental income property insurance protects the major appliances in the tenant's suite that are owned by the landlord. 

Not all landlord insurance policies include coverage for a vacant apartment. Many insurers do offer additional coverage for this exclusion, so be sure to peak with your broker. 

While there is no law mandating landlord insurance, your mortgage lender often requires it. And even if you're mortgage-free, it makes sense to protect a property that earns you income – saving you from headaches and financial fallout. 

Stipulating a requirement for renters insurance on the lease agreement is a smart move for both the landlord and the tenant. This type of policy can help pay out claims related to the loss and damage of tenant contents, as well as take care of third-party liability suits. And if the tenant is unable to live in their rental due to an insured risk, it can also cover related living expenses, such as hotel fees. 

This benefits the landlord in many ways, including:

• Paying your deductible if your renter is responsible for property damage
• Covering your renter's belongings because landlord insurance doesn't
• Avoiding costly legal fees as the renter will have their own policy to take care of claims, decreasing their likelihood of coming after you
• Potentially decreasing the cost of your landlord insurance as your risk is also lowered
• Giving you peace of mind for the low cost of about $20 per month

To learn more, read our blog: Should my tenants have renters insurance?

While landlord insurance is a type of home insurance, it's not the same as a conventional home insurance policy. Rental income property policies are designed for the unique risks that come with leasing a unit. So make sure you have the correct insurance in place before listing your property on the market – if you don't, your claim will most likely be denied as regular home policies typically don't cover commercial-related activities. 

Yes, but the damage must be an insured risk and unintentional. For example, if your tenant accidentally burns down your kitchen, your policy will pay for the repair, provided you're also covered against fire. On the other hand, you won't be covered for acts of intentional damage, such as vandalism.