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Rental Property Insurance in Ontario

The term ‘Rental Property’ is familiar to most. But do you know exactly what a rental property is? As Josh Mashinter, our Farm & Commercial Account Producer has pointed out, any property that is not owner-occupied and has tenants in it is classified as a rental property.

“Now whether that’s commercial retail tenants, like a lawyer’s office or a retail store, or a family dwelling or student tenants in the rented home, this would all qualify as a rental property.”


What You Need To Know About Rental Property Insurance

Rental Property Insurance is similar to that of Homeowner Insurance in the sense that the primary concern is coverage for the building or structure. Ultimately, Rental Property Insurance provides landlords with protection to cover unforeseen damage expenses caused by disasters like fires, flooding and other specific coverage’s that are unique for residential realty.

The right rental property insurance will also cover contents, third-party liability, and more.


What Does Rental Property Insurance Cover?

The location of your property, the type of tenants, and the design of the building/home will all come into play when determining what type of rental property insurance is right for you, and if additional coverage options are needed.

Landlords can choose from five policies depending on the type of property.

  • Residential Rental Property Insurance: This coverage protects properties with one to six family units.
  • Apartment Building Insurance: A building that houses seven or more families will need this coverage.
  • Student Rental Unit Coverage: This policy is for landlords renting to students (residency rules can have a significant impact on insurance premiums).
  • Rented Condo Insurance: This type of coverage will protect condo owners on an individual basis.
  • Airbnb Rental Coverage: Seasonal property renters, out-of-town owners, and landlords providing other short-term rentals benefit from this specific policy.

In some cases, coverage for landlords can come in combination with a homeowner’s policy, or on a standalone basis. Most rental insurance policies can be customized to meet your specific and individual needs as a landlord; however, several situations are typically covered by your rental property insurance policy.

  • Structural Damage Coverage
  • Fair Rental Income Protection
  • Liability Insurance
  • Protection for Loss of Rental Income


How You Can Get Started

We can direct you to companies that have custom programs that offer landlords protection with limits based either on the actual cash value, or the replacement cost of the building.

If you have specific questions about Rental Property Insurance, or want more information, the Duliban Insurance Brokers team is here to help! Contact us today to find answers to your questions and to get a free quote based on your specific needs.

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