Landlord Insurance Quotes in Ontario
Think Champlain Insurance
Before you rent out your income generating property, you should protect your investment with landlord insurance. Becoming a landlord is a fantastic way to generate income. However, your traditional home insurance may just not cover you. Your rental property is a different risk category than a home occupied by the homeowner.
What Is Landlord Insurance and Why Do I Need It?
Many landlords rely on the monthly rental income from their tenants. What would you do if your unit became damaged and uninhabitable? Could you afford to go without the rental income for a prolonged period of time. In addition, as a landlord, you could also be held liable for accidents tenants have on your property. Could you afford to cover these expenses? Landlord insurance provides you with the financial protection that standard house insurance does not usually cover.
Most landlord insurance policies are customized to meet the needs of the client, but there are some coverage options that you’ll typically see in your landlord building insurance.
Structure coverage – This is the liability protection for the actual structure that you are renting out. This may include sheds, garages or similar structures on the property you are renting.
Fair rental income protection – If you have to evacuate your property, your landlord insurance will pay your rental income up to a predetermined amount.
Depending on your insurance provider, you may be eligible for additional coverage including:
- Theft coverage
- Unpaid rent
- Vandalism protection
Your Champlain Insurance Broker can check to see if you can add a rental endorsement to your existing home insurance. It should be noted that if there is a claim to the rental property, it could affect your home insurance rates in the future.
How Much Does Landlord Insurance Cost?
When getting landlord insurance quotes, there are several factors that impact your insurance premium. This includes the number of tenants you rent to and the property type. For example short-term leases are often considered a higher risk. So therefore renting to students compared to renting to a family, will have different risk levels.
In addition, similar to your household insurance there are factors that are related to the property itself. This includes:
Certain Insurance companies provide discounts if your tenants have their own contents insurance. Speak to your Champlain Insurance Broker for advice on reducing your landlord insurance premium.
How Do I Get Rental Property Insurance with Champlain Insurance?
Start your rental property insurance quote online on our website. To complete your purchase your Champlain Insurance Broker will walk through your quote with you, and will look to see if there are any other ways to save or identify areas where you may need additional coverage. Contact us today for a no-obligation quote!