Rental Property Insurance is insurance that protects rental property owners in the event of property damage, as well as against liability should an injury or death occur on their property.
Why you might need it
- You own a rental property that is not your primary residence
- You are renting out a room, the basement or a suite in your primary residence
- You want coverage to replace or repair your property if it is damaged or destroyed
- You want coverage in the event that you are sued due to an injury or loss of life on your property
What you need to know
- Rental insurance policies can also include glass coverage, loss of rental income, sewer backup, vandalism and theft by tenants.
- If you rent out a room, a basement or a suite in a home that is your primary residence, you need to inform your broker. Not doing so may void your home insurance if you need to make a claim
