Rental Property Insurance
Protect Your Investment with Rental Property Insurance
Western Financial Group is an award-winning brokerage. Our home insurance experts will get you rental property insurance that protects your investment.
Our expertise will benefit you
We are skilled insurance shoppers. We work with Canada’s leading insurance partners to get you the right coverage to protect your rental property at the right value for you.
What you need to know
Rental Property Insurance protects your rental property in the event of property damage, as well as against liability should an injury or death occur on your property.
Benefits of rental property insurance
- Covers damage to your property, such as walls, floors, fixtures, heating and cooling systems and furniture (if furnished), subject to the terms of the policy. These terms indicate the risks that you're covered against, such as fire, explosions, wind damage, and specify the dollar limits you're covered up to.
- Can include glass coverage, loss of rental income, vandalism, and theft by tenants. You can add sewer backup coverage or earthquake coverage.
- If you keep a personal lawnmower or snowblower on your rental property and it gets damaged, you’ll have coverage.
- Loss of rental income: You’ll be compensated for lost rental income as a result of an insured event until the rented house can be re-occupied, or for the maximum allowed by your policy – whichever is less.
- If you rent out a room, a basement, or an apartment 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
Why Choose Western?
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Did you know that rental property insurance is another name for landlord insurance?
FAQ's
What is rental property insurance in Canada?
Rental property insurance (also called landlord insurance) is a policy that protects property owners who rent out homes, condos, or apartments. It typically covers the structure, liability, and loss of rental income.
How is rental property insurance different from homeowners’ insurance?
Homeowners insurance covers owner-occupied homes, while rental property insurance is designed for homes that are tenant-occupied. Landlord policies provide added protections like tenant-caused damage and rental income loss, not included in standard homeowner policies.
Is rental property insurance mandatory in Canada?
It is not legally required by law, but it’s highly recommended. If you have a mortgage on the property, your lender may require you to carry landlord insurance.
Do tenants need their own insurance?
Yes. Tenants should have tenant insurance (also called renters insurance) to cover their personal belongings and personal liability. Landlord insurance does not protect tenant belongings.
Can I deduct rental property insurance on my taxes?
Yes. If the property is used for rental income, insurance premiums are generally tax-deductible as a business expense in Canada.
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