Landlord Insurance

Types of landlord insurance

Landlords come in all shapes and sizes, and sometimes, landlords of certain types of buildings have different insurance needs. While standard landlord or rental property insurance is the most common type in Canada, others may be worth considering depending on your circumstances, including:

• Standard landlord rental property insurance: The most popular type of landlord insurance, which can be purchased by anyone looking to protect a property they are renting out.
• Apartment building landlord insurance: For landlords of apartment buildings that have at least seven residential apartment units for rent.
• Condo landlord insurance: For landlords of condo units who are renting them to tenants.
• Commercial building landlord insurance: This type of landlord insurance is intended for landlords of commercial buildings and properties who lease their building or property out for commercial use.
• Short-term rental landlord insurance: Also known as Airbnb insurance, this type of insurance is for landlords of short-term rental properties, whether it be an entirely separate property or a portion of their home.
• Unoccupied landlord insurance: This is for the landlord of a rental property that is currently unoccupied.
• Student rental landlord insurance: This type of landlord insurance is specific to landlords of rental properties that are exclusively rented out by students.

How to get cheap landlord insurance

Looking to find cheap landlord insurance? Make your policy more affordable by following the tips below:

Properly maintain your rental property

Maintaining your rental property year-round is crucial if you want to keep your insurance rates low. The better the condition of your property, the less risky it will be, which is likely to translate to a lower premium.

Avoid filing minor insurance claims

As mentioned above, an insurance company will look at your claims history when calculating your landlord insurance rate. The more claims you’ve filed, the higher your rates are likely to be to insure.

Bundle insurance policies

Bundling home and auto policies is an effective way of saving money on all kinds of insurance policies, and that includes landlord insurance. Many insurers offer discounts to those who have more than one plan with them, offering a discount as a way of saying thanks for your business.

For a full list of potential insurance bundles, check out our product page for more info.

Raise your deductible

If you can afford to pay more money out-of-pocket in the event of a claim, consider raising the deductible amounts on your landlord insurance policy. Premiums and deductibles impact one another, so by raising your deductible, you can instantly lower your premium.

Weigh your options

Before purchasing coverage, shop around and weigh your options. Do so by getting a quote from more than one insurance provider to get a better idea of your landlord insurance costs. Choose one that fits your unique risks and budget.

Install a burglar alarm system on your rental property

Installing a monitored alarm system is one last way to save money on landlord insurance in Canada. Many insurance companies offer discounts to landlords who make their premises safer by installing some type of burglar alarm or home security system.

Pay for your landlord's home insurance policy annually

Most landlords pay monthly for their coverage. However, to avoid monthly administrative fees, consider paying for your insurance protection in one lump sum.

Landlord insurance vs. tenant insurance

At this point, you may be wondering, “What is the difference between landlord insurance and renters insurance?” Here's a breakdown:

Landlord coverage

• Landlord insurance is designed to cover landlords.
• Landlord insurance protects rental property owners from risks like physical damage to the dwelling they own or lost rental income caused by damage to their rented unit.
• Landlord insurance may also cover damage to any of the landlord's belongings in the rented unit, as well as third-party personal liability claims brought against the landlord by tenants.
• Any belongings owned by the landlord in the rented unit will not be covered by tenant insurance.

Renters insurance

• Tenant and renters insurance is designed to cover tenants from financial losses.
• Tenant insurance is specifically designed to protect the tenant’s personal belongings from damage.
• Tenant insurance also includes a form of liability coverage. This type of liability insurance is intended to protect the tenant should a guest injure themselves or damage their personal property while visiting the tenant’s space.
• Tenant insurance covers additional living expenses and more if a renter is forced to temporarily relocate due to a covered loss to their unit.