Landlord Insurance

Get reliable landlord insurance coverage tailored for you by BrokerLink.

According to the Financial Post, one in three Canadians lives in rental housing, and behind every unit is a landlord juggling responsibilities, repairs, and risk. With Canada's rental vacancy rates at a tight 2.2 % average in 2024, well below the 10‑year average of 2.7 %, and rent growth continuing, it’s no surprise landlords are cautious about protecting their margins.

Whether you rent out a single basement suite in Saskatoon or manage a portfolio of triplexes in Toronto, protecting your rental property with insurance is essential for you and your business.

That’s where BrokerLink comes in. Our landlord insurance solutions are designed with Canadian rental property owners in mind, offering tailored protection that goes beyond basic home insurance. From fire and water damage to loss of rental income, liability claims, and even tenant-caused mishaps, we’ve got the insurance solutions you need.

BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

What is landlord insurance?

Landlord insurance is a specialized type of property insurance designed for Canadians who rent out homes, condos, or units to tenants. It’s not to be mistaken for regular home insurance, as this coverage is built specifically for rental properties and the unique risks that come with being a landlord. This tailored insurance coverage is designed to help protect your rental income and property from the unexpected, because, let’s face it, things don’t always go as planned. A comprehensive landlord insurance policy typically covers things like:

Damage to your rental property from fire, storm, or vandalism
Liability claims if someone gets hurt on your property
Loss of rental income if a unit becomes unlivable due to a covered peril

Wit 33.4% of Canadian households now renting, being a landlord is more common than ever. But it also comes with more risk, such as water damage, unexpected repairs, tenant damage, liability claims, and even disputes with tenants, which is why having the right insurance coverage is so essential.

Who we help

From renting out a single condo unit to managing a couple of vacation property rentals to overseeing multiple units in an apartment building, BrokerLink offers landlord insurance that fits the way you manage property. We help protect your investment so you can focus on being a great landlord instead of stressing over “what-ifs.”

If you're earning rental income from a rental property, whether full-time or part-time, landlord insurance is a must. Landlord insurance is ideal for:

Landlords using property managers or self-managing
Condo owners leasing long-term or short-term (e.g. Airbnb)
Real estate investors with multi-unit buildings or duplexes
Homeowners renting out basement apartments or secondary suites
Property owners renting to students or in other high-turnover areas
Sudden landlords who've inherited or relocated but choose to keep the property

Why do you need landlord insurance?

Being a landlord in Canada isn’t just about collecting rent; it’s about managing risk. From unexpected property damage to liability claims and legal disputes, renting out property comes with real landlord responsibilities. The Insurance Bureau of Canada (IBC) states that landlords need tailored insurance to cover risks like tenant-related incidents, property damage, and potential losses in rental income.

Plus, it's important to note that standard homeowner’s insurance usually doesn't cover tenanted investment properties, especially if you don’t live there yourself. Your home insurance only protects your property, belongings, and personal liability, as well as those of your spouse and dependents. It doesn’t cover your tenant’s possessions or their personal liability.

Types of coverage for landlords

Owning rental property in Canada can be a smart long-term investment, but it also comes with plenty of risks. From leaky basements and broken appliances to lawsuits and unpaid rent, even the best landlords can run into unexpected trouble. That’s why a well-rounded rental property insurance policy is so important. Here are some of the most important types of coverage for a landlord to consider:

Recommended

Additional

This covers third-party injuries or property damage that happens on your rental property. If a tenant or visitor slips on icy stairs or trips on a loose floorboard, you could be held responsible. This coverage helps with medical bills, legal fees, and settlement costs.

Property insurance protects the structure itself (e.g., walls, roof, flooring, etc.) from risks like fire, vandalism, or storm damage. This coverage is essential for both detached homes and condo units that you rent out.

If you rent a furnished unit or supply appliances, contents coverage can protect your personal property from theft, fire, water damage, and more. It also covers any of your belongings in shared areas, like a lobby. (Note: It doesn’t cover tenant belongings. They will need their own tenant or renters insurance.)

If a rental unit becomes unlivable due to a covered event (like fire or flood), this helps replace your lost rental income when tenants need to relocate while repairs are being made.

This helps cover the repair or replacement of essential equipment or systems, like HVAC units, elevators, water heaters, or electrical panels, if they break down due to an electrical or mechanical issue.

Sewer backup covers water damage from backed-up drains, toilets, or sump pumps, caused by events such as severe weather, a malfunctioning sump pump, or even infiltrating tree roots. This type of coverage can be especially important for older homes or flood-prone areas.

While property insurance may cover some types of water damage, overland flooding is often excluded. Adding overland water coverage helps to protect your property against water that enters from outside the home, like rain, melting snow, or overflowing lakes or rivers.

Earthquake insurance is essential if you own rental properties in seismically active regions, such as British Columbia (in fact, it may even be required). This covers structural damage caused by ground movement.

Also known as Airbnb insurance, if you rent out through platforms like Airbnb or VRBO, this coverage protects against risks unique to short-term guests, like property damage or liability issues.

This optional coverage can help reimburse you for missed rent if a tenant defaults. This can be particularly helpful during longer eviction processes or tenant disputes.

If you store your tenant information digitally or accept online payments (i.e., rent payments), cyber insurance helps to protect you from data breaches, hacks, and ransomware attacks.

Legal expense insurance helps cover legal fees tied to landlord-tenant disputes, evictions, or zoning issues. This coverage can be especially helpful for small landlords who don’t have in-house legal teams.

Also known as extended liability coverage, this adds an extra layer of liability protection above your standard policy limits. This additional coverage kicks in once the liability limits on your underlying policies have been maxed out.

If a rental unit becomes unlivable due to a covered event (like fire or flood), this helps replace your lost rental income when tenants need to relocate while repairs are being made.

Also known as Airbnb insurance, if you rent out through platforms like Airbnb or VRBO, this coverage protects against risks unique to short-term guests, like property damage or liability issues.

This optional coverage can help reimburse you for missed rent if a tenant defaults. This can be particularly helpful during longer eviction processes or tenant disputes.

If you store your tenant information digitally or accept online payments (i.e., rent payments), cyber insurance helps to protect you from data breaches, hacks, and ransomware attacks.

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Why BrokerLink

Discover what sets BrokerLink apart. Our commitment to personalized service, expert advice, and comprehensive coverage options ensures you get the best protection tailored to your needs.

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Factors that influence landlord insurance costs

No two landlord insurance policies are priced exactly the same, even if both landlords rent a home or building of similar size and value. Whether you own a downtown duplex in Montreal or a lakeside cabin you rent out seasonally along Lake Erie, your landlord insurance premium is shaped by a mix of factors that determine your level of risk and how much coverage you’ll need. Here’s a breakdown of what typically influences the cost of landlord insurance in Canada:

Location of the property

A rental home in a busy urban centre like Toronto or Vancouver may cost more to insure than one in a quieter rural area due to higher property values, more claims activity, and greater exposure to risks like theft, fire, or water damage. For example, if your property is in a flood-prone region (e.g., along the Red River in Manitoba or parts of Eastern Ontario), you may also see higher premiums due to increased water damage risk.

Property type and size

Are you renting out a single-family home? A basement suite? A triplex? The type, size, and condition of your property all affect cost. Larger properties with more units typically mean more potential for claims, more liability exposure, and higher replacement costs. For example, a detached home with a finished basement suite and backyard pool will likely cost more to insure than a one-bedroom condo in a secure building.

Rental frequency and occupancy type

A long-term rental to a single tenant is generally seen as lower risk than a high-turnover property like a student rental or short-term Airbnb. This is because frequent guest turnover increases overall wear and tear on the property and opens the door to more liability and property damage.

Building age and condition

Older buildings with outdated plumbing, knob-and-tube wiring, or aging roofs tend to attract higher premiums. On the other hand, modernized systems and renovations (especially to electrical, heating, and plumbing) can help bring costs down and make your property more insurable.

Coverage types and limits

The more coverage you choose, such as policy add-ons or higher coverage limits, the more you’ll pay. For example, if you manage properties in the Greater Toronto Area (GTA), after the severe flash flooding in 2024 that led to nearly $1 billion in insured damage to personal property, according to the Insurance Bureau of Canada (IBC), you may want to add overland water and sewer backup coverage to your landlord insurance policy come renewal time. While adding these extra coverages gives you broader protection, it also raises your premium.

Claims history

Insurance providers love to see a clean track record. If you've gone several years without filing an insurance claim, you're more likely to see lower rates. But if you’ve had any recent claims or if you're known for submitting frequent claims (even small ones), it could push your premiums higher.

Contact BrokerLink for more information on landlord insurance

Do you need landlord insurance in Canada? Let’s protect your rental the right way. Whether you're renting out a basement suite, a downtown condo, or an entire triplex, BrokerLink is here to help. Our expert brokers will shop around to find you the right coverage at the best possible rate that meets your needs and budget.

You can call, email, or visit us in person at any one of our locations throughout Canada. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool, which can provide you with a competitive landlord insurance quote in minutes.

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