Being a landlord is a big undertaking but can become a worthwhile investment. For some it’s renting out your old home to afford a new one; for others, it’s renting out the basement to help lower your monthly mortgage costs. Whatever your situation, it’s important to have the coverage you need to make sure you and your property are protected.
From a hole in the roof to a hole in the wall, if there’s damage to your rental property this coverage can help pay for the repairs or in more extreme situations, rebuilding.
This includes your fridge, stove, washer, dryer, and even furnished rentals. It’s important to note that contents coverage covers the landlord’s contents, but not the tenant’s. Many tenants don’t know that their landlord’s policy may not cover their belongings, so make sure they’re aware of this. You can find out the truth about tenant insurance myths and why it’s important. In fact, if you have a mortgage on the property, many lenders require renters to have tenant insurance.
Personal liability coverage
Liability coverage is the portion of a policy that may help cover your expenses if you or your property unintentionally injures somebody. For example, if someone slips and breaks their leg on an icy walkway, you’ll be insured to cover medical bills, legal expenses, and more. While most people consider home and contents coverage, personal liability coverage is equally important and should not be overlooked.
Fair Rental Value
Sometimes a property can become so damaged that your tenants will have to move out (temporarily or long-term). You likely count on this money to make your mortgage payments. Fair Rental Value will pay for the rental income you may lose.
Not all insurance companies offer landlord coverage, so check with your insurance broker if you intend to list your home as a rental property. If you’d like more information about landlord coverage1 through Johnson Insurance, connect with one of our friendly representatives or visit our website
1 Not all rental units qualify for landlord coverage. Currently, we are not able to provide this insurance in Nunavut or the Yukon Territories. Please contact your insurance provider or intermediary for coverage and policy details. Please contact your insurance provider or intermediary for coverage and policy details.