Do you rent out a residential property such as a house, condo unit, vacation cottage or apartment building? Whether you have long-term renters or lease your summer home, it's essential to have landlord insurance. Ontario home and property owners who rent out their property need a comprehensive landlord policy to help protect their property from a range of insured perils that aren't covered in a traditional homeowners policy. When you reach out to Morison Insurance about getting coverage for landlord insurance, Ontario’s top insurance brokers will find you a policy that meets all your insurance needs.
Essentially, with the right landlord insurance, Ontario policies provide rental dwelling protection for property owners who rent their premises to others. As a landlord, you want to protect your rental property with the right landlord insurance. Ontario insurance professionals recommend this coverage because not only will this help protect you financially in the event of an emergency caused by an insured peril, such as a fire or certain water damage, but it will also help alleviate the costs and expenses of covered liability suits. Contact our team today to get a landlord insurance quote.
Ontario landlord insurance is a type of insurance policy that financially protects your rental property in the event of an insured loss or damage. These insured perils are usually listed in your insurance policy. It's important to note that, under a policy for landlord insurance in Canada, the building and property can be covered by landlord insurance. Ontario insurance coverage includes certain personal belongings that the property owner may have on the premises, like major appliances and detached structures. Rental income and liability coverage are also protected through a landlord insurance policy. Ontario residents should take care to read through their policies to understand what is or isn’t covered under their insurance for landlords.
If you have some coverage but aren't sure exactly what is and is not covered by your landlord insurance, Ontario brokers at Morison Insurance are your best resource to get the information you need, along with the right landlord insurance coverage. It's important for individuals who lease properties to be aware of what protection is available to them in the event of an emergency. Losing your rental property can be devastating, both financially and emotionally. So it is important to protect yourself and your investment with the right insurance policy.
If you own a property and plan to rent it to tenants, you should purchase landlord insurance in Ontario to protect your assets and your financial stability. Sometimes, homeowners think that landlord insurance in Ontario is only for individuals who lease properties professionally—such as property managers who run apartment complexes. But this is not the case.
Even if you lease out a portion of your home, such as the bottom floor, as a secondary suite, you need to ensure you're adequately covered by insurance for landlords. Usually, when applying for property insurance, a common question you’ll be asked is if there are any boarders or rooms rented out and how many. It is important to let your insurance broker know your living situation or if your dwelling’s occupancy has changed. Anytime you collect rent from a tenant or boarder, your insurance needs will differ from a typical homeowners policy. This makes it crucial that you get the protection that comes with landlord insurance.
Ontario rental property insurance policies can be tailored to your unique needs as the owner of a rental property. Without it, you may find yourself in serious financial trouble if you're forced to rebuild a damaged property or replace it entirely. Don't let expenses come out of your own pocket for losses such as liability, property damage, or damage to your belongings. Protect yourself with the right insurance for landlords.
You should get landlord insurance in Ontario to protect yourself from losses and claims that can arise while renting out your property. These can range from accidents out of your control to liability claims that can wind up dragging you to court. There are many types of coverage—including liability insurance—available in a landlord insurance policy offering various levels of protection to suit your needs.
If you, as a landlord, were to suffer a significant loss, you could face financial ruin if you had to repair or rebuild and pay the expenses from your own pocket. This makes having the proper landlord insurance in Ontario essential to protect your investment and avoid substantial financial harm in case of an insured peril or loss.
What many property owners don't realize is that it is possible to lose your property entirely to an insured peril, such as a fire and still be forced to pay the mortgage. Even though you no longer have a physical structure, you would still be required to keep up with your regular payments. Also, you would be responsible for rebuilding that structure on your own. As you may be faced with a loss of income from your tenant and could be exposed to liability lawsuits, this can make meeting mortgage payments nearly impossible without the financial protection of landlord insurance. Ontario property owners, having the right insurance for landlords is the simple way to avoid opening yourself up to financial ruin. Talk to our licensed and qualified insurance brokers about landlord insurance in Ontario today.
Ontario doesn’t require anyone to have insurance for landlords by law, but it is a wise decision to purchase this insurance protection. A house or other types of properties are often major investments, and if you are not insured and suffer a loss, there may be considerable damages that you would be required to pay yourself. These expenses can add up quickly and may potentially far exceed your initial investment. But with the right insurance coverage, you are protected against loss, damage, or claims of liability.
Going without landlord insurance is also not financially feasible for many people. If the property you own has a mortgage, it is very common for financial institutions to require proof of insurance on the property when you purchase it and expect the insurance to be maintained. Since the lender has a financial interest in your property, it wants to make sure the property is properly insured. If the buyer cannot provide proof of insurance, the mortgage will likely be declined.
Even if you had to purchase landlord insurance in Ontario upon buying the property, you may want to have a closer look at the policy's details. There are different add-ons and extra coverages available to property owners that offer more protection than a standard policy. It's up to the individual to ensure he or she knows what is outlined in their insurance policy. That way, you are always prepared for the worst-case scenario. An insurance broker at Morison Insurance will be more than happy to walk you through what your policy does and does not include and help you find the best coverage for your needs.
Your standard home insurance policy does not cover your rental property unless the location is listed and the exact type of rental occupancy is described.
All damages and losses, including liability claims associated with a rental property, would be denied without the appropriate coverage. This is because renting a property, whether it be a separate residence or a portion of your primary residence, increases the exposure of risk. Basically, by having tenants you open yourself up to more risk than what is covered under a standard homeowners insurance policy. This could include the risk of an incidental or unintentional fire started by your tenant's curling iron left on overnight or the tenant causing damage to your property, not to mention liability claims that can result from bodily injury or property damage as a result of an incident on the property in question. For instance, if you're not diligent about a snow and salt program with logs maintained, and your tenant slips and falls, injuring themselves in the process, you could find yourself at the start of a very long legal battle. It's important to get the right home landlord insurance in Ontario to insure your investment properly and to protect yourself financially from any unexpected incidents or liability claims.
Essentially, landlord insurance in Ontario protects your rental investment and provides liability protection when you rent your property. While it's not legally mandatory to have landlord insurance, Ontario landlords need this essential protection in case of insured losses or damage. Should you find yourself needing to make a claim, you have the reassurance that you can contact your insurance broker to start the claims process.
You will then have a claims professional to assist you. They will provide the resources and financial help needed to repair, replace, or rebuild part or all of your property or defend a lawsuit. If you have any questions about the claims process for your landlord insurance, Ontario brokers at Morison Insurance are just a call away.
You should start the process of getting home or condo landlord insurance in Ontario when your purchase offer for a rental property is accepted by a seller so it can be ready to be put into effect on closing. Contact a Morison Insurance broker to learn more about the possible rental insurance coverage for landlords.
Your landlord insurance in Ontario will need to be in place before the transfer of ownership. Typically, once an offer is accepted, you have weeks, if not months, before the title is transferred. Your insurance broker at Morison Insurance can properly assess your insurance needs and determine what the best coverage options will be for you. The broker will provide several rental property insurance quotes, and you can decide which insurance policy best meets your needs. If you acquire an investment property by succession or other means, you should reach out to your Morison insurance broker as soon as possible to ensure you are properly covered with insurance for landlords.
Should you choose to use a second property, or part of the property you live in, as a rental property, then you need to acquire landlord insurance in Ontario before leasing the property. It's essential that your insurance policy is in place before taking on tenants. If you are renting the property and don't have the right insurance in place and an unfortunate event or loss happens, you won't be able to make a claim. It's also important to note that it can be more difficult to acquire insurance if you've been leasing your property without it.
Landlord insurance in Ontario can cover the physical damage to the dwelling and attached or detached structures, personal property such as major appliances, lawnmowers, and snow blowers included in the unit, liability coverage for lawsuits with respect to the property ownership to include compensatory damages and legal costs, and loss of rental income.
We've broken down what is covered by insurance for landlords further below:
There are a number of additional coverages available to add to your standard policy for landlord insurance in Ontario. It's also important to note that policies vary per different insurance providers, so you'll want to check that the above coverage examples are included in your unique policy. If not, inquire about potential add-ons for your insurance policy.
Some common add-ons that are highly beneficial in insurance for landlords include:
Not sure what type of add-ons or coverages you need in your policy for landlord insurance? Ontario brokers at Morison Insurance will be happy to discuss different rental property or landlord home insurance coverages and options with you.
As comprehensive as your landlord insurance in Ontario can be, it's also important to understand its limitations as well.
Some of the common policy exclusions for landlord insurance in Ontario include:
Each insurance company offers slightly different coverages, and additional insurance coverages are available. This means insurance companies can provide landlord policies uniquely tailored to you. Note that along with these policies, there are unique mandatory exclusions. A broker can review all the coverage exclusions and limitations with you to determine if you want additional coverage added to your policy for landlord insurance.
Ontario brokers at Morison Insurance will get you a landlord insurance quote that is tailored to your specific rental unit insurance needs and will discuss optional coverage options with you to ensure you and your residential properties are properly protected. Call us today or get a quote for landlord insurance online.
Since rental properties come in many forms, like detached dwellings, townhouses, condominiums, student housing, or a duplex, triplex, or fourplex, using the services of an insurance broker is the best option to select the appropriate insurance for landlords for your specific needs and circumstances. An insurance broker will give you options to ensure you and your rental property are properly protected with the right landlord insurance.
Ontario landlord policies including coverage for buildings such as:
If you own a property, the details of the construction of the dwelling and any other detached structures on the property must be considered when determining the amount of insurance required by landlords. If you update the rental property at any time, then it's important to let your Morison Insurance broker know. Renovations could result in increasing the property's value. In turn, this may impact how much insurance you need to repair or replace the building should an accident happen.
Ontario cities, especially in the GTA, have plenty of condo units available for housing. If you are renting out a condominium that you own, it is essential to first determine what portion of the structure you own and are responsible for insuring. This can be determined by the "standard unit" definition, which is commonly provided to you by your condominium corporation board. It is very important to know that any improvements made to the unit are always the unit owner's responsibility to insure. Any updates to the condominium will alter its value. In turn, this may impact what coverage you need. A policy for condo landlord insurance in Ontario will include specific coverages unique to a condominium, such as improvements and betterments, in addition to loss assessment coverage.
If you purchase a property that you plan to rent, but it is not occupied, or you are in between tenants and want to make improvements before renting it, your property is considered vacant. There is an increased risk exposure when a building is vacant, as there is no one living at the residence to monitor it regularly. As such, some coverages are automatically removed during vacancy.
In the interim, if the insurance company agrees, a vacancy permit will be applied to the policy, and further questions will need to be answered for the insurance provider to offer coverage. The company will request that a “vacancy questionnaire” be completed, which provides information the insurer needs to assess the situation including what precautionary measures are in place while the premises are vacant. Once you find suitable tenants and they move into the unit, the vacancy permit can be lifted, and all eligible coverages can be reinstated under your landlord insurance in Ontario.
The cost of landlord coverage depends on many factors. To determine the annual premium or your insurance policy, the insurance company takes into consideration multiple factors, such as:
Because of the wide variety of factors involved with calculating the cost of landlord insurance, Ontario brokers can’t provide you with a quote or cost estimate until we know more about your situation. Make sure to be as clear and detailed as possible when speaking with your Morison Insurance broker about your needs for landlord insurance in Ontario. Contact our team today for an accurate landlord insurance quote.
As a landlord, you want to protect your rental property investment. That’s why you have landlord insurance. Ontario landlords though can also stipulate in their renter's agreement that tenant insurance is required by the tenant in order to rent the property.
A tenant insurance policy will not only protect the renter's personal property and belongings, but it will also provide personal liability coverage for the tenant. This could potentially alleviate additional liability exposure for you as the landlord if bodily injury or property damage were to occur. The average tenant policy requires a minimum limit of $1 million in liability. The contents limit, which insures the individual's belongings, can be more flexible concerning the amount of coverage required by the tenant.
Any person who occupies a residence they do not own should obtain some type of renter’s insurance. Renter’s insurance provides personal liability coverage as well as coverage for the renter’s personal belongings. The cost of this coverage can be minimal, depending on the coverage limits requested and the applicant’s details.
It's important to remember that who you choose to rent to and how you operate your rental can have an impact on your risk exposures. For example, if you rent to students or boarders, your landlord coverage needs may vary so it's crucial to ensure that you give your insurance broker all the applicable information in order to find the correct landlord insurance in Ontario for your unique needs. As a landlord, it is a good idea to require your tenants to carry insurance. Renter’s insurance is also called tenant's insurance.
You can get a landlord insurance quote by calling the top-rated brokers at Morison Insurance. The moment you contact an insurance broker about getting insurance for landlords, your options and the variety of insurance coverages available to you are multiplied—compared to when you are searching for landlord insurance in Ontario on your own. With Morison Insurance by your side, you have choices. You can choose from several insurance options from the top insurance companies in Canada.
If you're ready to inquire about landlord insurance in Ontario today, reach out to our licensed brokers at 1-800-463-8074 or fill out the form on this page. We look forward to helping you find the best coverage for your needs.
