Many people living in Ontario cities prefer to live in condo buildings, making them a great investment property for any landlord. Whether you are renting out your old unit or you have multiple condominium units, you need to ensure one of your biggest investment is protected with the right rented condo insurance. Ontario’s traditional rented properties policies often don’t provide the coverage you need for your rented unit, but with the help of our licensed insurance brokers, you can get the specialized rented condo coverage you need to protect your rental property.
At Morison Insurance, we’re here for all your insurance needs, whether you are renting out a house or a single condo. Different types of properties need different protection, and with the help from our team, we’ll get you the right rented condo insurance coverage you need. Call us today or read below to learn more about how you can protect your rental property with landlord insurance.
Ontario rented condo insurance is a type of landlord insurance customized for renting out a condo unit. Unlike traditional rented property policies, rented condo insurance covered only any damages, losses, or liabilities related to the unit itself. If you rent out an individual condo unit, you are just responsible for damage caused to the unit itself as well as any landlord-owned contents such as appliances or fixtures.
Let's say a fire broke out and damaged the unit. Your rented condo policy may cover the cost of repairs and any loss of rental income that arose from the incident. Or, let’s say a pipe burst in the walls of your unit, causing property damage. Your rented condo insurance would cover the cost of damage to your unit.
No, your standard homeowners insurance policy will not properly protect your rental income property, and you can end up voiding your policy if you don't inform your insurance provider that you are renting it out. There are certain risks and liabilities associated with renting out living spaces that home insurance policies don't cover, so it's best to speak to your Morison Insurance broker about getting the right rental property insurance quote, such as rented condo insurance.
As a condo owner, there are certain risks associated with renting out your condo that are not covered by traditional landlord insurance policies, in addition to things that just don’t apply for rented condo insurance coverage.
In a typical landlord policy, you would own the entire building and/or property. This means you would need to be covered for any damage done to the building and property. Unless you own the entire condominium building, as a landlord with a rental condo unit, you are just responsible for the unit and any appliances, HVAC systems, and fixtures that come with the unit. The condominium would cover the insurance for any common areas.
Let’s say, for instance, someone is visiting the tenant but slips and falls. In a traditional landlord policy, as the landlord, you could be held responsible regardless of whether it happened inside or outside of the home. But with rented condo insurance, Ontario landlords would only be held liable if the incident occurred inside the condo unit, with the condo corporation being held responsible if the incident occurred in the building’s common area.
Ontario insurance policies aren’t really one-size-fits-all solutions, so it makes sense that coverage for rented condo insurance can be fairly customizable. After all, depending on the area and the type of building you are in, you may have different insurance needs. For example, if your unit is located on the ground floor or below grade, you may want to purchase additional coverage such as overland flood coverage for your rental condo insurance, but if your unit is on the tenth floor, that type of insurance coverage probably isn’t very high on your priorities list. Your Morison Insurance broker will be happy to take the time to discuss your condo insurance needs with you to ensure your rental income property has the right coverage and protection.
Some common coverages you can find in a rented condo insurance quote include:
Unsure of what types of coverage you need included in your rented condo insurance? Speak to our experienced brokers and make sure to be as detailed as possible when describing your rental property so we can ensure you have adequate insurance protection.
Ontario rental and rented insurance may sound similar, but they actually refer to two sides of the rental insurance equation.
Rental insurance, also known as renters insurance or tenant insurance, is for people who are renting a space. They would be the people living in the rented space, and would need insurance to cover their contents from loss or damage as well as for any personal liabilities.
Rented insurance, also known as landlord insurance, is for the space owned by the landlord, in this case, the condo unit. They generally own or act as property managers for the property, and require insurance to cover the costs of loss, damage, or liabilities for the space.
Both terms sound similar, but in terms of insurance, they serve very different needs. Your Morison Insurance broker will be able to help you determine which one you need when you contact them about your condo insurance needs.
Ontario landlords should encourage their tenants to get their own insurance policies. Your rented condo insurance will cover the cost of any repairs, income loss, theft, vandalism, medical bills, or legal expenses related to incidents that impact the property, but it does not provide coverage for the tenant’s contents. This means that should a fire break out and something happens to your rental unit, without renters insurance, your tenant will have to pay out of pocket the cost to replace their personal property as well as any personal liability for damage done to the property.
While having a tenant insurance policy is not legally mandated, you can require that your renter(s) provide proof of insurance in your rental or lease agreement to ensure that they contents and liability coverage.
There are a variety of factors that go into calculating the cost of rented condo insurance. Ontario landlord policies can differ greatly, so it’s hard to provide an accurate cost of your insurance premiums or rates without knowing more about your situation. For example, you and another person could be renting out two units on the same floor in the same building, but if you're renting to students while the other one rents to a couple that’s lived there for several years, your insurance rates are going to be very different.
Some factors that will impact your rented condo insurance rates include:
Keep in mind that this isn’t an exhaustive list of factors that will impact the cost of your rented condo insurance. Ontario’s top broker team at Morison Insurance will ask you lots of questions to get a better idea of the type of rental situation you will have so we can present you with the most comprehensive options possible at affordable rates for your rented condo insurance quote.
If you need a rented condo insurance quote or any other type of landlord insurance in Ontario, simply reach out to the expert insurance advisors at Morison Insurance. We proudly work with dozens of leading Canadian insurance providers and will get you competitive rented condo insurance quotes. We’re the experts in insurance Ontario can count on, so whether you need home and auto insurance, business insurance, or rented condo insurance, we’ve got you covered with the insurance you need.
Give us a call at 1-800-463-8074, or fill out our online form to get a quote today. We are happy to help!
