Landlord insurance policies are built broader, bigger, and more effective. If you haven’t yet switched to landlord insurance, read on for 4 benefits of switching today.
There are substantial differences in coverage across different types of insurance policies, and the downside of improper coverage can be substantial. If you want to protect yourself and your investment, you need the right type of insurance.
So, what’s the fuss?
Our metrics show that rental properties experience more losses and insurance claims than an owner-occupied home, likely due to the responsibility of owning versus renting.
Benefits of landlord insurance – whether you rent a secondary suite, detached house, or strata unit:
- Rental income coverage – if your property is damaged and your tenant is forced to relocate while repairs are made, your loss of rental income during the repairs is covered by landlord insurance.
- Boost your liability coverage – as the unit owner you, are held responsible for any damages caused by the use of your unit. Even if your tenant carries insurance, ultimate responsibility falls to the owner. Landlord insurance policies often contain higher limits of liability coverage for this reason.
- Broader coverage – a landlord insurance policy may contain broader coverage for the unexpected, such as ‘General Liability’ rather than ‘Personal Liability’ coverage found on personal insurance policies.
- Some landlord insurance policies also permit the unit to be vacant for longer periods of time – providing you the time needed to find a new tenant. Typical personal home insurance policies may deny an insurance claim if your unit is vacant for more than 4 days.
Take action today to protect your investment! Inform your insurance broker if you are a landlord.
Guest post written by BFL CANADA, a provider of landlord insurance services for strata unit owners.