As a landlord, you need rental property insurance to protect your investment. Whether it’s a condo, or a detached house, you’ll want to know you at least have your home and rental income covered in case of an insured loss.
Rental property insurance policies are similar to a home insurance policy, butare designed specifically for landlords. In general, landlord insurance coverage includes:
- Detached homes – cover for the building itself and damage to the interior
- Condos – cover for unit improvements and contents not included in condo corporation insurance
- Cover for bodily injury liability, such as accidents that happen on your premises to your tenants and their visitors
- Cover for lost rent, in the event of an insured loss.
Always make sure that you’re receiving the appropriate policy for your situation. Not all in landlord insurance policies are created the same, so it pays to choose the best policy for you.