It all comes down to location. Whether you are looking to buy a home or a property to rent out, location will often be a key deciding factor. Specifically, if you own or are about to buy a rental property, potential short and long-term renters will consider location when deciding if they want to rent. Location may also play a not insignificant factor when it comes to buying insurance for a rental property in Canada. Proximity to fire hydrants, fire stations and other factors are considered when you search for the best insurance for any property you own or rent.
The decision to buy a rental property might be what led you to read this article. You may be looking to find the best insurance for your rental property. The best insurance for a rental property can vary and that’s why it is important to do your research and work with an experienced property insurance broker.
Airbnb = Commercial Property Insurance
| How To Get The Best Insurance For Your Rental Property
One of the most popular ways to maximize profits from a rental property is to use an online service to rent it out on a short-term basis. Given the high cost of real estate across much of Canada, many people are opting to insure a rental property that is subscribed to a service like Airbnb.
Before you sign up with an online service for your rental property, you need to know you can get the best insurance for your rental property. It is important to be aware that typical personal lines condo and homeowners policies do not appropriately cover “commercial use”.
Essentially, “commercial use” means renting a property out to others. More importantly, commercial use of your property as a rental could potentially nullify your coverage and leave your property at significant risk.
Potential Gaps With Online Rental Property Services
Renting out your property to others on Airbnb or comparable websites involves some degrees of risk. It is possible that insurance available through online service providers may have specific gaps and holes that could leave you unprotected.
Avoiding potential gaps with online rental property services is a risk you don’t need to take on. ALIGNED’s experienced insurance brokers across Canada can help you get the best insurance coverage. To ensure we secure appropriate and best insurance for your rental property in Canada, we just need some information
How To Get A Rental Property Insurance Quote Now
Should you need any assistance with the process, our team of commercial insurance brokers can answer your questions and help you get a quote for your rental property coverage.
Best Rental Property Insurance & More
As a property owner, you may be thinking about downsizing and renting out your primary residence for a couple of years. Whether you rent out your primary residence, condo, chalet, house or cottage we can help. If you are a short-term rental host, we can help you understand risks as well as your rental property insurance options.
Our expert commercial insurance brokers can help you to assess what liability coverage will address your rental property risks.
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Source(s): The Globe and Mail “Landlords beware: insurance won’t cover damages caused by tenant drug operations
CBC.ca “Is it the early days of a real estate revolutions? Online realtor Redfin launches in Canada”
Macleans.ca: “Canadian real estate market outlook 2019: Stable but struggling”