Protect your rental property from risk by investing in building insurance. ALIGNED is one of the top brokerages in Canada, which means we know the ins and outs of the insurance industry. Whether you’re looking to insure a commercial or residential rental property, we can help. Working alongside more than 70 of Canada’s top insurance providers, we’ll do the shopping around for you, obtain and compare quotes to help find the right rental property insurance policy for you.
What is building insurance for rental properties?
Building insurance for rental properties, referred to simply as rental property insurance, is a type of insurance that protects your rental property from risk of physical damage from insured perils like fire. No matter the number of properties or the type of residence you own (a house, condo, duplex, apartment, etc.), there is a rental property insurance policy out there for you. If you’re still wondering why you need building insurance for your rental property, it comes down to protection of a significant asset/investment. When you invest in rental property insurance, you can be covered against a wide range of financial risks, such as damage to the property or an unintentional injury occurring on your property, loss or rental income due to an insured peril like a fire.
What does rental property insurance cover?
Rental property insurance coverage varies depending on the policy you choose and the type of rental property you own. Below is a list of some of the common coverages that might be available to rental property owners:
- Dwelling/property coverage
- Detached structures, fences, and landscaping coverage
- Liability coverage for bodily injury like slip and falls by tenants and other third parties
- Landlord’s property coverage
- Rental income coverage
- Damage caused by tenants
- Broad form, comprehensive (all-risk) & All Perils coverage
As you can see, depending on your rental property insurance policy, you can be protected against a wide range of unforeseen circumstances, from damage to the building and any detached private structures, such as a garage, to losses relating to the landlord’s possessions or rental income. Safeguard your rental property by investing in building insurance today.