Cost of Insurance for Rental Condos | ALIGNED Insurance

Whether you are temporarily relocating to another city for work, want to secure ongoing income with a rental property or jumping into the short-term rental property rental market, understanding “How much is insurance for a condo I rent out in Canada? is important. Location, location, location is likely what attracted you to your condo property and it is likely one of many factors that will make your condo attractive to potential tenants. Location is also a major factor that is considered when an insurance company assesses a property in order to answer the question How much is insurance for a condo I rent out in Canada?

Square Footage? Concierge? Parking? Locker? 6 Things To Know How Much Is Insurance For A Condo I Rent Out In Canada… 

The disruptive economy is changing how Canadian landlords buy, improve and use their rental properties. So if you are looking into the best and most appropriate insurance for a condo I rent out in Canada, we’ve got you covered. You might be considering purchasing a condo and renting it out using an online service like Airbnb. Or you might be thinking about leasing your condo and using the rental income to help you make it to the next step on the property ladder. Regardless of why you are wondering how much is insurance for a condo, I rent out in Canada, a good place to start is to understand what insurance companies specifically look at when they are assessing your property.

  1. What is your condo rental income? Did you know that your condo’s monthly rental income is insurable?
  2. Where is your condo located? What is the age of the building? Does it have built-in sprinklers? How nearby are the closest fire department and fire hydrants? Note that rating models for fire, flood, earthquake, etc. vary across Canada.
  3. Who is leasing your condo rental?  Is it a student rental, a short-term rental, a rooming house or a couple/family? Who you rent your condo to will impact how much your condo rental insurance will cost.
  4. What are the replacement costs for the condo? The specific rebuilding costs should your condo burn down, be flooded or be destroyed by a tornado, flood etc. will be taken into consideration.
  5. What is your preferred liability limit? In general, the higher your liability limit is, the more expensive your insurance coverage will be.
  6. Any and all historic claims. For instance, past property or liability claims within the past five years will impact the cost of your insurance coverage.

And last but certainly not least, is cannabis. If you have tenants who are growing cannabis on the property, you will need specific insurance coverage.

If you own an income property and want the best insurance options, talk to an experienced ALIGNED Insurance broker to know how much is insurance for a condo I rent out in Canada. Our experienced commercial insurance brokers are here to help you to determine the types of coverage you need most.

To find out more about how much is insurance for a condo I rent out in Canada or to get an online quote, simply connect with one of our Canadian business insurance brokers today.

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