Buying Guide | Get Insurance For A Rental Property In Canada
Canada’s property market isn’t going sideways…yet. For many people, the opportunity to be a part-time landlord makes a lot of financial good sense. This is thanks in large part, to rising and/or high property values in many provinces.
As a property owner, you may be thinking about downsizing and renting out your primary residence for a couple of years. You might want to buy a second (or third) property and rent to others on a short term basis using a service like Airbnb. Or perhaps you’re already renting your condo, chalet, house or cottage to others. If you are or will soon be a landlord or short term rental host, you need to understand risks and rental property insurance options.
What’s Needed To Get Insurance For Your Rental Property?
Before you sign up a renter, knowing what you need to do to get rental property insurance in Canada is key. This is because typical personal lines condo and homeowners policies don’t appropriately cover “commercial use”. Commercial use essentially means renting property out to others. Doing so could potentially nullify your coverage and leave your property at significant risk.
Related Matters: The Globe and Mail “Landlords beware: insurance won’t cover damages caused by tenant drug operations
In addition, the insurance available through online service providers may have specific gaps and holes that could leave you unprotected. Renting out your property to others on Airbnb or comparable websites involves some degrees of risk. That’s where we can help you get coverage aligned with your rental property.
Apply Now For A Rental Property Insurance Quote
To ensure we secure appropriate insurance for your rental property in Canada we need some information.
Just download and complete this Airbnb Rental Property Insurance Application and return it to quotes@alignedinsurance.com.
Should you need any assistance, our team of experienced commercial insurance brokers can answer your questions and help you get a quote for your rental property coverage.
Ready to get a rental property insurance quote? We are here to help.
In conclusion, if you are ready to start the process of getting a rental property insurance quote? Our expert commercial insurance brokers are here to help you to determine the liability coverage you need most.
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.
Connect with one of our Canadian Business Insurance Brokers today at 1-866-287-0448!