Ontario Landlord Insurance

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Ontario Landlord Insurance

Ontario Landlord Insurance By Property Type:

Ontario Student Rental House Insurance

Properties Rented Primarily to Students

Rental Property Insurance

Properties Primarily Rented to Families. 1-6 Units

Ontario Rooming House Insurance

Rooms Within A Property Rented to Unrelated Individuals – Not Students

 
 

Why do I need Ontario Landlord Insurance?

You need landlord insurance to protect your property from damages that can result from a range of hazards and uncertainties. Landlord Insurance in Ontario, typically protects your building as well as your legal liability as a landlord.

What does Landlord Insurance in Ontario, Canada cover?

Depending on the property and coverages selected, landlord insurance policies should cover physical damage to the property such as:
  • fire,
  • windstorm,
  • hail,
  • impact by vehicle,
As well as, a landlord’s legal liability in relation to their rental property. Other coverages can exist; speak with a broker to find out more.

What is excluded under an Ontario Landlord policy?

Like all insurance policies, exclusions exist. Common exclusions under a landlord policy are things like:
  • vacancy,
  • vandalism or malicious acts caused by tenants or their guests,
  • Damage caused by deterioration or lack of maintenance,
For example; a bad windstorm comes and blows off your roof causing sudden rain damage – this could be covered under your policy. But, if the shingles are missing for some time and water damage happens over time – this would typically be excluded. Other exclusions exist such as war and terrorism, among others; please speak with a broker to find out more.

Are tenants belongings covered under a landlord’s policy in Ontario?

No. Tenant’s belongings are not covered under a landlord’s policy. Tenants should always have their own tenant’s policy. A typical tenant’s policy should cover the tenant for: their contents, personal liability and additional living expenses in the event they need to live somewhere else if a claim happens – whether it was their fault or not.

I only rent out a portion of my house do I need a landlord policy?

Typically a home insurance policy can be made to include a portion of the house that is rented out. It may also depend on who you rent your house out to – example if it is just to 1 couple of 3 students, which may be a determining factor.

Can I combine my Ontario home and auto for increased savings?

Some insurance companies do give discounts for multiple properties as well as multi-policy discounts for combining your car insurance.

Can I get a standalone policy?

Standalone policies are only available for some property types.

Can I require my tenants to have tenant liability insurance?

Yes. But, you would need to include in the initial lease agreement, you should always ask for a copy of the policy on an annual basis. By including it in your initial lease, if the tenant does not have it could also make grounds for eviction. What’s important is that your lease specifically refers to tenant’s liability insurance as a requirement. Because lease agreements are never straight forward this type of question is also better asked to a lawyer or paralegal who can analyze the entire situation.

What is the difference between Landlord Insurance and regular Home Insurance?

The most important thing to know is that if you do not have a policy that accurately reflects the occupancy of your property and a claim happens – it can be denied. A typical home insurance policy will cover you and your family living in the house for things like:
  • the physical structure,
  • contents such as furniture and clothes,
  • additional living expenses in case you have to leave the house and live elsewhere when there is a claim
  • as well as personal liability insurance.
A landlord policy on the other hand is typically there to cover the
  • physical structure,
  • appliances,
  • your loss of rental income in the event of a claim,
  • and your legal liability as landlord

Can I have all my properties on one policy?

Typically you can have more than one property on a policy. But, depending on the insurance company’s rules, the characteristics of the property as well as the occupancy of the property; this will determine how many properties you may have on a policy.

What if I live out of the country, can I still get a policy for a property in Ontario?

Yes, as long as you have a local property manager, managing the property who is not the tenant and lives within 100 KM. And subject to the insurance company’s underwriting criteria.

I just purchased the property, it will be vacant and I will paint before I rent it out, am I still covered?

You need to always declare this to the company beforehand. Coverage may be restricted such as water damage and others and/or the price increased while the property is vacant or between tenants longer than 30 days. In some circumstances, another type of policy may be required.

Will a Landlord policy cover me for appliances breaking down?

No. Breakdown of appliances is not covered, and a warranty should be purchased separately from the store that you purchased the appliances from.

I am purchasing the property in a company name is this ok?

Yes, as long as the company is just a holding company for the property it is generally ok. If the business carries on other activities the insurance company may not provide a quotation.

Can I make a claim for loss rent because a tenant doesn’t pay?

No. Our policies do not cover loss of rent due to failure of a tenant to pay. Loss of rental income coverage is in the event a property suffers an insured claim such as fire and you are unable to collect rental income.

Is Landlord insurance in Ontario tax deductible?

Generally, any expenses incurred for your rental property are usually tax deductible. But, for instance if you live in the house, only the additional cost for the tenant exposure should be included as a taxable expense. For more information speak with a certified accountant.

Can I rent my property on a short term platform such as Airbnb?

Specific landlord policies exist for short term renting but not all insurance companies will offer it. Therefore, speak to one of our brokers if you are planning on renting your property on a short term basis in the future.

What factors influence a quote landlord insurance in Ontario?

There are many factors. The most common are:
  • Building rebuilding cost value
  • Age of the dwelling
  • Updates to utilities
  • the type of heating, electrical, plumbing and roof
  • the occupancy of the property
  • Among others

Who Governs Landlords in Tenants in Ontario?

Issues relating to landlord and tenants are governed by the Landlord and Tenant Board

Ontario Landlord Insurance By City

Acton Dresden Madoc Ridgetown
Ajax Dryden Manitouwadge Rockland
Alexandria Dundalk Mannheim Rockwood
Alfred Dunnville Marathon Russell
Alliston Durham Markdale Sarnia
Almonte Dutton Markham Sault Ste Marie
Amherstburg Eganville Marmora Schomberg
Angus Elliot Lake Mattawa Seaforth
Arnprior Elmira Meaford Selwyn
Arthur Elmvale Metcalfe Severn
Atikokan Embrun Midland Shelburne
Aylmer Englehart Mildmay Simcoe
Ayr Erin Millbrook Sioux Lookout
Ballantrae Espanola Milton Smiths Falls
Barrie Essex Milverton Smithville
Barry’s Bay Etobicoke Mississauga South River
Bath Everett Mitchell Southampton
Beamsville Exeter Moosonee St. Catharines
Beaverton Fenelon Falls Morrisburg St. Clements
Beeton Fergus Mount Albert St. George
Belleville Forest Mount Brydges St. Jacobs
Belmont Fort Erie Mount Forest St. Marys
Binbrook Fort Frances Mount Hope St. Thomas
Blenheim Gananoque Munster Stayner
Blind River Georgetown Newmarket Stirling
Bobcaygeon Goderich Niagara Falls Stoney Creek
Bolton Grand Bend Napanee Stouffville
Bowmanville Grand Valley Nobleton Stratford
Bracebridge Gravenhurst Norfolk Strathroy
Brampton Greenstone North Bay Streetsville
Brantford Grimsby North Dundas Sturgeon Falls
Brighton Guelph North York Sudbury
Brockville Hagersville Norwich Sunderland
Brownsville Hamilton Norwood Sutton
Brussels Hanover Oakville Tavistock
Burford Harriston Omemee Teeswater
Burlington Harrow Orangeville Temiskaming Shores
Caledon Hastings Orillia Terrace Bay
Caledonia Havelock Osgoode Thamesford
Cambridge Hawkesbury Oshawa Thessalon
Campbellford Hawkestone Ottawa Thornbury
Cannington Hensall Owen Sound Thornton
Capreol Huntsville Paisley Thunder Bay
Cardinal Ingersoll Palmerston Tilbury
Carleton Place Iroquois Paris Tillsonburg
Carlisle Iroquois Falls Parkhill Timmins
Casselman Jarvis Parry Sound Toronto
Cayuga Kanata Pembroke Tottenham
Chapleau Kapuskasing Penetanguishene Tweed
Chatham Kawartha Lakes Perth Uxbridge
Chesley Kemptville Petawawa Vankleek Hill
Chesterville Kenora Peterborough Vaughan
Clarington Keswick Petrolia Vineland
Clinton Kincardine Pickering Virgil
Cobourg Kingston Picton Walkerton
Cochrane Kirkland Lake Port Colborne Wallaceburg
Colborne Kitchener Port Credit Warwick
Colchester Leamington Port Dover Wasaga Beach
Collingwood Lake of Bays Port Hope Waterford
Constance Bay Lindsay Port Perry Waterloo
Cornwall Listowel Port Severn Wawa
Creemore Little Current Port Stanley Welland
Crystal Beach Lively Powassan Wellesley
Deep River London Prescott Wellington
Delhi Longlac Red Lake Whitby
Deseronto L’Orignal Renfrew Windsor
Dowling Lucan Richmond Woodbridge
Drayton Lucknow Richmond Hill Woodstock

Resources

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We hope this article finds you well and that you and your family are safe in this unprecedented time.