By owning a rental property for investment purposes, it is important to protect your investment against disasters such as fire. Having insurance may even be mandatory when a mortgage provider will insist that building insurance is in place. Even if you don’t have a mortgage having insurance is a good idea. Read below to find out more about Ontario landlord insurance.
What does Landlord Building Insurance Cover?
Building insurance is designed to cover the costs of damage caused by insured events such as fire. Other basic coverages may include lightning, riot, vandalism, windstorm and hail, but you should check with your policy wordings to know for sure. It is important to have this coverage for the full rebuild value of your home, you should always check with a professional appraiser what this figure should be, before purchasing insurance.
What does Landlord Appliances Cover?
Coverage for landlords appliances includes items such as fridges, stoves and washing machines. Important to note is that your appliances coverage does not cover the contents of a tenant.
What does Landlord Liability Insurance Cover?
Liability insurance is an important coverage which covers your legal liability for injury or death of a person on your property.
What Does Loss of Rent Cover?
In the event there is an insurable claim on your property such as fire and your property cannot be occupied, you may get a percentage of your rental income up to a specified limit and time period. This coverage must always be insured to the maximum rental value of your property
Find out How Much you can Save on Ontario Landlord Insurance
Get a quote on your Ontario landlord insurance by filling out the appropriate online form or contact us at anyone of our offices for a quotation and information on landlord insurance.