“Both landlords and tenants should consider getting rented dwelling insurance coverage to help protect their respective interests.”
If you are a landlord in Ontario and you don’t have the proper coverage under your rented dwelling insurance, you could be putting yourself at risk. There are far too many circumstances that can arise that would challenge the limits of your insurance policy. As a landlord, you need to be prepared to handle whatever happens, as efficiently and as cost-effectively as possible.
Homeowner insurance alone is insufficient when significant property damage or third party liability situations unexpectedly occur. At Huronia Insurance Group, we recommend that you consider coverage beyond the basic landlord insurance policy. Do consider adding comprehensive protection under your insurance policy to adequately protect you across a wide spectrum of potential unforeseen circumstances.
Call for a Rented Dwelling Insurance Quote
Basic Coverage Under Landlord Insurance
At the very least, your basic rented dwelling insurance policy will provide protection against the following:
|Fire damage||Wind damage|
|Electrical fire damage||Explosion|
|Fuel and oil leaks||Rental Income|
|Carpeting damage||Water damage|
Aside from basic insurance coverages, as listed above, there are many other instances that your rented dwelling insurance can provide additional protection.
Ancillary Rented Property Insurance
Along with basic coverage, rented dwelling insurance should also be considered to protect you from the following situations:
- Willful damage (by a 3rd party visitor)
- Vandalism (by an unknown party)
- Appliance damage
- Loss of rental earnings
- Litigation by tenants (damages, injuries, or death occurring on your property)
- Lawsuits by visitors (injuries or death occurring on your property)
- Identiy & fraud theft (use of your rental address for fraudulent purposes)
If your current rented dwelling insurance coverage does not protect you for any of the situations mentioned in either section above, call our Huronia insurance brokers today at 1-866-955-8386.
Home Rental Insurance for Renters
Huronia Insurance Group also offers tenant insurance in Ontario. Home rental insurance for renters is highly recommended since the landlord’s building insurance will only cover the building itself, it does not cover the building contents.
As a renter, you may also be responsible if someone residing in your rented unit (or someone visiting) intentionally or unintentionally causes any damages to the building. For more information on home rental insurance for renters, visit our tenant insurance page.
The Insurance Bureau of Canada also has some good information on their page “Buying Home Insurance.”
About Huronia Insurance Group
Huronia Insurance Group services clients throughout southern Ontario from Barrie to the Greater Toronto area. We offer a broad selection of home insurance services. Along with condo insurance and seasonal dwelling insurance, we also offer rental dwelling insurance for detached homes, apartments and condos, and even farms.
You can also reach us through our online contact form.