What landlord insurance can cover
- Building: the structure, and for condos, the unit improvements you own
- Loss of rental income: rent you lose while an insured loss is being repaired
- Landlord liability: injuries or damage connected to the property
- Contents you provide: appliances and furnishings in a furnished rental
- Optional add-ons: sewer backup, overland water and equipment breakdown, depending on the insurer
Common situations I help with
- Basement apartments and second units in a home you live in. Some insurers handle these with an endorsement, while others require a separate policy.
- Rented condos where the corporation’s deductible may be charged back to you
- Houses rented to one or more tenants, including rooming arrangements
- Properties that are vacant between tenants. Most policies limit coverage after a set number of vacant days.
Short-term rentals (for example, Airbnb) are treated differently by most insurers. Tell me about this use up front so the right policy is in place.
What to have ready
- Property address, type and number of units
- Whether you live in part of the property
- Monthly rent and lease type
- Updates to the roof, electrical, plumbing and heating
Coverage descriptions are general. Your policy wording, limits and exclusions determine what is covered. Availability and premiums vary by insurer and by your circumstances.