Rental Property Insurance Timmins

Which type of rental property do you currently own? You might have countless multi-unit complexes, maybe be you are renting out a single-family home you inherited from your aunt or just restored a vintage fourplex in a historic area.

Whatever your portfolio looks like, PAIB Insurance recognizes that residential real estate investments can present distinct risks to both your property and financial stability.

Call 1-844-310-9731 to request landlord insurance quotes today! Landlords can customize their coverage and obtain the insurance they desire.

What is Rental Property Insurance?


Rental property insurance or landlord insurance protects your investment property, including the buildings and specified contents that you furnish to your renters. Depending on the insurance cover you choose, your policy can protect you against financial loss if your buildings are destroyed or damaged or if your contents are lost, stolen or damaged.

The right rental property insurance policy can provide options for personal property, liability, medical payments, dwelling etc. Landlord Insurance can accommodate the special risks that you as a property owner may come across. It protects you against financial loss resulting from injuries, accidents, or lawsuits involving your rental property.

Landlord insurance comes in a variety of forms. They are tailored to the requirements of a particular type of property. Different types of landlord insurance are:

Rental property insurance is not legally required in Canada, but it can bring many benefits.

Financial protection in the event of natural disasters
Protection against fire and water damage
Legal liability coverage
Protection against injury to tenants

Failure to have it in place may result in a claim being denied. Given the low cost of landlord insurance, it is always advisable to be insured in the case of a loss.

Is Homeowner’s Insurance Enough?


The majority of homeowners insurance plan cover solely owner-occupied homes. Once a lease is signed, and rent is paid to reside in your property, it ceases to be “owner-occupied.” If a tenant is harmed or injured on your property, your home insurance policy no longer covers damage caused by theft, fire, water, or injury.

Investors require property insurance to protect against damage to rental properties while they are vacant. Additionally, you need protection against rental revenue loss and liability in the event that something goes wrong with your property while a tenant is renting it. If you’re unsure where to begin, the experts at PAIB Insurance can assist you in getting the coverage necessary to safeguard your properties and long-term real estate revenue. Get in touch with us at 1-844-310-9731 now.

What Is Covered By A Landlord’s Insurance Policy?


Property Investment: Landlord insurance protects you whether you rent a single-family home, a condo, or a townhouse. It covers damage to the residence, property’s permanent structures or onsite property maintenance equipment (such as lawnmowers you own).

Personal Protection: Landlord insurance may cover rent payments that are lost when property repairs cause temporary vacancy and liability coverage if someone is injured on your premises in the case of a covered loss.

Extra Options: Depending on your circumstances, you may choose to explore additional coverage for things like vandalism damage or theft of personal property and additional construction costs to bring the damaged structure up to code compliance.

If you want additional liability protection beyond that provided by your landlord insurance policy, you may also obtain an umbrella insurance policy. This is a cost-effective way to significantly boost your overall personal liability coverage.

What Is Not Covered In Landlord Insurance?


The landlord insurance policy provides peace of mind for the majority of unanticipated expenditures associated with renting your property. It does not cover routine maintenance or wear and tear on the property, including landlord-provided appliances. Additionally, it excludes coverage for earthquake damage.

Several more often omitted things include termite, insect, or rodent damage, earth movement-related damage, such as landslides, any loss or harm caused by a deliberate or unlawful act. In these instances, you cannot submit a claim.

Basic coverage does not cover damage caused by sewage or water backing up into your house. Additional coverage for this type of loss can be purchased. Landlord policies do not cover flooding. If necessary, you can purchase flood insurance coverage.

If you are uncertain about appropriately covering your rental property, you may consult a local insurance professional like PAIB Insurance.

Optional Coverage for Landlord Insurance


You may choose to personalize your insurance by adding optional coverage:

Lost rental income

A loss of rent coverage can assist with the loss of rental income if the property is rendered unfit to live in due to a covered event such as a fire or storm.

Personal property 

Personal property coverage can help protect if your personal belongings are damaged or stolen while on the premises.

Personal injury

A personal injury coverage can be of help if you’re sued for unjust/wrongful eviction.

Other structures

Coverage for other structures may be beneficial for structures that are not directly connected to the rented dwelling — such as driveways, garages, sheds, and swimming pools.

Due to the range of coverage options, an insurance expert at PAIB Insurance can assist you in determining the right policy and the right amount of coverage for your rental property at the price that fits your budget. With the benefits of a Landlords’ Insurance coverage, you may rent to tenants confidently, knowing that your investment is secure.

How Much Does Landlord Insurance Cost In Timmins?


On average, landlord insurance is around 20% more expensive than homeowner insurance. A home in Timmins will cost around $1,500 per year. A condominium or apartment will cost around $350 per year. The cost of landlord insurance is determined by your personal information and the type of property you rent. Insurers will consider the type of coverage you have, the location of the property, the building type, and your claim history.

Each circumstance is unique. Request a quotation from an experienced PAIB Insurance agent to receive an accurate assessment of your rental property.

Renters Must-have Renter’s Insurance


Landlord insurance protects you, your property, and your income as a landlord. However, these insurance exclude renters from coverage in the event of personal property loss or injury.

When screening and certifying new tenants for your rentals, ensure that they have valid renters insurance coverage. Renters insurance protects renters if something goes wrong during the length of their lease.

Protect Your Rental Property with the PAIB Insurance


PAIB Insurance offers affordable landlord insurance across Timmins. Our team of qualified insurance agents can help you discover the best coverage for your needs. From one rental property to a multi-state portfolio, we got you you covered.

Along with obtaining customized quotes from the area’s best insurance province, PAIB Insurance agents can offer advice and guidance, answer your coverage-related inquiries, and even assist you with any other insurance coverage requirements.

PAIB Insurance offers an array of coverage options that may be bundled into one affordable policy. We’ll begin with a set of coverages that the majority of landlords require. Then we’ll assist you in customizing them for your specific need. Result? Insurance that keeps you adequately insured at an unexpectedly low price. Need to know more? Call 1-844-310-9731.

Rental Property Insurance: FAQs

Who needs rental property insurance?


Anyone who owns rental property needs rental property insurance, aka landlord insurance. If you own rental property or a rental home, you need landlord insurance.

Does landlord insurance cover holiday rentals on a short-term basis?


Yes, they are available for short-term holiday rentals. It will be slightly different from a regular landlord insurance coverage due to the high volume of persons entering and exiting the house as opposed to a single tenant or family. But not all landlord insurance cover vacancy.

How much should I insure my rental property for?


The liability of your landlord insurance will depend on your net worth and the value of the insured property.

Who is liable for rental property insurance?


Building insurance policies are the responsibility of your landlord. While landlords are not required to obtain building insurance, it is prudent to do so for renters and investment properties.

What’s the difference between homeowner’s insurance and rental property insurance?

What's the difference between homeowner's insurance and rental property insurance

Landlords renting their first property should presume that they are covered by their homeowner’s insurance. However, home insurance and rental property insurance are two completely different types of insurance. Home insurance protects against bodily harm and damage to the home’s structure and contents if they reside there. Renting insurance is required if the owner holds the property or leases to a renter. Landlord insurance is distinct from the majority of house insurance products, and insurance is essential to safeguard the property against harm.

Don’t allow the risks of everyday life to affect your rental property. Choose PAIB Insurance for your rental property income and rent with confidence!

Call us and get you personalized quote today!

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