Landlord Insurance for Rental Properties
Owning additional property aside from your home and renting it out is a great way to make extra income. It also comes with risk—damage, liability claims, or lost rental income can quickly eat into your profits. That’s where landlord insurance comes in.
Whether you own a rental condo, single-family home, or multi-unit apartment building, having the right coverage protects your property and your financial future. At KASE Insurance, we specialize in landlord insurance for Ontario property owners, offering transparent, customized policies for every type of rental.
Safeguard your investment with comprehensive, affordable Ontario landlord insurance from KASE Insurance.
What is Landlord Insurance?
Landlord insurance or rental property insurance is a specialized policy designed to protect property owners who rent out their homes, condos, or apartment buildings. Unlike standard
home insurance, landlord house insurance covers rental property risks like tenant damage, loss of rental income, and landlord liability.
Without landlord insurance, you assume heavy financial and legal risks. Even if your tenants carry renters insurance, it won’t cover your building or your liability. Landlord property insurance ensures you’re fully protected against the unique risks of renting out property in Ontario.
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Why Do Landlords Need Rental Property Insurance?
As a landlord renting your property to tenants, you should be prepared for certain risks. Even if lending your property short-term, you’re vulnerable to serious legal charges or out-of-pocket expenses without proper rental property insurance.
Protect Against Property Damage
Tenant damage, vandalism, fires, and storms can leave you with devastating expenses. Landlord insurance can help recoup the cost of repairs or replacement so you don’t have to dip into your savings.
Covers Liability Claims
Landlord liability insurance protects you if a tenant or visitor is injured on your property and takes legal action, covering legal fees and settlements.
Secure Rental Income
Landlord insurance policies are your first line of defence against lost rental income if your property becomes uninhabitable due to fire, floods, or other disasters.
Fills the Gap in Tenant Coverage
Tenants’ insurance only protects their personal belongings. Rental property insurance ensures your structure, appliances, and landlord-specific risks are fully covered.
What Does Landlord Insurance Cover?
Insurance for rental properties covers a wide variety of liabilities unique to property owners who rent out their houses or buildings. KASE Insurance can help you create a custom landlord policy that protects you from the following:
- Rental income coverage: If you count on your rental property for additional income, tenant payments not coming through can be a massive loss. Landlord insurance covers any lost income if your rental property ever becomes uninhabitable.
- Dwelling & other structure protection: If your income property is damaged by fire, wind, lightning, or hail, the rental property insurance will help you pay for repair costs. This includes detached structures such as detached garages or fences.
- Personal property protection: Landlord insurance can be customized to cover equipment used for property upkeep, such as lawnmowers or snow blowers.
- Liability protection: If anyone is ever injured on your rental property and you’re found responsible, landlord liability insurance will help you pay for medical bills or associated legal expenses.
- Additional coverage: While not traditionally included in landlord property insurance, you can also opt to cover damage from events like burglary, vandalism, and floods. You can even add riders to cover the cost if a tenant fails or refuses to pay rent.
Types of Insurance Landlords Should Have
Many kinds of insurance coverage protect landlords and property owners from comprehensive risks. KASE Insurance offers specialized rental property insurance policies for every type of landlord:
Commercial Property Insurance
Do you own retail space, office buildings, or industrial rental units? Commercial property insurance protects your establishment from damage, theft, and business interruption due to covered events like fire, floods, or vandalism.
Short-Term Rental Property Insurance
Short-term rental property insurance is designed for landlords who rent out homes or units on platforms like Airbnb or VRBO. It provides liability coverage, property damage coverage, and loss of income coverage, protecting your investment from risks that standard insurance for landlords may not fully cover.
Rent Guarantee Insurance
Non-paying tenants got you in a bind? Enrol in Rent Guarantee Insurance to cover missed payments when tenants default or prematurely end their lease, and get support for potential eviction proceedings.
Apartment Building Insurance
Insurance for apartment buildings differs from home insurance policies. If you own an apartment building or rent out a space within one, you’ll need rental property insurance tailored for these spaces.
Landlord Condo Insurance
If you rent out a condo unit, run-of-the-mill condo insurance isn’t enough to protect you against tenant-related risks. On the other hand, landlord condo insurance for rental property owners is designed specifically for you, protecting your unit, rental income, and liability exposure.
Overland Water Insurance
Standard homeowners insurance doesn’t provide enough coverage for overland flooding caused by heavy rain, spring thaw, or overflowing lakes and rivers. Sewer backup coverage is a common add-on to landlord property insurance, adding extra protection against water damage that may otherwise be excluded from your property policy.
Who Needs Landlord Insurance?
If you’re generating income from renting out your property, you need landlords’ insurance to safeguard against financial risks and responsibilities. This includes:
Anyone renting out a detached house to tenants can benefit from landlord insurance.
Many landlords, especially in Toronto, who rent out individual condominium units, need coverage beyond the condo corporation’s master policy.
Individuals or companies managing one or more income-generating rental properties as part of their investment portfolio need insurance.
Landlords insurance covers properties listed on platforms like Airbnb for short-term stays.
Landlords who do not live on-site or nearby, such as seasonal rentals, cottages, and cabins, need tailored insurance for rental properties.
Why Choose KASE Insurance for Landlord Insurance Ontario
Rental properties may provide passive income, but that doesn’t mean you get to be passive in your protection. Landlord insurance from a leading commercial insurance broker is your gateway to worry-free property ownership.
At KASE Insurance, we’re committed to providing landlords with the mental freedom that comes with complete financial protection. Our team of expert insurance brokers pride itself on finding our clients first-rate landlord insurance policies that fit their budget and needs.
We’ll tailor solutions that safeguard your property, tenants, and investment, all while advocating for your long-term success. As with all our policies, we can discuss customization or add-ons to include specific risks.
Protect yourself and your rental house with an extensive landlord insurance policy in Ontario. Reach out for a quick landlord insurance quote today!
Read what clients have to say about KASE
By far the most professional and trustworthy insurance brokerage I have known. We have been working with this firm for number of years now and I have nothing but good to say about their team and services. Stan and his team won't stop until we are fully satisfied. They are always on top of things, super fast in their assistance and very professional. I highly recommend this firm to anyone seeking for great insurance brokerage to work with. Big Thank You to Stan and Kase Insurance for many many years of great service!
Reviewer: Alex K
out of 5 stars
Stan and is team at KASE Insurance have been fantastic in explaining what insurance we needed for our business. Very hands on approach and detailed. I work highly recommend KASE Insurance for any business owner looking for great service.
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The KASE team is very easy to work with. They answer your questions quickly, walk you through the process patiently, and find you great rates. We've been working with them for a few years and we haven't felt the need to shop elsewhere because of their customer service.
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