Do Landlords Have to Have Insurance?

Get the rental property insurance you need, at great rates, with claims service you can count on. It’s easier than you may think.

As a landlord, you face more risks than the average homeowner and need an insurance policy that will properly protect your investment and property. Rental property insurance or rented dwelling insurance is specifically designed for income property owners and landlords to provide them the coverage they need to keep their investment secure.

Is it a Legal Requirement to have Landlords Insurance?

Although there is no legal obligation for a landlord to have an insurance policy on their property, most lenders will require that you have a valid landlords insurance policy before you accept tenants. Landlord insurance coverage will typically include:

  • Coverage for damages to your rental property and your personal possessions (such as appliances) as a result of vandalism, fire or natural disaster.
  • Coverage for damage to your possessions or property caused by tenants
  • Loss of income as a result of repairs from a covered loss
  • Liability coverage

It is important to note that a landlord insurance policy will not cover any personal liability protection for your tenants or their personal belongings. Therefore, it is highly recommended that as a landlord, you require your renters to purchase their own individual tenant insurance policy before agreeing to sign a lease.

Different Requirements for Rental Types

Different types of landlords need different types of insurance. If you are a homeowner that occasionally rents out a room in your home, it may be possible to extend your homeowner’s insurance policy to provide the necessary coverage.

For investment property owners, such as landlords of multi-unit or high-rise dwellings, a commercial insurance policy will ensure that your business and assets are properly protected.

Commercial Property Insurance – Will protect your building, signage, equipment and exterior fixtures.

Commercial General Liability Insurance – Will protect against any damages or injuries that occur on your commercial property.

At Bow Valley Insurance, we will do the shopping for you and find the best coverage for your needs at the lowest price possible. We work with a network of leading insurance companies  and can find the most competitive rate  – we will even show you the comparisons. As insurance specialists since 1979, you can trust our expertise and knowledge to help you choose the best landlord insurance policy for your situation. In addition to providing comprehensive property and liability coverage, we can also show you additional ways to protect your business such as loss of income protection.

Please contact us today for a free, no-obligation quote with one of our knowledgeable, experienced insurance specialists.