Alberta Rental Property Insurance
As an owner of your rental income property, you need to protect your valuable investment with the proper rental property insurance. Statistically, rental homes are more susceptible to damage than owner-occupied homes. Some tenants usually do not give the same care and attention to a rental property that they are renting, like a homeowner would for their own home.
Typically a rental property policy covers:
- The dwelling – whether it is a single family, townhouse, condominium, or duplex.
- Detached buildings – including a shed or garage.
- Premises liability – Liability protection for injury to tenants (or their guests) if you are held legally responsible.
- Contents – Including furniture or appliances that you own.
- Fair Rental Value – If your property becomes uninhabitable because of a peril covered in your policy, you will be reimbursed for rent you lose while repairs are being made.
Alberta Rental Property Insurance
A rental income property is a valuable investment that requires careful attention to your rental property insurance. Whether it be a standalone home or apartment building, a secondary suite, or your summer home when you’re not there, your rental property is something you are proud of and rely on. Your insurance coverage is imperative to ensuring your rental property plays an integral part in your finances and for your family.
Unfortunately, it’s statistically true that rental homes are more susceptible to damage from their residents than owner-occupied homes. There are some tenants that are not respectful while renting, and without proper coverage this can be a severe burden on the property owner
Bow Valley Insurance represents several of the leading Alberta rental property insurance providers in the business, so we know we can find the right insurance coverage for you. We are happy to shop around to find the most competitive rates and provide all the coverage you need to insure your investment properly. Ask us for a free quote! One of our insurance specialists will be glad to explain how your rental property policy works to protect you.
Rental property insurance covers:
- The dwelling itself. All types of rental properties fall into this category, including single family homes, apartment complexes, secondary suites, townhouses, condominiums and duplexes).
- Detached buildings, which may include a shed, garage or greenhouse.
- Premises liability – This provides liability protection in the event of an injury to a tenant (or their guest) where you may be held legally responsible.
- Contents – For the furniture and appliances that you – as the property owner – possess.
- Fair Rental Value – If your property becomes uninhabitable in the event of a covered peril, or even in the event of a drop in the rental market, fair rental value coverage allows you to be reimbursed for rent you lose while repairs are being made, or while you wait our a vacancy.
Whether you rent your property for a few days at a time or years, the responsibilities of being a landlord can be stressful. You need the right insurance to protect you, your property, and your tenants
At Bow Valley Insurance, we promise to find the right Alberta rental property insurance for you at the most competitive price. Call us at (403) 297-9400 or 1-800-332-1308 to speak one of our knowledgeable and experienced account managers today.
Note: Coverage is subject to policy wordings, terms, conditions & deductibles. Protection is limited to the perils, coverage, exclusions, limits etc. as shown on the policy.