Being a landlord involves a number of challenges, but protecting your property doesn’t have to be one of them. If you own a property that you use to generate rental income such as a condo, an apartment, or a house, Rental Property Insurance can help you keep your investment safe –– keep reading to learn more.
Ensure your property is protected, no matter what.
You never know what goes on behind your tenant’s closed doors, but with insurance from LaRoche Mcdonald, you can ensure your investment is protected against theft or damage by tenants. Whether you have a furnished condo you’re renting while you travel abroad, or you have several properties that you manage, you can rest assured your property is protected.
We ensure Saskatchewan landlords have the right policy for their needs.
Rental Property Insurance provides the same basic coverage as your primary home insurance policy. Namely, building and property coverage to protect against damage to the property and the contents belonging to the property owner. This may be offered as full comprehensive coverage against anything that damages or destroys the property, or it may apply to specified perils only such as theft, vandalism, fire, flood, falling objects, etc.
Personal and Premises Liability coverage insures you against legal expenses and liabilities in the event of unintentional injury to someone while on your rental property, or damage to their personal property that occurs on your rental property.
Your tenants can be protected through Tenant Insurance coverage.
Rental Property Insurance purchased by a landlord does not usually cover any property owned by your tenants. You can help you tenants secure their property by encouraging them to purchase their own tenant coverage. This policy can protect the tenant from accidental damage, theft, and more.
Protect your rental income.
When you become a landlord, you may have a mortgage that you’re paying off, and you may be relying on rental income to support your mortgage payments. Because you can’t collect rent from your tenants if their unit is rendered uninhabitable, rental income insurance can offset the financial setbacks of losing rental income from tenants who have to live elsewhere while insured repairs on the rental unit are taking place.
When you have rental income insurance, you will be able to secure financial coverage for periods when you cannot collect rent, such as:
- If the rental unit suffers an insured loss or damage rendering it uninhabitable.
- A period of repairs to the rental unit that temporarily displaces the tenant and keeps you from collecting rent for that period (coverage generally applies only for the reasonable time required to complete insured repairs).
- Does this policy protect against illegal inhabitants?
Saskatoon, we have all your insurance needs covered.
When you choose LaRoche Mcdonald, you choose a dedication to expertise and customer service. Whether you already operate a rental property or are looking to start, our knowledgeable brokers can ensure you are protected. Reach out to us today.