Landlord Insurance.
While being a landlord can be a profitable way to make the most of properties you own, it can also be challenging, time-consuming, and risky. That's why you need Landlord Insurance.
What is Landlord Insurance?
If you're a landlord, you know that renting out property comes with a unique set of risks. Not only do you have to worry about the physical property itself, but you also need to protect your tenants and your income.
That's where landlord insurance comes in. Landlord insurance is essentially protection that covers property owners from financial losses at their rental properties. Typical coverage includes protection for the building, contents that you own on the property, liability arising from ownership of the property, and loss of rental income. With landlord insurance in place, you can rest assured that you'll be covered in case of any unforeseen problems at your rental property.
Why choose Summit?
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates and coverages across leading insurance companies to ensure you get the best value on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
Landlord Insurance FAQs
Business Insurance can be complicated. We're here to help.
Landlord insurance is a type of insurance specifically designed for landlords who own rental properties. It is a package policy that provides coverage for a variety of potential risks and liabilities that landlords may face in the course of owning and managing rental properties.
It depends. Most landlord insurance policies will cover a rental property from named perils, like damages from severe weather. If a tenant accidentally causes damage, such as a overflowing sink that causes water damage, it may pay for the cost to repair or replace the floor, any structural damages, and the rental income you lose while repairs are being made. However, if a tenant intentionally damages your property, such as punching a hole in a wall, the policy may not reimburse you for paying for that repair.
Likewise, a landlord insurance policy does not cover the cost of maintenance-related issues. You are responsible for the upkeep and maintenance of the property. Also, it does not include coverage for household equipment breakdowns such as a malfunctioning furnace, dishwasher, or stove.
If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.
At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.
So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.
Some of the types of coverage that may be included in a landlord insurance policy include:
Property Insurance: This covers the physical property itself, including buildings and structures, against loss or damage due to events such as fire, theft, or natural disasters. This can also include any furniture you have in a furnished suite that you rent out.
General Liability: This covers landlords for claims made against them for injuries or damages that occur on the rental property.
Loss of income coverage: This covers landlords for loss of rental income due to events that disrupt the normal operation of the property, such as a fire that damages the building and renders it uninhabitable. Imagine you are unable to rent out your property for 12 months - what would that cost you?
Landlord Insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The exact cost for your insurance policy varies according to factors such as:
Industry
Risk Exposure
Years of Experience
Location
Number of Employees
Revenue
Claims History